IEA: global EV sales going strong - market share expected to exceed 20% in 2024

Global EV sales are robust with progress across major markets in China, Europe, and the US, a detailed report by the International Energy Agency (IEA) reveals. It shows a very positive global Q1 with a 25% year-over-year increase compared to Q1 of 2023. Per the report, the EVs sold in the first three months of 2024 alone roughly equal the total EV sales in 2020.

Expect around 17 million battery electric vehicles to ship in 2024, which is on the heels of a record-breaking 2023, which saw nearly 14 million - a 35% jump over 2022.

Breaking down the numbers, unsurprisingly, the Chinese market leads the way. The EV sales for the full year there are projected to be around 10 million, accounting for more than half of all electric cars sold. According to IEA executive director Fatih Birol, 1 in 3 cars on the roads in China will be electric by 2030.

In Europe, EVs are projected to be about 1 in 4 cars sold, despite diminishing government subsidies in key markets. In the US, roughly 1 in 9 cars sold this year is expected to be electric.

In total, around 3.4 million EVs were shipped in Q1 - a handsome growth compared to the 2.6 million in Q1 of 2023.

Source | Via