Global EV registrations are set to reach 10.8 million by the end of 2024, reflecting a 7% growth compared to last year, according to New AutoMotive’s Global Electric Vehicle Tracker (GEVT). This surge represents an additional 700,000 EVs sold globally. Plug-in hybrids are also gaining traction, with registrations projected to hit 4.8 million, a 54% increase from 2023.
Internal combustion engine (ICE) vehicles, while still dominant, are witnessing a decline. Registrations are expected to drop to 43 million this year, the lowest figure in four years and a decrease of 5% compared to 2023, making them the only segment experiencing reduced demand.
From January to November 2024, 9.5 million battery-electric vehicles (BEVs) were registered, a year-on-year increase of 600,000, or nearly 7%. This growth is driven by strong performances in key markets, with China adding 508,000 new BEV sales, the US contributing 86,000, and the UK reporting 48,000 more registrations. Battery-electric and plug-in hybrid vehicles now account for 23.2% of global market share, up from 20.1% during the same period last year.
November 2024 alone saw 1.1 million BEVs registered, marking a 6% increase compared to November 2023 and a 7% rise from October 2024. China led the growth, adding 56,000 registrations (up 8%), followed by the US with nearly 16,000 (up 22%), and the UK with over 12,000 (up 54%). Among the top 10 markets, only France, Germany, and Sweden saw declines.
Fueled by a surge in Chinese plug-in hybrid sales, vehicles with a plug now make up 26.7% of the global market, meaning more than one in four new cars are either battery-electric or plug-in hybrids.
Ben Nelmes, CEO of New AutoMotive, remarked, “The numbers speak for themselves: demand for EVs and plug-ins keeps climbing, month-on-month and year-on-year, while ICE sales shrink to levels not seen since the pandemic. As the UK’s exemplary policy shows, ambitious targets will drive consumer adoption and accelerate the inevitable rise of electric vehicles, which will improve the lives of people around the world.The market has spoken – the transition isn’t coming; it’s already here, and it’s unstoppable.”
New AutoMotive’s GEVT monitors global efforts to phase out petrol and diesel vehicles, covering car sales, targets, incentives, and regulations across 42 key automotive markets, accounting for 85% of the world’s new car sales. The report highlights the accelerating shift towards electric mobility as a global phenomenon reshaping the automotive industry.
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