The numbers are staggering. In 2024, a whopping 17 million electric cars found new homes worldwide — a 25 per cent surge that speaks volumes about our shifting automotive landscape. To put this in perspective: 2024’s additional EV sales alone (3.5 million vehicles) surpassed the total electric car sales of 2020.
At the heart of this electric revolution stands China, commanding the global stage with over 11 million sales. It’s a figure that would have seemed impossible just two years ago when it represented the entire world’s electric car sales. While Europe grappled with subsidy reductions and unchanged EU CO2 targets, causing market stagnation, the United States showed modest growth, albeit at a quarter of the previous year’s pace.
The impact of this five-year surge has been transformative. By the close of 2024, nearly 58 million electric cars roamed the world’s roads, reckoning for 4 per cent of all passenger cars and more than triple the fleet size of 2021. These vehicles aren’t just changing our streets. They are reshaping our energy consumption, displacing over 1 million barrels of oil daily in 2024. Yet the distribution remains uneven — while one in ten cars in China now runs on electricity, Europe lags with roughly one in twenty.
China’s electric dominance
China’s appetite for electric vehicles seems insatiable. With almost half of all car sales being electric in 2024, representing nearly two-thirds of global electric car sales, the country’s 40 per cent year-on-year growth has further cemented its position as the world’s EV powerhouse. Since July 2024, monthly electric car sales have consistently outpaced conventional vehicles, pushing the annual share to nearly 50 per cent.
This remarkable growth stems from several factors, most notably the increasing cost-competitiveness of battery electric cars. April 2024 saw the introduction of an innovative trade-in scheme, offering RMB 20,000 (USD 2,750) for those replacing old vehicles with new electric cars, compared to RMB 15,000 (USD 2,050) for conventional replacements. The scheme’s success is evident in its numbers: 6.6 million consumers participated, with 60 per cent choosing electric options.
The evolution of electric preferences
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