Otis Singleton
Electric vehicles (EVs) have gained popularity in recent years, with a growing number of people opting for more environmentally friendly options. In 2023, about one in five new cars sold globally was electric, with higher adoption rates in countries like Norway (over 90%) and China (nearly 40%). The US, the world's second-largest market for EVs, saw over 1 million EVs sold in 2023, and as of 2024, there are over 2 million electric cars on US roads. While Tesla leads the US market, other automakers like Hyundai and Mercedes-Benz have also introduced popular electric models.
| Characteristics | Values |
|---|---|
| Number of electric vehicles sold globally | More than 40 million |
| Number of electric vehicles sold in the US in 2024 | 1,301,411 |
| Number of electric vehicles sold in the US in 2023 | 1,212,758 |
| Number of electric vehicles sold in the US in 2022 | N/A |
| Number of electric vehicles sold in the US in 2021 | N/A |
| Number of electric vehicles sold in the US in the past 48 months | More than 2.5 million |
| Number of electric vehicles sold in the US in Q3 2024 | 365,824 |
| Number of electric vehicles sold in the US in 2020 | N/A |
| Number of electric vehicles sold in the US in 2019 | N/A |
| Number of electric vehicles sold in the US in 2018 | N/A |
| Number of electric vehicles sold in the US in 2017 | N/A |
| Number of electric vehicles sold in Norway in 2023 | N/A |
| Percentage of new cars sold in Norway in 2023 that were electric | Over 90% |
| Number of electric vehicles sold in China in 2023 | N/A |
| Percentage of new cars sold in China in 2023 that were electric | Almost 40% |
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What You'll Learn
Global sales figures
The global sales figures for electric vehicles have been experiencing consistent growth, demonstrating an ongoing shift in the automotive industry towards consumer demand for cleaner transportation. Electric vehicles offer a more environmentally friendly and sustainable alternative to traditional gasoline-powered cars, making them a preferred choice for environmentally conscious consumers.
In 2022, there were approximately 10.6 million electric vehicle sales globally, surpassing 10 million for the first time. This represented around 10% of passenger vehicle sales, a tenfold increase over the previous five years. Electric vehicle sales increased in every region of the world, with production increases, rising oil prices, and targeted policies supporting their market growth.
In 2023, approximately 14 million electric vehicles were sold worldwide, comprising 18% of total car sales, up from 14% in 2022. More than 250,000 electric cars were sold each week in 2023, with China leading the market. China recorded 8.1 million electric car sales in 2023, followed by the United States with 1.4 million, and Germany with 700,000.
While the exact figures for 2024 are not yet available, it is estimated that global sales of electric vehicles will continue to grow. Analysts predict that BYD, a Chinese company, may surpass Tesla in battery-electric vehicle sales by the end of 2024. The push for electrification of vehicles is driven by factors such as consumer environmental concerns, rising fuel costs, advancements in battery technology, and government incentives and regulations.
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Sales in the US
Electric vehicles (EVs) have become increasingly prevalent in the United States in recent years. In 2023, over one million EVs were sold in the country, an increase of over 56% compared to 2022. This growth was supported by various incentive policies, such as rebates, grants, and tax incentives. According to Experian Automotive's Market Trends report, 7.9% of all new car registrations in the first quarter of 2024 were for electric vehicles, a slight decrease of 0.3% from the previous quarter. However, when considering all cars on the road in 2023, 9.3% were electric vehicles, a record high.
California has led the US in EV market share, with nearly 27% of new light-duty vehicle registrations being electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles in the third quarter of 2024. Colorado followed closely behind at 26%, and California, Colorado, Washington, and the District of Columbia all exceeded 20% market share. California's high EV adoption rate of 2.5% means that over one-third of EVs are registered in this state.
Tesla has been the leading manufacturer in the US EV market, with a market share of 56.5% in 2023. However, its dominance has been decreasing, with its share shrinking to 48.9% in the second quarter of 2024. The sales have shifted to legacy manufacturers such as Ford, Chevrolet, Hyundai, and Kia. Ford held the second-largest market share in 2Q24, with 8.0% of sales, driven by the popularity of the Mustang Mach-E and F-150 Lightning.
In terms of specific models, the Tesla Model Y was the best-selling electric car in the fourth quarter of 2024, making up 26.1% of new EVs sold. The Tesla Model 3 was second with 15%, followed by the Honda Prologue with 5.3%. Electric vehicles are expected to continue gaining popularity in the US, with projections suggesting that EVs could make up over 17% of all auto sales by 2028.
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Sales in Europe
The electric vehicle (EV) market in Europe has been experiencing significant growth in recent years. In 2023, electric vehicles accounted for 22.7% of new car registrations in the EU, with a total of 2.4 million new electric cars registered. This marked a notable increase from the 2 million electric cars registered in 2022. Germany, the leading European market for plug-in electric cars, recorded approximately 700,000 EV car sales in 2023, representing about 24% of all new car sales in the country. Norway also demonstrated a strong commitment to electrification, with battery-electric and plug-in hybrid electric vehicles accounting for approximately 90.4% of its new vehicle sales in 2023.
