The global electric vehicle (EV) market saw significant growth in 2024, with both battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) experiencing double-digit registration increases. BEVs saw a 13.6% rise in registrations, reaching 10.8 million units, while PHEVs recorded a 54.4% growth, with 6.5 million units delivered.
The year started strong for both powertrains, especially in the Chinese market, where demand for EVs surged. However, a slight dip was observed in February, primarily due to the Chinese New Year celebrations. Despite this, both BEVs and PHEVs recovered throughout the year, with PHEVs consistently maintaining a growth rate above 25.9%.
In December, BEV registrations reached 1.2 million units, marking a 15.3% increase. Meanwhile, PHEVs saw a significant growth of 48.9% with 743,689 units delivered. The Tesla Model Y emerged as the best-selling BEV of 2024, surpassing the one-million-unit mark with over 1.1 million deliveries. The BYD Seagull and Tesla Model 3 followed as the third and second best-selling BEVs, respectively.
BYD claimed three spots in the top 10 BEVs, with models like the Yuan Plus and Wuling Mini making significant contributions to the global market. The BYD Song led the PHEV segment with 660,214 deliveries, followed by the BYD Qin Plus and BYD Qin L. BYD dominated the PHEV market in December as well, securing seven of the top 10 positions.
Overall, the global EV market witnessed a remarkable year in 2024, with key players like Tesla and BYD leading the charge. As the shift towards electric mobility continues, it will be interesting to see how these trends evolve in the coming years.
