Vehicle Electrification: A Global Sales Analysis of American, Chinese, and European Automotive Markets in 2024

The year 2024 marks another significant milestone in the global automotive industry as the electric vehicle – EV – market continues its ascending trajectory. With over 17 million units projected to be sold worldwide, the momentum behind electrification grows stronger each year.

This surge in EV adoption reflects not only the industry’s commitment to environmental sustainability but also the rapid advancements in technology, improvements in lithium-ion batteries, and decreasing costs, which are making electric vehicles more accessible and appealing to a broader audience. As we look ahead to the end of this decade, the EV market is poised to exceed expectations, capturing a larger share of new vehicle sales, as forecasted by the International Energy Agency (IEA) and Bloomberg NEF.

“Over 17 million units projected to be sold worldwide in 2024”

In the first half of 2024, EV sales have experienced impressive growth, with over 5.6 million vehicles registered globally by the end of May. This surge represents 17% of the total new automotive market, up from 16% in 2023 and 4% in 2020. This highlights the accelerated pace at which consumers are adopting electric vehicles across key regions, particularly in the United States, Europe, and China.

Breaking down the sales figures for the first half of 2024, battery electric vehicles – BEVs – have dominated the EV market, with approximately 3.6 million units sold, accounting for 11% of the total market share. Plug-in hybrid electric vehicles – PHEVs – have also made a significant impact, with around 2 million units sold, capturing a 6% market share. These numbers represent a 25% year-over-year increase in total EV sales, meaning that nearly 1 in 5 vehicles sold in 2024 is an EV.

When it comes to the most popular electric vehicles of 2024, the Tesla Model Y and BYD Song have maintained their strong positions at the top of the sales charts. The Tesla Model 3 has also made significant gains, overtaking the BYD Qin Plus to secure the third spot in global EV sales.

“These numbers represent a 25% year-over-year increase in total EV sales, meaning that nearly 1 in 5 vehicles sold in 2024 is an EV.”

Regionally, China remains the powerhouse of the global EV market, with 4.3 million units sold in the first half of 2024, capturing a 43% market share. In Europe, the Tesla Model Y has emerged as the top-selling EV, contributing to the region’s 1.4 million units sold and a 21% market share. Meanwhile, in North America, the Tesla Model Y also leads the market, with 824,000 units sold, securing a 9% market share.

These figures highlight the diverse dynamics of the global EV market, where consumer preferences and regulatory environments shape the success of different models and brands in each region. As the year progresses, the electric vehicle market is set to achieve new milestones, further solidifying its role as a driving force in the future of global transportation.