The growth of the EV market in Europe can be attributed to various factors, including customer preferences for environmentally friendly transportation options, improved performance and range, government incentives, and the development of charging infrastructure. Additionally, the European automotive industry's transformation has contributed to increased competition and innovation in the market. The increasing resale value of electric cars in Europe is another factor influencing the market's growth. Between 2017 and 2022, the resale value of battery electric cars sold after 12 months steadily increased, surpassing that of all other powertrains and standing at more than 70% in mid-2022.
While the market is becoming more competitive and diverse, addressing consumers' concerns about EV prices and access to charging infrastructure remains crucial. Chinese BEVs tend to have lower reference prices than non-Chinese carmakers, but proposed duty rates on imports from China will impact the retail price of these vehicles to maintain the competitiveness of European manufacturers. The European Commission's anti-subsidy investigation into imports of battery-electric vehicles from China and the resulting duty taxes could significantly shape the European EV market.
Looking ahead, the projected revenue in the European EV market is estimated to reach US$251.2 billion in 2025, with a compound annual growth rate (CAGR) of 11.15% between 2025 and 2029. By 2029, unit sales in the European EV market are expected to reach 5.63 million vehicles, contributing to a projected market volume of US$383.4 billion.
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Sales in Asia
Asia is a key region in the electric vehicle (EV) revolution, with its central place in the world economy and geopolitical competition. The EV market in Asia is experiencing significant growth due to several factors, including consumer demand for environmentally friendly and cost-effective transportation, government incentives and subsidies, and the increasing range and model variety of electric vehicles.
China is the clear leader in Asia and the world's largest EV market. In 2023, 36% of new cars sold in China were EVs, representing 57% of global EV sales. Chinese EV manufacturers are on track to produce up to 36 million EVs per year by 2025. China's rapid growth in the EV market can be attributed to its booming automotive industry and the introduction of new products by various companies to stay ahead of the competition.
Other Asian countries are also making significant strides in the EV market. South Korea, for example, has an EV production capacity of approximately 350,000 by 2025 and achieved sales of nearly 120,000 in 2022, aided by strong government-led incentives. India is another prominent player, with massive investments in EVs led by its national brand Tata Motors, which has a production capacity of 300,000 EVs per annum. India also provides subsidies and incentives for EV and hybrid purchases, contributing to a 70% year-on-year increase in electric car registrations.
The Asia-Pacific EV market is expected to reach USD 298.23 billion in 2025 and grow at a compound annual growth rate (CAGR) of 19.1% to reach USD 714.67 billion by 2030. This growth is driven by increasing consumer demand, improving charging infrastructure, and government policies promoting net-zero emission goals. By 2029, the unit sales of electric vehicles in Asia are projected to reach 10.27 million vehicles.
Nepal led Asia's new car sales of electric vehicles in 2023 with a market share of 83%. However, it is worth noting that smaller countries with limited data availability may not be fully represented in the available statistics.
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Breakdown by vehicle type
Electric vehicles (EVs) can be categorised into several types, including fully battery-electric vehicles, plug-in hybrids, and conventional hybrid electric vehicles.
Fully Battery-Electric Vehicles
These cars run solely on batteries and do not have an internal combustion engine. In 2022, global sales of fully electric vehicles exceeded 10 million, with around 14% of all new cars sold being electric. This marked a significant increase from previous years, with electric cars accounting for less than 5% of new car sales in 2020 and 9% in 2021. As of 2022, there were more than 26 million electric cars in use globally, and this number is expected to continue growing.
Plug-In Hybrids
Plug-in hybrids, also known as PHEVs or plug-in electric vehicles (PEVs), combine battery power with internal combustion engines. In 2022, plug-in hybrids experienced a surge in sales, particularly in the UK, where they accounted for 350,000 of the 745,000 light-duty plug-in electric vehicles registered. While plug-in hybrids have shorter battery ranges than fully electric cars, their internal combustion engines allow for longer distance travel.
Conventional Hybrid Electric Vehicles
Conventional hybrid electric vehicles, also known as HEVs, use a combination of electric power and internal combustion engines to operate. While sales figures specifically for conventional hybrids are not readily available, they are included in the broader category of electric vehicle sales. In 2022, global sales of electric vehicles (including hybrids) reached 10.5 to 10.6 million, with electric cars comprising 14.2% of total vehicle sales.
Electric Trucks and Buses
Electric trucks and buses are also gaining traction in the market. In 2023, electric truck sales surpassed electric bus sales for the first time, with 54,000 trucks sold, reflecting a 35% growth from 2022.
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Frequently asked questions
In 2023, there were over 1 million electric vehicles sold in the US.
From January to May 2024, there were over 454,670 electric vehicles sold in the US.
There are currently over 2 million electric vehicles in operation in the US.
The Tesla Model Y was the best-selling electric vehicle in the US in the fourth quarter of 2024.
