The world’s electric car fleet continues to grow strongly, with 2024 sales set to reach 17 million - News - IEA (2024)

Despite near-term challenges in some markets, based on today's policy settings, almost 1 in 3 cars on the roads in China by 2030 is set to be electric, and almost 1 in 5 in both United States and European Union

More than one in five cars sold worldwide this year is expected to be electric, with surging demand projected over the next decade set to remake the global auto industry and significantly reduce oil consumption for road transport, according to the new edition of the IEA’s annual Global EV Outlook.

The latest Outlook, published today, finds that global electric car sales are set to remain robust in 2024, reaching around 17 million by the end of the year. In the first quarter, sales grew by about 25% compared with the same period in 2023 – similar to the growth rate seen in the same period a year earlier, but from a larger base. The number of electric cars sold globally in the first three months of this year is roughly equivalent to the number sold in all of 2020.

In 2024, electric cars sales in China are projected to leap to about 10 million, accounting for about 45% of all car sales in the country. In the United States, roughly one in nine cars sold are projected to be electric – while in Europe, despite a generally weak outlook for passenger car sales and the phase-out of subsidies in some countries, electric cars are still set to represent about one in four cars sold.

This growth builds on a record-breaking 2023. Last year, global electric car sales soared by 35% to almost 14 million. While demand remained largely concentrated in China, Europe and the United States, growth also picked up in some emerging markets such as Viet Nam and Thailand, where electric cars accounted for 15% and 10%, respectively, of all cars sold.

Substantial investment in the electric vehicle supply chain, ongoing policy support, and declines in the price of EVs and their batteries are expected to produce even more significant changes in the years to come. The Outlook finds that under today’s policy settings, every other car sold globally is set to be electric by 2035. Meanwhile, if countries’ announced energy and climate pledges are met in full and on time, two in three cars sold would be electric by 2035. In this scenario, the rapid uptake of electric vehicles – from cars to vans, trucks, buses, and two- and three-wheelers – avoids the need for around 12 million barrels of oil per day, on a par with current demand from road transport in China and Europe combined.

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” said IEA Executive Director Fatih Birol. “Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth. The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly. Based on today’s policy settings alone, almost one in three cars on the roads in China by 2030 is set to be electric, and almost one in five in both the United States and European Union. This shift will have major ramifications for both the auto industry and the energy sector.”

The report finds that manufacturers have taken major steps to deliver on the strengthening EV ambitions of governments, including by making significant financial commitments. Thanks to high levels of investment over the past five years, the world’s capacity to produce batteries for EVs is well positioned to keep up with demand, even as it rises sharply over the next decade. The pace of the transition to EVs may not be consistent and will hinge on affordability, the report emphasises.

In China, more than 60% of electric cars sold in 2023 were already less expensive to buy than their conventional equivalents. However, in Europe and the United States, the purchase prices for cars with internal combustion engines remained cheaper on average, though intensifying market competition and improving battery technologies are expected to reduce prices in the coming years. Even where upfront prices are high, the lower operating costs of EVs mean the initial investment pays back over time.

Growing electric car exports from Chinese automakers, which accounted for more than half of all electric car sales in 2023, could add to downward pressure on purchase prices. Chinese companies, which are also setting up production facilities abroad, have already seen strong sales of more affordable models launched in 2022 and 2023 in overseas markets. This highlights that the composition of the main EV-producing economies is diverging considerably from the traditional auto industry.

Ensuring that the availability of public charging keeps pace with electric vehicle sales is crucial for continued growth, according to the report. The number of public charging points installed globally was up 40% in 2023 relative to 2022, and growth for fast chargers outpaced that of slower ones. However, to meet a level of electric vehicle deployment in line with the pledges made by governments, charging networks need to grow sixfold by 2035. At the same time, policy support and careful planning are essential to make sure greater demand for electricity from charging does not overstretch electricity grids.

Accompanying the Global EV Outlook 2024 are the Global EV Data Explorer and the Global EV Policy Explorer. These online tools allow users to interactively explore EV statistics, projections and policy measures worldwide.

The world’s electric car fleet continues to grow strongly, with 2024 sales set to reach 17 million - News - IEA (2024)


What percentage of global car sales are electric? ›

A total of 14% of all new cars sold were electric in 2022, up from around 9% in 2021 and less than 5% in 2020. Three markets dominated global sales.

