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More than 17 million electric vehicles were sold worldwide in 2024, a 25% increase from the year before, according to a tally by research group Rho Motion. That equates to roughly one in five new cars sold through the year.
“What is clear is that government carrots and sticks are working,” says Rho Motion data manager Charles Lester.
“In North America, the 9% growth can mostly be attributed to consumer subsidies, and over in the UK, the zero-emission vehicle mandate has highly incentivised manufacturers to push their low-emission cars,” Lester says. “Meanwhile the removal of subsidies in Germany had a devastating impact on the whole European market; if the US follows suit [under Trump], we may see the same there.”
China remains the main driver of the global EV market, with sales up 40% last year to 11 million. One in two new cars sold in the country now has a plug, meaning China is expected to see a steady decline in gasoline demand in the years ahead.
The country’s EV shift has been driven in part by generous subsidies, including a trade-in programme where consumers are paid to swap old combustion engine cars for more efficient models.
