Global electric vehicle (EV) sales surged past 17 million in 2024, marking a 25% year-on-year increase. China led the charge, selling over 11 million EVs—more than all global sales just two years ago. EV sales in Asia and Latin America jumped by 60%, reaching nearly 600,000 units.
China accounted for almost half of all new car sales being electric in 2024. By contrast, Europe’s EV market stagnated. The US experienced a modest 10% increase, reaching 1.6 million sales. Forecasts for 2025 are bullish: global EV sales are projected to top 20 million, representing one in four cars sold. In China, EVs could capture 60% of the market; in Europe, 25%. The U.S. may hit 11%.
Trade continues to reshape the landscape. China now produces 70% of global EVs and dominates exports, accounting for 40% of global EV trade. Chinese automakers are expanding in Brazil, Mexico, and Southeast Asia, where EVs made up 85% of sales.
Battery costs fell by 30% in China and 10–15% elsewhere, improving affordability. Still, in Germany and the U.S. battery electric cars remain 20–30% more expensive than their gas counterparts.
Charging infrastructure lags behind demand, particularly in the U.S., though China and Europe have maintained pace. EVs are projected to displace over 5 million barrels of oil per day by 2030—half from China alone.