More than One in Five Cars Sold Globally in 2024 Will be Electric: IEA Reports

IEA: China leads electric vehicle supply equipment with 85% global fast chargers, 60% slow chargers

The latest IEA report predicts over 20% of global car sales this year to be electric, with steady growth ahead.

According to the IEA’s Global EV Outlook, increasing electric car sales will transform the auto sector and diminish reliance on oil for transportation.

Moreover, the energy agency projects strong global EV sales in 2024, estimating around 17 million units by year-end.

EV sales in Q1 2024 increased by 25% compared to the previous year, reflecting a similar growth rate to the last year. Furthermore, global electric car sales in Q1 2024 are approximately equal to the total sales of 2020.

As per IEA, China projects electric car sales to reach around 10 million in 2024. (Source: Xiaomi)
Xiaomi SU7 with more than 70,000 orders in a month (Source: Xiaomi)

Global Electric Car Sales Overview

China projects electric car sales to reach around 10 million in 2024, representing roughly 45% of total car sales. On the other hand, the United States predicts about one out of every nine cars sold will be electric.

Interestingly, despite challenges like subsidy phase-outs, Europe expects electric vehicles to represent about 1 in 4 car sales.

While demand remains high in China, Europe, and the US, electric car demand also grew in emerging countries. Vietnam and Thailand witnessed EVs making up 15% and 10%, respectively, of total car sales.

This growth follows a record-breaking 2023 when global EV sales surged by 35% to nearly 14 million.

The US predicts about one out of every nine cars sold will be electric. (Source: Tesla)
Tesla reduced the Model Y price to boost sales (Source: Tesla)

IEA executive director Fatih Birol said:

The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others. Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth. 

The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly. 

Based on today’s policy settings alone, almost 1 in 3 cars on the roads in China by 2030 is set to be electric. Also, almost 1 in 5 in both the United States and European Union. This shift will have major ramifications for both the auto industry and the energy sector.

As per IEA, in 2023, public charging infrastructure surged over 40%. (Representative Image: Pixabay)
(Representative Image: Pixabay)

Expanding Charging Networks for Growing EV Demand

The IEA stresses the need to match public charging availability with EV sales for sustained growth. In 2023, public charging infrastructure surged over 40%, with fast charger growth at 55%, exceeding that of slow chargers.

China dominates electric vehicle supply equipment deployment, boasting over 85% of global fast chargers and about 60% of slow chargers.

Additionally, a projected sixfold rise in public charging infrastructure by 2035 could support the mass-market shift towards electric vehicles.

However, policy backing and strategic planning are crucial to prevent grid strain from increased charging electricity demand.