Wiktor Wise
Electric vehicles (EVs) are becoming increasingly popular, with global sales growing by 43% in 2020 and doubling in 2021. In 2023, Europe and the USA accounted for around 25% and 70% of global electric car sales, respectively, with China taking the lead as the largest market. While Tesla has been the market leader in the US, its market share has been shrinking, with other automakers like General Motors, Ford, and Hyundai catching up. In Europe, Tesla remains on top, but its sales have been declining due to factors like increased competition and the phasing out of the existing version of its best-selling Model Y. Norway, Sweden, and the Netherlands are the largest European markets, with 95%, 60%, and 30% of all cars sold being electric, respectively. As more affordable EVs enter the market and infrastructure improves, it is expected that EV sales will continue to grow.
| Characteristics | Values |
|---|---|
| Global electric vehicle sales in 2020 | Grew by 43% from 2019 |
| Global electric vehicle sales in 2021 | Doubled from 2020 to 6.75 million |
| Largest markets for electric vehicles in 2023 | China, Europe, and the USA (accounting for around 95% of all sales) |
| Number of electric car models available in 2023 | 590 |
| Number of electric car models predicted to be available in 2028 | 1,000 |
| Country with the largest European market for electric vehicles in 2024 | Norway (95% of all cars sold are electric) |
| Number of public charging points in 2023 | Increased by around 40% |
| Percentage of public charging points that were fast chargers in 2023 | 35% |
| Electric vehicle sales in the US in Q3 2024 | Grew by 11% year-over-year |
| Number of electric vehicles sold in the US in Q3 2024 | 346,3091 |
| Electric vehicle sales in Europe in 2025 | Booming (up 26% in February) |
| Number of electric vehicles sold in Europe in the first two months of 2025 | 329,700 |
| Number of electric vehicle models available in the US in 2024 | 28 |
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What You'll Learn
Electric vehicle sales in the US
Electric vehicle (EV) sales in the US have been steadily increasing over the years. In 2023, more than 1 million EVs were sold in the US for the first time, with sales in 2023 being revised upwards to 1,212,758 units, a 49% gain from 2022. Sales in 2024 reached 1,301,411, an increase of 7.3% from 2023, and accounted for 8.1% of total sales, up from 7.8% in 2023. The fourth quarter of 2024 saw another record for EV sales in America, with more than 365,800 sales, a 15% year-over-year increase.
In the second half of 2024, more than 700,000 EVs were sold, accounting for 8.7% of total new vehicle sales. The first quarter of 2025 also saw a record high for electric vehicle sales in February. Over the past 48 months, more than 2.5 million EVs have been sold in the US.
Tesla has been the leading manufacturer in the US EV market, with its Model Y and Model 3 being the best-selling electric vehicles. However, its market share has been decreasing as more automakers enter the market. In 2024, Tesla's market share fell to 44%, down from 55% in 2023 and 62% in 2022. In the second quarter of 2024, Tesla's market share was 48.9%, dropping below 50% for the first time since 2017.
Other automakers have been increasing their EV sales, including General Motors, Honda Motor Co., Hyundai Motor Group, and Ford Motor Company. In the third quarter of 2024, the biggest winners were EVs from General Motors, Honda, Ford, and electric SUVs from Hyundai and Kia.
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Electric vehicle sales in Europe
Electric vehicle (EV) sales in Europe are experiencing significant growth. In 2023, Europe accounted for 25% of global electric car sales, reaching almost 3.2 million. This figure is projected to continue into 2024, with Europe remaining the second-largest market for electric vehicles after China.
Norway, Sweden, and the Netherlands are the largest European markets, with 95%, 60%, and 30% of all cars sold being electric, respectively. France and the United Kingdom are close behind, with 25% of all cars sold being electric. In 2023, the number of electric car models available to consumers increased by 15% compared to the previous year, and this availability is expected to continue increasing, with a projected 1,000 models available in 2028.
In 2025, the projected revenue in the European electric vehicle market is estimated to reach US$251.2 billion, exhibiting a compound annual growth rate (CAGR) of 11.15% between 2025 and 2029, resulting in a projected market volume of US$383.4 billion by 2029. By 2029, the unit sales of electric vehicles in Europe are expected to reach 5.63 million vehicles.
The growth in the European electric vehicle market is driven by several factors, including customer preferences for environmentally friendly transportation options, market trends such as improved performance and range, local special circumstances, including government incentives and charging infrastructure, and macroeconomic factors such as the need to reduce greenhouse gas emissions and the transformation of the automotive industry.
While overall car sales in Europe showed a 2.6% decrease in February 2025, electric vehicle sales are booming. In the first two months of 2025, electric vehicle sales jumped 312% compared to the same period in 2024, with a record 329,700 units sold, capturing a 17% market share. This surge in electric vehicle sales has contributed to a decline in the market share of traditional petrol and diesel cars, which fell to 39.4% in January 2025.
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Electric vehicle sales in China
Electric vehicles (EVs) are experiencing significant growth in sales in China. In October 2024, China's share of the global electric vehicle market reached 76%, reflecting strong domestic demand. This figure indicates a steady increase in China's share of the global EV market, as it accounted for just under 60% of new EV registrations in 2023.
