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Global Electric Vehicle Market Booms in 2024
The electric vehicle (EV) market experienced a significant surge in 2024, with over 17.29 million units registered worldwide, marking a 26.1% growth compared to the previous year. This growth was driven primarily by Chinese and European manufacturers.
China, with its strong government incentives and robust battery manufacturing capabilities, dominated the global EV market. In Q1 2025, China accounted for over half (57%) of global battery electric vehicle (BEV) registrations, followed closely by European manufacturers at about 22%, and the U.S. at 12%.
European brands like Volkswagen, Porsche, Renault, Peugeot, Skoda, and Cupra have shown remarkable EV sales growth in 2024 and 2025. However, legacy Japanese brands such as Honda, Mazda, and Toyota are lagging behind in the transition.
In the global ranking, Chinese automaker BYD topped the chart, selling over 3.84 million units, up 33.6% year on year. BYD's dominance was followed by Tesla, which came in second place with 1.78 million units sold, a decrease of 1.2% compared to the previous year.
Wuling, another Chinese brand, claimed the third spot in the global EV market, with 688,415 deliveries, up by 44.7% from the previous year. Wuling's market share also increased by 0.5pp to 5% in December 2024.
Other notable performances include Xpeng, which finished the month of December in 10th place with sales soaring by 85.7% to 37,330 units, pushing its share up to 1.9% from 1.3% in December 2023. Geely also made strides, with plug-in deliveries reaching 458,473 units in 2024, up from 208,342 in the previous year.
The growth in the EV market was not without its challenges. The Chinese New Year in February caused a temporary dip in demand, resulting in a 1.2% growth drop. However, the market recovered across the rest of the year, with December recording growth of 26.1%.
The share of BEVs in the EV market increased from 61.3% in 2023 to 62.5% in 2024, while the share of PHEVs decreased from 38.7% to 37.5%. This shift towards BEVs indicates a growing preference for zero-emission vehicles.
Despite the impressive growth, there are still brands struggling to keep pace. Aion, a Chinese brand, saw its sales drop by 22.6% to 373,906 sales in 2024, with its market share falling 1.3pp to 2.2%.
BMW sold 535,586 plug-in vehicles in 2024, up 7.1% year on year. Li Auto finished the year in fifth place with 526,353 units sold, up 40% from the previous year.
Combined, registrations of BEVs and PHEVs reached 10.8 million units for BEVs and 6.49 million units for PHEVs in 2024. As the world continues to transition towards electric vehicles, it will be interesting to see how the market evolves in the coming years.
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