The electric vehicle market grew significantly in 2024, and global sales figures refuted skeptics’ estimates. This is evidenced by a report by Rho Motion, a consulting company specializing in electric vehicle research.
Contrary to popular belief, sales of electric vehicles did not slow down in 2024. In fact, they set new records in almost every region of the world. The only exception was Europe, where sales fell by 3%, mainly due to the end of electric vehicle incentives in Germany.
At the same time Tesla suffers first annual sales decline since 2011. This drop was the result of a rather outdated model lineup, as the updated Model 3 and Model Y were late to the party. The controversial CEO Elon Musk also did his part to alienate many customers. Nevertheless, the overall EV market continued to expand, demonstrating strong demand for electric vehicles. For example, BYD breaks sales records and almost overtook Tesla in terms of annual sales of electric vehicles.
Sales of electric vehicles increased in 2024, and the rate of growth also accelerated. According to Rho Motion, 17.1 million plug-in vehicles were sold worldwide in 2024, up from 13.6 million in 2023 and 10.4 million in 2022. This growth of 3.5 million units in 2024 surpassed the growth of 3.2 million units in 2023.
At the same time, there has been a long-term decline in gasoline car sales. Global sales of gasoline-powered vehicles peaked in 2017 and have not recovered since. There is absolutely no doubt that this decline will only continue as electric vehicles gain popularity and become more affordable.
Source: arenaev
