Global electric vehicle sales grow by 25% in 2024

According to the International Energy Agency, 1 out of every 5 cars sold worldwide this year is electric.

The electric vehicle boom shows no signs of slowing down. Through a new edition of the annual Electric Vehicle Outlook report from the International Energy Agency (IEA), one in five cars sold worldwide this year is electric.

The latest Outlook indicates that global electric car sales will remain strong in 2024, reaching around 17 million by the end of the year.

During the first quarter of this year, sales grew by approximately 25% compared to the same period in 2023, similar to the growth rate observed in the same period of the previous year, but from a higher base.

Additionally, the number of electric cars sold worldwide in the first three months of this year is roughly equivalent to the number sold in the entirety of 2020.

This growth builds on a record-breaking 2023. Last year, global electric car sales surged by 35% to nearly 14 million.

While demand remained largely concentrated in China, Europe, and the United States, growth also rebounded in some emerging markets such as Vietnam and Thailand, where electric cars accounted for 15% and 10%, respectively.

Energy and climate commitments

The Outlook reveals that, under current policies, one in every two cars sold worldwide will be electric by 2035. Meanwhile, if energy and climate commitments announced by countries are fully met and on time, two out of every three cars sold will be electric by 2035.

"The wave of investment in battery manufacturing suggests that the electric vehicle supply chain is advancing to meet ambitious expansion plans by carmakers," said IEA Executive Director Fatih Birol.

In this regard, he added that "as a result, the proportion of electric vehicles on the roads is expected to continue to increase rapidly. Based solely on current policy settings, nearly one in three cars on China's roads by 2030 will be electric, and nearly one in five both in the United States and the European Union. This shift will have significant implications for both the automotive industry and the energy sector."