More than ten million BEVs sold in 2024
In 2024, global sales of battery electric vehicles (BEVs) experienced significant growth, increasing by 14% compared to the previous year. This rise was primarily driven by the continued strength and dominance of the Chinese market, which expanded by 20% over the year.
The fourth quarter saw exceptional growth in China for both BEVs and plug-in hybrid electric vehicles (PHEVs). For the first time, BEV sales in the country surpassed two million in a single quarter, nearly reaching 2.5 million. PHEV sales also surged, growing by an impressive 78% in Q4 2024 compared to Q4 2023. In the United States, BEV sales in the fourth quarter appeared to benefit from the perception that current incentives might soon be reduced or eliminated, possibly influenced by the newly inaugurated President.
Conversely, the year-end had a negative impact on some other markets. BEV sales in the top five European markets decreased by 5% in the fourth quarter year-over-year. This decline may be attributed to OEMs delaying registrations to meet stricter CO2 emissions targets set to begin in the EU in January 2025.
Top findings
- The global electric vehicle market has rebound and surpassed 10 million BEV sales in 2024
- Despite new punitive tariffs, Chinese BEV exports to Europe have remained stable. In December, imports reached 33,000 units, marking an 8% increase compared to the previous year
- China continues to lead in new electric vehicle registrations, while Germany has weakened and been surpassed by the UK
- The decline in sales in Germany is affecting trade and necessitates the adoption of new business models
Electric vehicle sales data
France, Germany, Italy, Spain, and UK
BEV sales in the top five markets decreased by 5% in Q4 2024 in comparison with the equivalent period in 2023. Annual BEV sales over the full year 2024 fell by 6% compared with the previous twelve months.
A YoY BEV sales decrease in the top five markets has now continued for the last three quarters. The trend can be largely attributed to the slump in the large German market. BEV sales in Germany fell by almost a quarter (-24%) in Q4 2024 vs. Q4 2023, while sales in the full year 2024 decreased by 27% YoY.
The BEV market in the United Kingdom has performed particularly well over the last year, up 47% in Q4 2024 vs. Q4 2023 and 21% in FY 2024. However, it is important to point out that the UK Q4 YoY figures look particularly strong because OEMs may well have held back sales in Q4 2023 ahead of the introduction of the ZEV* mandate for manufacturers at the start of 2024.
Hybrid sales in the top five markets increased by 18% both during the FY 2024, and in Q4 -2024 vs. Q4-2023. France and Spain were the two markets most responsible for this increase, with annual hybrid sales rising by 36% and 30% respectively in 2024 in comparison with last year.
Other European markets
The Netherlands boasted the best-performing BEV growth among the other European markets, up by 45% in Q4 2024 vs. Q4 2023, and 16% in FY 2024 in comparison with last year. The Netherlands was also the largest market in terms of unit sales, with 132,000 BEV sales in 2024. However, Norway’s annual BEV market share was far higher, at 89% vs. 35% in the Netherlands. The highest growth in hybrid sales was registered in Austria, up by 47% YoY in Q4 2024, and by 27% in FY 2024 vs. FY 2023.
*Zero emission vehicle
BEV sales grew by 11% in the fourth quarter of 2024 when compared with the fourth quarter of 2023. Part of the increase came from consumers who fear that the existing tax credit of up to $7,500 could soon be reduced or cancelled by the incoming presidential administration. Indeed, December 2024 broke the national record for the number of monthly BEV sales.
Even though some PHEV models qualify for a similar tax credit, sales declined by 5% in Q4 2024 vs. Q4 2023, with consumers possibly deterred by the generally higher purchase price over ICEs. Another factor was certainly that some popular PHEV models lost their eligibility to qualify in Q4 2024 due to battery sourcing requirements to qualify for the tax credit.
China
BEV sales in the fourth quarter of 2024 broke all records, smashing the two-million barrier for the first time and almost hitting sales of 2.5 million units owing to a YoY BEV growth of 32%. PHEV growth was even more impressive, up by 78% YoY, to reach more than 1.7 million units. For the second quarter running, more than one in two vehicles sold in China were NEVs (BEVs+PHEVs).
South Korea
BEV sales have been adversely affected by an incident in Incheon in August 2024, when a BEV caught fire in an underground parking lot. BEV sales fell by 19% YoY in Q4 2024. The government has taken various measures to restore consumer confidence that include safety testing under a battery certification scheme, and greater transparency on the type of battery used in each vehicle.
Japan
The Japanese EV market continues to be dominated by the sale of hybrids, with a market share of 61% over the course of 2024. The combined market share of BEVs and PHEVs in the same period was only 3%.
About the „Electric Vehicle Sales Review“ by PwC and Strategy&
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide in the fourth quarter of 2024.
Steven van Arsdale also contributed to this report.
