According to data from New AutoMotive’s most recent Global Electric Vehicle Tracker (GEVT), the global market share of gasoline and diesel has decreased by a fifth in the last two and a half years.
Internal combustion engine car sales have fallen from 78% to 63%, and there is no indication that this trend will abate. Electric vehicles (EVs) have nearly quadrupled their market share from 10% to 17.4% during the same time frame.
Consequently, EV sales are up 7.4% globally compared to the same period last year, setting a new record for the year. 10.8 million EVs were sold worldwide in the year ending in October, up more than 1.1 million (11%) from the same period in 2023.
Over a million EVs were sold worldwide in the past month alone, with the industry selling 108,000 (12%) more cars than it did in the same month the previous year.
China and the United States were the main drivers of this surge, with EV sales rising by 12% and 22%, respectively, in the previous October.
Nearer to home, more than 5,000 additional EVs were put on the road in the UK in October of last year, resulting in a 23% rise in sales.
Impressive growth was also observed in a number of European markets in October, with sales in Denmark, Croatia, Czechia, Greece, and Malta rising by more than 80% and in Bulgaria and Cyprus by more than 50%.
“The data indicates that the rumors of a slowdown in sales of electric cars are merely rumors,” stated Ben Nelmes, CEO of New AutoMotive. “In actuality, sales of electric cars are rising steadily each month, and not only in the biggest auto markets. As the year draws to a close, sales of electric cars are booming worldwide.”