Global EV Sales in 2024 Sets New Record at 10mil, Led by Sales In China

Worldwide sales of battery electric vehicles (BEVs) grew to 10.4 million last year, up about 14% from the prior year, according to a study by management consultants PwC.

Across the 21 markets examined by PwC, China dominated with nearly two-thirds of the volume, specifically 6.7 million BEVs.

“It also leads in growth with over 20%, significantly above average, based on revised figures from the previous year,” said PwC.

The US followed with 1.2 million sales and a 7.4% increase, followed by the UK with 382,000 BEV sales, a 21% increase from the previous year.

Germany fell to fourth place after a 27% collapse in its electric car market to 381,000 cars following the removal of purchase premiums last year.

Sales also declined in other European markets such as France, Austria, Italy, Switzerland and Sweden, but the declines were milder and on a lower basis than in Germany.

PwC strategy and industry expert Jörn Neuhausen said the BEV market was heavily dependent on external factors.

“Strong sales in China at the end of the year could be attributed to “a kind of scrapping premium for purchasing electric cars,” he said.

PwC reported that Germany’s weakness was slowing down the momentum of the entire EU market.

However, it added that manufacturers had postponed BEV sales from last year to this in order to meet tightened CO2 regulations in 2025.

As a result, PwC expects a surge in electric car registrations at the beginning of the new year.