Several factors contribute to the growing popularity of electric vehicles in China. One of the primary reasons is the increasing demand for environmentally friendly transportation options. The Chinese government's stricter regulations on emissions and promotion of sustainable development have made consumers more conscious of their carbon footprint. Electric vehicles offer a cleaner and more sustainable alternative to traditional gasoline-powered cars, making them an attractive choice for environmentally conscious consumers.
Another factor driving the growth of the electric vehicle market in China is the increasing disposable income among the growing middle class. As incomes rise, more consumers can afford electric vehicles, which were previously considered a luxury item. The Chinese government's support and incentives, such as doubling the subsidy for car buyers who trade in their conventional cars, also play a significant role in boosting EV sales.
The development of charging infrastructure in China is another critical factor facilitating the adoption of electric vehicles. The availability of public charging stations makes it more convenient for consumers to transition to electric cars. Additionally, local special circumstances such as population density and urbanization influence the preference for electric vehicles.
The electric vehicle market in China is expected to continue its upward trajectory. By 2025, the projected revenue in China's electric vehicle market is estimated to reach US$377.9 billion, with a steady annual growth rate of 2.61% from 2025 to 2029, resulting in a projected market volume of US$419 billion by the end of that period. This growth will be driven by increasing demand, improved technology, and a wider range of EV models available to consumers.
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Electric vehicle charging infrastructure
Electric vehicle (EV) charging infrastructure is a critical component of the transition to a carbon-free energy system and the mass adoption of electric vehicles. As of February 2024, there were over 61,000 publicly accessible EV charging stations in the United States, with the majority of EV charging occurring at home. However, as EV ownership expands to those without access to home charging, such as residents of multi-family buildings or on-street parking, the need for a robust and equitable network of public charging stations becomes more pressing.
The availability of fast-charging stations is particularly important for addressing "range anxiety" and making EVs a viable option for longer road trips. Direct-current (DC) fast-charging equipment enables rapid charging at power outputs up to 500 kW, reducing wait times and creating a more seamless experience for EV drivers. As of 2023, more than 20% of public EV charging ports in the United States offered DC fast charging, and this number is expected to increase due to federal funding initiatives and the growing adoption of medium- and heavy-duty EVs.
To support the expansion of EV charging infrastructure, the charging industry has adopted the Open Charge Point Interface (OCPI) protocol, which standardizes terminology and definitions related to station locations, EV charging ports, and connectors. This standardization helps streamline the user experience and ensure interoperability across different charging systems.
Several countries and regions are actively working to encourage the development of EV charging infrastructure. For example, Japan's Green Growth Strategy aims to deploy 150,000 charging points by 2030, while the United Kingdom expects to install at least 300,000 public chargers by the same year. In the United States, laws such as the 2021 Infrastructure Investment and Jobs Act and the 2022 Inflation Reduction Act aim to boost EV infrastructure development and increase EV adoption.
Despite these efforts, challenges remain. A 2022 survey found that charging logistics and range were the top barriers preventing consumers from adopting EVs. Additionally, income disparities play a role, as lower-income consumers are less likely to have access to EV charging infrastructure in their areas. Easy and equitable access is the greatest challenge, and continued collaboration between governments, businesses, and stakeholders is necessary to support the widespread adoption of electric vehicles.
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Electric vehicle market share
Electric vehicles (EVs) are on a path to becoming a mass-market product in several countries. The global electric car industry market share rose to 4.6% in 2020, with sales growing by 43% from 2019. In 2021, global sales doubled to 6.75 million.
China, Europe, and the USA are the largest markets for electric vehicles, accounting for around 95% of all sales in 2023. Europe experienced a downturn in EV sales in 2022 but still accounted for 25% of global sales in 2023, projected to continue in 2024. Norway, Sweden, and the Netherlands are the largest European markets, with 95%, 60%, and 30% of all cars sold being electric, respectively.
In the United States, the EV market share was 8.7% in Q4 2024, with fully electric vehicles (BEVs) making up 8.1% of all light vehicle sales that year. Tesla held 44% of the US EV market in Q4 2024, down from 55% in 2023 and 75% in Q1 2022. General Motors, Ford, and the Hyundai Group are closing in, with General Motors reporting a 50% increase in EV sales year-over-year in Q4 2024.
In Europe, Tesla EVs remain at the top of the sales charts, but their market share has shrunk below 10% as of March 2025. Volkswagen has overtaken Tesla as the best-selling EV brand, while Tesla's Model Y and Model 3 remain the top-selling EV models.
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Frequently asked questions
Yes, electric vehicles are selling. In fact, they are selling at record highs. In the US, electric vehicle sales grew by 11% year-over-year in the third quarter of 2024.
Tesla has been the market leader, but its market share has been shrinking due to increased competition and the introduction of new models. In the US, General Motors, Ford, and the Hyundai Group are close competitors. In Europe, Volkswagen has overtaken Tesla as the best-selling EV brand.
China, Europe, and the USA are the largest markets for electric vehicles, accounting for around 95% of all sales in 2023. Within Europe, Norway, Sweden, and the Netherlands are the largest markets, with 95%, 60%, and 30% of all cars sold being electric, respectively.
The outlook for the electric vehicle market is positive, with sales expected to continue growing. Improvements in infrastructure, the introduction of more affordable electric vehicles, and manufacturer incentives will likely drive sales higher.
