The global electric vehicle (EV) market experienced significant growth in 2024, with registrations of battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) surpassing 17.29 million units. This marked a 26.1% increase compared to the previous year. BEVs outperformed PHEVs in terms of registrations, with 10.8 million units compared to 6.49 million units for PHEVs.
The fluctuation in growth throughout the year was influenced by various factors, including the Chinese market’s impact due to the Chinese New Year. Despite a minor slowdown in February, the market recovered, with December recording a growth rate of 26.1%. BEVs dominated the market with a 62.5% share, while PHEVs accounted for 37.5%, showing an increase in demand for plug-in hybrids globally.
BYD emerged as the top performer in the global EV market in 2024, with over 3.84 million units sold, representing a 33.6% year-on-year increase. Tesla followed closely behind, with 1.78 million units sold, albeit experiencing a slight decline in sales compared to the previous year. Wuling secured the third position with 688,415 deliveries, showing a significant growth of 44.7% from 2023.
European brands like BMW, Volkswagen, and Mercedes-Benz also made their mark in the EV market, although some experienced a slight decrease in market share. BMW led the European brands with 535,586 plug-in vehicles sold, while Volkswagen saw a decline in sales and market share. Chinese brands like Geely and Aito also made significant strides, with Geely’s market share increasing by 1.2 percentage points.
In December, BYD continued its dominance in the global EV market, with a 21.4% market share and 31% growth in deliveries. Tesla, Wuling, Geely, and Li Auto also maintained their positions in the top five, showcasing steady growth and market presence.
Overall, the global EV market in 2024 witnessed a surge in demand for electric vehicles, with various brands competing to establish themselves as leaders in the industry. The future of electric mobility looks promising, with advancements in technology and growing consumer interest driving the market forward.
