Global Electric Vehicle Sales Show an Upward Trend Over the Past Decade

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Erlina Fury Santika 12/06/2024 17:20 WIB

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IEA data shows the trend of electric vehicle sales over the past decade. The results show a significant increase since 2020.

Global Electric Vehicle Sales Volume by Type (2013-2023)

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Global Electric Vehicle Sales Show an Upward Trend Over the Past Decade

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Global Electric Vehicle Sales Volume by Type (2013-2023)

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An International Energy Agency (IEA) report shows that electric vehicle (EV) sales have been increasing over the past decade.

The IEA compiles EV sales data from battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).

In total, sales of both types of EVs reached 13.8 million units in 2023. This comprised 9.5 million BEVs and 4.3 million PHEVs.

EV sales have seen significant growth since 2020. Total sales in 2020 reached 2.98 million units, consisting of 2 million BEVs and 980,000 PHEVs.

Volume surged by 121% in 2021, reaching 6.6 million units. This included 4.7 million BEVs and 1.9 million PHEVs.

A decline occurred only once in the past 10 years, specifically for PHEVs in 2019. Sales fell from 660,000 units in 2018 to 580,000 units in 2019.

(Also read: [Link to Indonesian article about Indonesian EV sales decline])

The IEA states that EV sales continue to rise and are estimated to reach 17 million in 2024—representing more than one in five cars sold globally. However, the IEA acknowledges several challenges to growth.

"Tight margins, volatile battery metal prices, high inflation, and the phasing out of purchase incentives in some countries are raising concerns about the industry's growth rate, but global sales data remain strong," the IEA wrote in its *Global EV Outlook 2024* report, as quoted on Wednesday (June 12, 2024).

In the first quarter of 2024, EV sales grew by approximately 25% compared to the first quarter of 2023, similar to the year-on-year growth seen in the same period in 2022.

The IEA also explains that the EV market share could reach up to 45% in China, 25% in Europe, and over 11% in the United States in 2024. This is driven by competition among manufacturers, falling battery and vehicle prices, and continued policy support.

(Also read: [Link to Indonesian article about 2024 EV market projections])

Editor : Erlina Fury Santika

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."