Global electric vehicle sales surge: 1 in 7 cars now electric

According to findings from New AutoMotive’s Global Electric Vehicle Tracker (GEVT), one in seven vehicles sold globally in July 2024 was fully electric. The total number of EVs sold in the month reached 783,000, meaning EVs accounted for 14.9 percent of vehicle sales worldwide. 

EV sales rise in the US and China

Year-to-date figures reveal that almost 10.6 million EVs have been sold around the world as of July 2024, representing a 16.3 percent increase from the same period last year. The analysis shares that this growth has primarily been driven by strong performance in the US and China. 

However, there have been notable increases in 30 other countries, including six of the seven biggest car markets. Sales of diesel and petrol vehicles decreased by 20 percent in China in July compared to the previous year. This decline has been greatly offset by a surge in range-extended vehicle and plug-in hybrid sales. 

The US saw EV sales reach 7.3 percent of the total market share in July, making it the second-best month of 2024 and the highest July on record. In saying that, despite the progress, the combined percentage of fully electric and hybrid vehicles in the US remains to lag behind the majority of European countries, excluding Bulgaria. 

Europe and the UK show steady progress 

Nineteen countries in Europe reported increased EV sales compared to July 2023. In particular, Hungary, Denmark, and Greece witnessed a sales rise of 50 percent. It is also worth noting that Norway saw EVs make up 92 percent of new vehicle sales. This is likely due to the incoming ban on internal combustion engine (ICE) vehicle sales.

The European market faced some challenges due to recent tariffs on Chinese-manufactured vehicles. While the nineteen countries did experience growth, thirteen of them witnessed declines in EV sales compared to the previous year. However, Belgium, Norway, and the UK did report some positive trends. 

The UK achieved its second-best EV market share of the year, Norway maintained a dominant position with over 92 percent of sales being battery electric, and Belgium surpassed 30 percent market share for the first time. Sweden and the Netherlands witnessed a slight decrease in sales but still managed to remain above the 30 percent mark. 

Conclusion

The global shift towards electric vehicles continues to gain momentum, with July 2024 marking a significant milestone as EVs accounted for nearly 15 percent of worldwide vehicle sales. Major markets like the US and China are leading this transformation, while Europe also shows steady progress, despite some regional challenges. 

The surge in EV adoption is a clear signal of changing consumer preferences, driven by environmental concerns and stricter regulations. As the world accelerates towards a greener future, the growing commitment to reducing reliance on fossil fuels is evident, promising further growth in the EV sector in the coming years.