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Global Electric Passenger Vehicle Sales Up As China Accounts For Two-Thirds: Report
A report from the Centre for Solar Energy and Hydrogen Research highlights a global surge in electric vehicle registrations, totaling approximately 17.4 million in 2024, with a year-on-year increase of 17%. China dominated this market, accounting for over 11 million new EVs, while the US and EU followed with 1.6 million and 2.4 million respectively. Germany experienced a decline in registrations due to the end of its EV incentive program. In contrast, Norway's success with electric cars demonstrates alternative supportive policies.
Keshav Rajput
Updated Jun 30, 2025, 01:50 PM IST
Global Electric Vehicle Sales Up Globally As China Accounts For Two-Thirds
According to a report from the Centre for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW), around 17.4 million new electric vehicles (EVs) were registered globally in 2024 which includes battery electric vehicles, plug-in hybrids and vehicles with range extenders showing a Y-o-Y increase of 17%. The total number of electric cars on the road reached 55.8 million by the end of 2024.
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China Remains the Largest Market
China led global EV registrations in 2024 with more than 11 million new units, making up nearly two-thirds of the global EV market. The United States followed with 1.6 million registrations, while the European Union recorded 2.4 million. Germany registered 572,500 new electric cars last year, bringing its total EV fleet to 2.6 million. Eight out of the top 10 EV models registered in 2024 were produced by Chinese automakers.
Decline in German Market
Germany saw a continued decline in new EV registrations, down 18% in 2024 after a 16% fall in 2023. Analysts attribute this trend partly to the end of the EV incentive program in late 2023. The ZSW suggests that a consistent policy framework and long-term infrastructure support are needed to stabilise the market.
Norway Shows Alternative Policy Path
Norway registered 8 out of 10 new cars as electric in 2024, despite ending subsidies for more expensive EVs. Success has been supported by incentives like tax exemptions, reduced tolls and access to bus lanes. The ZSW notes that such measures could inform strategies in other markets.
Manufacturers and Global Competition
German manufacturers like Volkswagen, BMW and Mercedes-Benz remain in the global top 10 for cumulative EV sales. VW holds third position globally with over 4.3 million EVs sold. However, Chinese manufacturers are increasing their share BYD leading with over 10 million units, followed by Tesla with around 7.3 million. Six of the top 10 EV manufacturers now come from China.
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