One in every five cars sold in 2024 was an EV
A huge leap from a decade ago when EVs were seen as futuristic tech.
A few years ago, buying an electric vehicle felt like stepping into the future. Fast forward to 2024, it feels like keeping up with the present. They aren’t just a growing segment anymore, they’re defining the future of transportation.
This past year, global EV sales didn’t just climb; they surged to an all-time high of 17.1 million units, marking a 25% jump from 2023. December alone saw 1.9 million EVs hit the roads, the fourth consecutive month of record-breaking sales.
With overall global car sales estimated to have reached over 88 million in 2024, this performance means one in every five cars sold in 2024 was an EV. This is a huge leap from a decade ago when EVs were seen as futuristic tech.
Globally, China set the pace, selling a staggering 11 million EVs—40% more than the previous year. Demand for plug-in hybrids (PHEVs) skyrocketed by 81%, fueled by range-conscious consumers and government-backed trade-in programs. BYD, now a household name, dominated the market, capturing over a third of total sales with its expanding lineup of more than 40 models.
Henry Chikwem
Europe, meanwhile, faced a more unpredictable ride. The region recorded 3 million EV sales, a slight 3% dip from 2023, yet December sales climbed 12%, signalling resilience. The UK emerged as an unexpected frontrunner, overtaking Germany with over 400,000 EVs sold—thanks in large part to the Zero Emission Vehicle (ZEV) mandate. Norway continued to break records, surpassing 90% EV penetration, but Germany stumbled after government subsidies were pulled early in the year, causing a noticeable slowdown.
In North America, the story was one of steady progress mixed with looming uncertainty. The US and Canada combined for 1.8 million EV sales, a 9% increase from the previous year, with December setting an all-time monthly record of 185,000 units sold.
However, the current year could test the region’s momentum. The potential rollback of EPA emissions standards and EV tax credits under the Trump administration raises questions about the pace of future growth. Yet, investments in the industry keep pouring in, with Rivian securing a $6.6 billion loan from the US Department of Energy.
As the industry continues into 2025, EV adoption isn’t just about demand—it’s about the policies and market forces that will determine its next breakthrough.
David Adubiina
