Abstract:

This global market monitor analyzes the development of the electric vehicle (EV) market for light-duty vehicles (LDVs). It covers the major auto markets of China, Europe, the United States, and India, and selected emerging markets in 2024. Global sales of EV LDVs reached nearly 17 million, accounting for about 19% of new LDVs sold worldwide in 2024, and this was up from approximately 15% in 2023. Consistent with 2023, China was the world’s largest EV market in 2024. It accounted for approximately 66% of the global market. Over 11 million EVs were sold in China, representing 44% of new LDVs sold in the country; this was an 11-percentage-point increase from China’s 33% EV sales share in 2023. Battery electric vehicles (BEVs) remained dominant in the global EV market, accounting for about 67% of total EVs sold worldwide. BEVs made up over 99% of total EVs in India, 80% in the United States, 68% in Europe, and 60% in China. Across all markets, sales of battery electric sport utility vehicles (SUV)/multi-purpose vehicles (MPV) increased over 2023.