The latest report from Rho Motion has revealed the total size of the global electric vehicle (EV) market in 2024.
Global sales of fully electric and plug-in hybrid vehicles rose 25 percent in 2024, reaching over 17 million units, according to Rho Motion.
December sales hit a record for the fourth consecutive month, with China’s growth and Europe’s stabilization leading the charge.
EV sales in China surged 36.5 percent in December, totaling 11 million for the year.
In Europe, Britain surpassed Germany as the largest battery-electric vehicle market in 2024.
North America reported modest growth of 8.8 percent, while sales in other regions rose 26.4 percent.
Concerns over policy changes, such as subsidy removal and emissions targets, may impact future EV sales in Europe and the US.
Automakers in the EU plan to pool and buy carbon credits to meet stricter CO2 rules.
China extended auto trade-in subsidies into 2025 to boost EV adoption and economic growth.
“The removal of subsidies in Germany had a devastating impact on the whole European market, if the US follows suit, we may see the same there,” Rho Motion said in a note.
GreentechLead.com News Desk