The world’s electric car fleet continues to grow strongly, with 2024 sales set to reach 17 million

Despite near-term challenges in some markets, based on today’s policy settings, almost 1 in 3 cars on the roads in China by 2030 is set to be electric, and almost 1 in 5 in both United States and European Union

More than one in five cars sold worldwide this year is expected to be electric, with surging demand projected over the next decade set to remake the global auto industry and significantly reduce oil consumption for road transport, according to the new edition of the IEA’s annual Global EV Outlook.

The latest Outlook, published today, finds that global electric car sales are set to remain robust in 2024, reaching around 17 million by the end of the year. In the first quarter, sales grew by about 25% compared with the same period in 2023 – similar to the growth rate seen in the same period a year earlier, but from a larger base. The number of electric cars sold globally in the first three months of this year is roughly equivalent to the number sold in all of 2020.

In 2024, electric cars sales in China are projected to leap to about 10 million, accounting for about 45% of all car sales in the country. In the United States, roughly one in nine cars sold are projected to be electric – while in Europe, despite a generally weak outlook for passenger car sales and the phase-out of subsidies in some countries, electric cars are still set to represent about one in four cars sold.

This growth builds on a record-breaking 2023. Last year, global electric car sales soared by 35% to almost 14 million. While demand remained largely concentrated in China, Europe and the United States, growth also picked up in some emerging markets such as Viet Nam and Thailand, where electric cars accounted for 15% and 10%, respectively, of all cars sold.

The world’s electric car fleet continues to grow strongly, with 2024 sales set to reach 17 million

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In China, electric vehicles (EVs) are generally cheaper than internal combustion engine (ICE) vehicles. According to a Reuters report, more than 60% of EVs sold in 2023 in China were cheaper than their ICE equivalents. JATO reports that the cheapest EV in China is 8% less expensive than the cheapest ICE vehicle. In contrast, in the US and Europe, EVs are 146% and 92% more expensive than ICE vehicles, respectively.

https://www.reuters.com/world/china/chinas-ev-strategy-going-small-cheap-pay-big-dividends-asia-russell-2024-04-23/#:~:text="In%20China%2C%20we%20estimate%20that,combustion%20engine%20(ICE)%20vehicles.