Electric vehicles (EVs) continue to gain ground as the symbol of clean mobility and sustainable innovation. According to the International Energy Agency’s (IEA) Global EV Outlook 2024, despite economic uncertainties and pressure on the automotive industry, the growth in EV sales remains remarkably strong.
In 2024, global EV sales exceeded 17 million units, pushing their share of the total automotive market beyond 20% for the first time. If the current trend continues, EVs are expected to represent over 25% of all vehicle sales by the end of 2025—meaning one in every four vehicles sold worldwide will be electric.
China maintained its dominant position in the EV market, accounting for more than half of global sales. In 2023 alone, China sold nearly 11 million electric cars—roughly equivalent to the total number of EVs sold globally in 2022. Notably, two-thirds of EVs sold in China were priced lower than their gasoline counterparts, even without government subsidies, underscoring the cost competitiveness of EVs in that market.
Emerging markets in Asia and Latin America also showed impressive momentum, with EV sales surging 60% compared to the previous year. In the U.S., a more modest 10% annual growth was recorded, while Europe saw stagnation due to waning incentives and weakening policy support.
In the first quarter of 2024 alone, EV sales increased by 35%. If this pace is maintained, global sales could surpass 20 million units by year’s end. IEA Executive Director Fatih Birol emphasized that the EV market’s expansion is not confined to developed nations, stating: “By 2030, at least two out of every five vehicles sold globally are likely to be electric.”