According to a report by the International Energy Agency (IEA), China accounted for about 80% of the growth in EV sales worldwide, with EV sales rising from over 3 million in the first half of 2023 to over 4 million in the same time in 2024.
According to the report, more than 7 million electric vehicles were sold worldwide in the first half of 2024, a 25% increase over the same time in 2023. According to the survey, by the end of 2024, EVs are predicted to account for about 5% of the world’s automobile fleet.
Other markets saw growth in spite of China’s hegemony. Outside of China, EV sales increased by more than 10%, with notable gains in the Middle East, the Caspian Sea, Brazil, Indonesia, and Mexico.
The results were mixed in developed markets, nevertheless. EV sales in the EU were flat, with a little increase of about 3% in other EU nations offsetting a drop in Germany. In the meantime, EV sales increased by 15% in the UK and by over 10% in the US.
Plug-in hybrid electric vehicles (PHEVs) are becoming more and more popular than battery electric vehicles (BEVs), which accounted for more than 35% of all EV sales in the first half of 2024, according to the report.
The analysis highlights the growing preference for plug-in hybrid electric vehicles (PHEVs) over battery electric vehicles (BEVs). Sales of PHEVs increased by 70% in China, mostly owing to range-extended electric vehicles (REEVs), which have larger batteries and can travel farther.