The International Energy Agency (IEA) said that China was responsible for around 80% of the global increase in EV sales, which increased from over 3 million in the first half of 2023 to over 4 million in the same period in 2024.
Over 7 million electric vehicles were sold globally in the first half of 2024, up 25% from the same period in 2023, according to the research. According to the report, EVs are expected to make up around 5% of all cars worldwide by the end of 2024.
Notwithstanding China’s dominance, other markets experienced expansion. Sales of EVs rose by over 10% outside of China, with significant increases in the Caspian Sea, Brazil, Indonesia, Mexico, and the Middle East.
However, in mature markets, the outcomes were not always consistent. EV sales in the EU remained unchanged, with a little 3% increase in other EU countries compensating for a decline in Germany. Meanwhile, EV sales rose by more than 10% in the US and 15% in the UK.
According to the survey, plug-in hybrid electric vehicles (PHEVs) are gaining popularity over battery electric vehicles (BEVs), which made up over 35% of all EV sales in the first half of 2024.
According to the analysis, plug-in hybrid electric vehicles (PHEVs) are becoming more and more popular than battery electric vehicles (BEVs). Range-extended electric vehicles (REEVs), which have larger batteries and can travel further, are primarily responsible for the 70% increase in PHEV sales in China.
