In the past two and a half years, the global market share of gasoline and diesel has dropped by a fifth, according to data from New AutoMotive’s most current Global Electric Vehicle Tracker (GEVT).
Sales of cars with internal combustion engines have decreased from 78% to 63%, and there is little sign that this trend will reverse. In the same period, the market share of electric cars (EVs) has increased from 10% to 17.4%, almost quadrupling.
As a result, EV sales have increased 7.4% globally over the same period last year, reaching a new record. In the year ending in October, 10.8 million EVs were sold globally, an increase of over 1.1 million (11%) over the same period in 2023.
In the last month alone, more than a million EVs were sold globally, with the sector selling 108,000 (12%) more vehicles than it did in the same month the year before.
This increase was mostly driven by China and the US, where EV sales increased by 12% and 22%, respectively, in the previous October.
Closer to home, sales of EVs increased by 23% in the UK in October of last year after more than 5,000 more were put on the road.
Several European markets also saw impressive growth in October, with sales increasing by more than 80% in Denmark, Croatia, Czechia, Greece, and Malta and by more than 50% in Bulgaria and Cyprus.
Ben Nelmes, CEO of New AutoMotive, said, “The data shows that the rumors of a slowdown in sales of electric cars are merely rumors.” Actually, sales of electric vehicles are increasing rapidly every month, and this trend is not limited to the largest auto markets. Globally, sales of electric vehicles are soaring as the year comes to an end.
