China makes significant strides at home and abroad
Looking at the sum of sales in all 21 analyzed markets, the electrified vehicle market share reached a new height. More than one in three vehicles (37%) sold in these markets in the second quarter of 2024 were BEVs, PHEVs or hybrids, up from 30% in the equivalent quarter in 2023. Meanwhile, total EV sales grew by 21% in Q2 2024 vs. Q2 2023, while ICE sales fell by 9% in the same period.
Much of the recent growth in all analyzed markets can be put down to PHEV sales in China, up by 98% in Q2 2024 vs. Q2 2023 to reach more than a million units sold in one quarter for the first time. This is far from the only measure of China’s increasing strength in the global car market. Indeed, our Analyst Insights section details the surge in Chinese exports to Europe and the strengthening grip of Chinese OEMs over their own domestic market.
Top findings
- 57% projected growth in export volume of cars from Chinese manufacturers in 2024
- Global growth in electromobility, increasingly focused on PHEVs
- BEV sales in China rise by 13%, with PHEV and REEV sales doubling to over 1 million units
- BEV sales in Germany fall for the third consecutive quarter
Electric vehicle sales data
France, Germany, Italy, Spain, and UK
Growth of electrified vehicles year-on-year in the top five European markets outperformed the total vehicle market in the second quarter of 2024. EV sales increased by 11% from the same period last year, whereas ICE sales fell by 2%. As a result, total electric vehicle market share has crept above the 50% mark again, after falling short by 6% in the first quarter of 2024.
This growth can be attributed to sales of full and mild hybrids, which grew by 21% in Q2 2024 vs. Q2 2023. Hybrid sales growth was particularly apparent in France (40%) and Spain (27%). The hybrid market share in the EU top 5 now stands at 32%, meaning that almost one in three vehicles now sold in the region are hybrids.
Other European markets
While full and mild hybrid sales growth was the greatest in Norway with 69% in Q2 2024 vs. Q2 2023, BEVs continue to lead the market with a share of 87%. The highest hybrid market share was recorded in Switzerland (33%) and the Netherlands (29%).
Total EV sales grew in the US by 14% in the second quarter of 2024 when compared with the same period last year. As in the top European markets, much of that rise can be explained by the growth in hybrid sales, which grew by 28% year on year. In contrast, ICE sales decreased by 4% in the same period.
As a result, the year-to-date electrified market share now stands at 19%, higher than at any time since we started recording electrified sales in 2014. BEV and hybrid market shares are at 7% and 10% respectively, while PHEVs make up a low 2% in the second quarter of 2024.
China
Domestic PHEV sales including REEV in China almost doubled in Q2 2024 when compared to the same period last year, up by 98%. This significant PHEV sales increase enabled the total EV market to grow by 35% in Q2 2024 YoY, whereas the ICE market declined by 21%. BEV sales were up 13% in Q2 YoY. The combined BEV and PHEV market share now stands at 43% (25% and 18% respectively).
Japan
BEV and ICE sales decreased by 32% and 13% respectively in Q2 2024 vs. Q2 2023. BEV market share stands at just 1%. The EV market is dominated by the sale of hybrids, with a market share of 59% in Q2.
South Korea
BEV and ICE sales in South Korea fell by 3% and 18% respectively in Q2 2024 in comparison with the same period last year. Sales of hybrids, however, were up by 19% YoY, resulting in a hybrid market share of 27%. BEV market share stands at 10%.
About the „Electric Vehicle Sales Review“ by PwC and Strategy&
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide in the second quarter of 2024.
Steven van Arsdale also contributed to this report.
