Global electric car sales surged by over 25 percent in 2024, exceeding 17 million units and accounting for more than 20 percent of total car sales. China led this growth, making up nearly two-thirds of global EV sales with an annual increase of almost 40 percent.
Plug-in hybrid electric vehicles (PHEVs) saw an 80 percent rise, outpacing the nearly 20 percent increase in battery electric vehicles (BEVs), driven by growing demand for extended-range electric vehicles (EREVs). A government vehicle trade-in scheme, offering subsidies of up to USD 3,000, further boosted sales, according to the latest IEA report.
In the United States, EV sales grew by over 10 percent, supported by new model releases and tax credits that incentivized consumers.
The European Union saw a 6 percent decline in electric car sales, largely due to Germany’s removal of purchase subsidies at the end of 2023. However, the United Kingdom saw a surge in sales, surpassing Germany for the first time as the leading European market for battery electric vehicles, driven by the Zero-Emission Vehicle (ZEV) mandate.
Emerging market and developing economies outside China experienced an 80 percent annual increase in EV sales, albeit from a lower base. Countries like Brazil and Indonesia saw rapid growth, with sales rising by 140 percent and 190 percent, respectively.
CO2 emissions
The deployment of solar PV, wind, nuclear, electric cars and heat pumps since 2019 now prevents 2.6 billion tonnes of CO2 annually, the equivalent of 7 percent of global emissions.
The rapid deployment of five key clean energy technologies – solar PV, wind power, nuclear power, electric cars and heat pumps – from 2019 to 2024 avoided annual fossil fuel energy demand of more than 30 EJ. This is equivalent to 6 percent of total global fossil fuel demand in 2024, or more than the combined total energy demand of Japan and Korea last year.
Avoided annual emissions from wind power amounted to around 900 Mt of CO2; from nuclear 190 Mt of CO2; and from electric cars and heat pumps, 80 Mt and 65 Mt of CO2, respectively.
Baburajan Kizhakedath