Electric Vehicle Market Projections 2024: China Shows Fastest Growth

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Adi Ahdiat 24/04/2024 14:44 WIB

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According to the IEA's projection, electric vehicle sales in China are projected to grow by almost 25% year-on-year in 2024, the fastest growth rate among major markets.

Projected Electric Vehicle Sales Volume in Three Major Global Markets (2023-2024)

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Electric Vehicle Market Projections 2024: China Shows Fastest Growth

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Projected Electric Vehicle Sales Volume in Three Major Global Markets (2023-2024)

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According to International Energy Agency (IEA) data, global electric vehicle sales reached 13.8 million units in 2023.

This figure comprises sales of 9.5 million battery electric vehicles (BEVs) and 4.3 million plug-in hybrid vehicles (PHEVs).

Cumulatively, in 2023, China became the largest electric vehicle market with sales of 8.1 million units, equivalent to 59% of total global BEV and PHEV sales.

The IEA also projects that the electric vehicle trend in China will strengthen further, with total sales potentially reaching 10.1 million units in 2024, a 24.7% year-on-year (YoY) increase compared to 2023.

This projected growth is the fastest among the other two major markets, the United States and Europe.

According to IEA estimates, electric vehicle sales in the United States are projected to grow by 21.4% (YoY) in 2024, while in Europe, growth is only expected to be 6.2% (YoY).

"With strong competition and relatively low prices for electric vehicles, sales in China could grow by almost 25% in 2024," stated the IEA in its Global EV Outlook 2024 report.

"Based on current trends, growth in electric vehicle sales in Europe is expected to be the lowest of the three major markets," it continued.

Editor : Adi Ahdiat

"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."

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Electric Vehicle Market Projections 2024: China Shows Fastest Growth

Electric Vehicle Market Projections 2024: China Shows Fastest Growth

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Electric Vehicle Market Projections 2024: China Shows Fastest Growth

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