Total Sales of Electric Vehicles Worldwide in 2024
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In 2024, the electric vehicle (EV) market witnessed significant growth and shifts across key regions. Here's a summary of the major developments that shaped the global EV landscape last year.
China, the world's largest EV market, sold a staggering 11 million units in 2024, marking a 40% year-over-year increase in December alone, with 1.3 million EVs sold during that month. Domestic automaker BYD accounted for one in three EVs sold in China.
The North American EV market also saw growth, expanding by 9% in 2024, with 190,000 units sold in December. The $7,500 federal EV tax credit played a crucial role in sustaining sales momentum in the region.
However, Europe's EV market finished 2024 5.9% lower compared to 2023. The United Kingdom led in battery electric vehicle (BEV) sales, but the market as a whole struggled due to the removal of subsidies in markets like Germany, signaling potential risks if similar policies are enacted in other regions.
To counteract these challenges, European automakers have announced collaborative carbon credit pools to avoid regulatory fines, and are preparing for stringent 2025 emissions standards. Meanwhile, increased collaboration between governments and private sectors is likely to accelerate the development of charging networks.
On a global scale, governments in Asia-Pacific, Latin America, and Africa are introducing localized incentives and infrastructure improvements to support EV uptake. These initiatives are expected to drive growth in these regions in the coming years.
Another factor influencing market dynamics is the high cost of raw materials, particularly lithium. As the demand for EVs continues to rise, the price of these materials is expected to fluctuate, potentially impacting the affordability and accessibility of EVs.
Lastly, geopolitical uncertainties surrounding trade policies may also impact the EV market. Potential changes in U.S. EV policy under the Trump administration could introduce uncertainty in North America, while increased collaboration between governments and private sectors may help mitigate these uncertainties in other regions.
As we look ahead to 2025, Europe's new emissions regulations are expected to be a critical driver, pushing automakers to invest heavily in research and development for advancements in battery efficiency and vehicle automation. China's robust trade-in scheme and continued incentives will continue to drive the market expansion in China.
In conclusion, while 2024 presented challenges for certain regions, the global EV market showed resilience and continued growth. As governments, automakers, and consumers alike strive for a more sustainable future, the EV market is poised for significant developments in the coming years.
