China Drives 80% of Global EV Sales Growth in 2024, IEA Report Reveals

China accounted for nearly 80% of global electric vehicle (EV) sales growth in the first half of 2024, with EV sales rising from over 3 million in 2023 to more than 4 million, according to a report by the International Energy Agency (IEA).

Global EV sales reached over 7 million in the first half of 2024, a 25% increase from the same period in 2023. The share of EVs in the global car fleet is expected to hit 5% by the end of 2024.

While China led the growth, other regions also saw increases. EV sales outside China grew by over 10%, with notable gains in Brazil, Indonesia, Mexico, and parts of the Middle East and Caspian. However, growth in developed markets was mixed. The European Union reported flat sales, with a decline in Germany offset by a 3% rise in other EU countries. The UK saw a 15% increase in EV sales, while the US experienced a nearly 10% rise.

The report also highlighted a shift towards plug-in hybrid electric vehicles (PHEVs), which made up over 35% of total EV sales in the first half of 2024. In China, PHEV sales surged by 70%, driven by range-extended electric vehicles (REEVs) that offer longer driving ranges, averaging 130 kilometers compared to 80 kilometers for standard PHEVs. Similarly, the US saw PHEV sales grow by 25%, while battery electric vehicle (BEV) sales increased by just 5%. The IEA stressed the importance of expanding recharging infrastructure to address range anxiety and support continued EV market growth.