CHART: A look at the global EV market as China continues to dominate in 2024

• Global sales of plug-in hybrids (PHEV) and battery electric vehicles (BEVs) reached 1.7 million in September
• China continues to dominate the market, accounting for over 60% of global sales.
• Trade barriers are impacting Chinese manufacturers' expansion into Europe.

Just a year ago, industry analysts were sounding alarms about a potential slowdown in the electric vehicle (EV) market. Rising costs, reduced government incentives, and geopolitical tensions were all set to pump the brakes on what had been years of mounting growth.

Yet, despite these concerns, the numbers tell a different story. September 2024 delivered a stunning twist as global EV sales hit an all-time high, proving that the electric revolution is far from losing momentum.

Market Performance in September

According to a recent report by intelligence firm Rho Motion, global sales of fully electric and plug-in hybrid vehicles surged by 30.5% compared to last year, driven largely by China’s outstanding performance.

This exceptional performance in China, coupled with a resurgence in European markets, helped drive global sales of plug-in hybrids (PHEV) and battery electric vehicles (BEV) to 1.7 million, surpassing the previous record set in December 2023.

But hope wasn’t the only thing September brought. It also reignited the fierce competition between global regions.

While China is clearly in the driver’s seat—accounting for over 60% of September’s sales—other markets are striving to keep up with moderate growth in September.

China broke its own record from the previous month, selling an astonishing 1.1 million EVs in September alone, a staggering 47.9% increase. Meanwhile, in Europe, EV sales exhibited a modest growth rate of 4.2% to reach 0.3 million units. And then there’s North America (including the US and Canada), where growth has been more like a quiet hum than a roaring engine, sales were up only 4.3% to reach 0.15 million.