How many electric vehicles will be in the US by 2030? ›

The number of EVs on U.S. roads is projected to reach 26.4 million in 2030, up from the projected 18.7 million in the 2018 report. The projected 26.4 million EVs will make up nearly 10 percent of the 259 million light-duty vehicles (cars and light trucks) expected to be on U.S. roads in 2030.

What percent of global car sales do industry experts predict electric cars will make up by 2025? ›

By 2025, electric vehicle sales could comprise up to 20% of new car sales. By 2030, electric vehicle sales could reach 40% of new car sales. By 2040, electric vehicle sales could account for nearly all new car sales.

How fast is the electric car industry growing? ›

If you look only at the US auto market, full electric vehicles (BEVs) rose to 7.2% of the auto market. That's up from 1.4% in 2019, 1.7% in 2020, 3% in 2021, and 5.5% in 2022. One of out every 14 cars sold in the USA are now fully electric, up from one out of every 71 cars four years prior.

What is the global EV sales forecast for 2024? ›

The latest Outlook, published today, finds that global electric car sales are set to remain robust in 2024, reaching around 17 million by the end of the year.

What is the EV sales projection for 2024? ›

Since 2021, first-quarter electric car sales have typically accounted for 15-20% of the total global annual sales. Based on this observed trend, coupled with policy momentum and the seasonality that EV sales typically experience, we estimate that electric car sales could reach around 17 million in 2024.

Why are electric cars not the future? ›

But few of them are affordable enough for many car buyers, and the next generation of EVs—the ones designed to entice people who have not yet gone electric—isn't coming soon enough. As a result, 2024 is shaping up to be a lost year for EVs, with little movement toward our supposed all-electric future.

Why is the government pushing for electric cars? ›

The Nation will benefit from the successful adoption of EVs as one important element in the Federal Government's strategy to eliminate climate-related emissions from transportation, alongside investments in quality transit, bicycle, and pedestrian networks that give Americans real choices in how to travel.

Is the government forcing electric vehicles? ›

As part of the Advanced Clean Cars II regulations, all new passenger cars, trucks, and SUVs sold in California will be zero-emission vehicles by 2035.

What is the global EV sales forecast for 2030? ›

Electric vehicles will account for 62% to 86% of global sales by 2030, with China reaching an EV market share of at least 90% by then, according to an RMI report in September.

What demographic buys the most electric vehicles? ›

Young people between 18 and 29 years old were the age group most likely to consider the purchase of an electric vehicle in the United States as of May 2022. Around 55 percent of the Americans between 18 and 29 years old surveyed reported being somewhat or very likely to consider buying an electric car.

What percentage of the US car market is EV? ›

The EV market share for new vehicle sales in February 2024 was approximately 6.5%, compared to 83.1% for gas-powered vehicles, according to Edmunds sales data.

Is electric cars really the future? ›

Electric vehicles could make up as much as nearly half of global car sales by 2035, and our analysts forecast that more advanced autonomous or partially autonomous vehicles will make up the same share of sales just five years later. It's a fundamental shift, upending labor markets, supply chains, and commodity markets.

Why are EV sales slowing? ›

But electric vehicle sales growth slowed during the first three months of the year, with mainstream buyers wary of limited range and a lack of charging stations.

Why is the electric car industry growing? ›

The reasons for the EV market's growth are manifold: consumer concerns about climate change; advances in battery technology that allow EVs to travel farther than ever on a single charge; increasing affordability; and the growing availability of hundreds of EV models that appeal to a wider swath of customer demographics ...

What percentage of the car market is electric cars? ›

The EV market share for new vehicle sales in February 2024 was approximately 6.5%, compared to 83.1% for gas-powered vehicles, according to Edmunds sales data.

How big is the global electric car market? ›

[357 Pages Report] The global electric vehicle market size was valued at USD 388.1 billion in 2023 and is expected to reach USD 951.9 billion by 2030 at a CAGR of 13.7% during the forecast period 2023-2030.

What percentage of cars sold in China are electric? ›

EVs started the year strong with a 31.6% market share, including 17.8% for all-electric models alone. Although this was below last year's overall result of a 37% share (25% for BEVs), plug-ins should reach this mark by the summer.

Which country has the largest number of EV car sales? ›

China is by far the biggest player when it comes to EVs. In 2022, 22% of passenger vehicles sold in China were all-electric, which adds up to 4.4 million sales. That's higher than the 3 million EVs sold in the rest of the world combined.


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