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January 14, 2025

Record Global EV Sales Surge by 25.6% in 2024

Global sales of fully electric and plug-in hybrid vehicles experienced a remarkable surge of 25.6% in 2024, reaching over 17 million units. December 2024 marked the fourth consecutive month of record sales, fueled by government incentives, stringent emissions targets, and dynamic regional market conditions.


Key Market Highlights

  1. China Dominates EV Market

    • Sales in China surged by 36.5% in December alone with 1.3 million vehicles sold, making total sales for the year reach 11 million.
    • This impressive figure accounts for nearly two-thirds of global EV sales, cementing China’s leading position in the market.
  2. Stabilization Across Europe

    • Europe recorded sales reaching 0.31 million vehicles in December, showcasing a modest year-over-year increase of 0.7%.
    • The UK outperformed Germany, becoming Europe’s largest market for battery-electric vehicles in 2024, supported by incentive policies and rigorous emissions regulations.
  3. North America Experiences Slowdown

    • In the United States and Canada, EV sales saw an 8.8% increase in December, with a total of 0.19 million vehicles.
    • Market analysts attribute potential challenges for 2025 to policy uncertainty under the incoming Trump administration.
  4. Global Growth Beyond Major Markets

    • Emerging markets demonstrated EV sales growth of 26.4%, indicating a shift toward increased adoption away from traditional hubs.

2025 Outlook

The EV sector anticipates a transformative year in 2025, influenced by:

  • Potential Policy Changes: New government leadership in the U.S. could significantly impact existing incentives.
  • Tighter Emission Standards in Europe: Stricter regulations are set to drive innovation but may also challenge supply chains.
  • Potential Slowdown in China: After years of rapid growth, the Chinese market may see sales plateau due to potential saturation.

Insights for Industry Analysis

To better understand sector performance and long-term EV trends:

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