Eight in every 10 EVs sold globally is in China. How do India, other countries fare
- China has further accelerated its EV sales growth tale but how has the rest of the world fared in 2024?
China is the world's larget automobile market and has been the leader in the electric vehicle (EV) market for several years as well. It is a lead that the country is likely to increase over other countries with as a report by the International Energy Agency (IEA) highlights that 80 per cent of global EV sales this year have talen place here.
How the Chinese automobile market fares has a deep and often direct impact on global automotive outlook. This is now especially true for EVs. Tesla opened its first factory outside the US in China in 2019 while local player BYD has emerged as big as the Elon Musk-marshalled company. The field of play is littered with local and global players, each vying for a share of the proverbial pie. And while this may mean a whole lot of rivalry, there is also massive opportunity.
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As per the IEA report, four million (40 lakh) EVs were sold in China in the first six months of 2024. This is a jump of over one million from EV sales reported in the first six months of 2023. The size of the market is huge but what has also helped are the sheer number of players as well as conducive government poicies favouring EVs. Subsidies, in particular, play a huge role in incentivising EV purchases.
How does the rest of the world fare?
IEA report highlights that most major markets have seen increased sales of EVs for most parts of this year. In Europe, while sales in Germany declined, it was a an overall rise of three per cent. In the UK, EV sales grew by 15 per cent while in the US, the increase was around 10 per cent. In India, EV sales rose by 28 per cent in the first seven months of this year, compared to the same months of 2023, as per the country's Vahan data.
What is crucial to note here though is that these global sales trends include both pure electrics and plug-in hybrids or PHEVs. In fact, IEA highlights that the popularity of PHEVs has grown more than pure electrics and their share in the overall EV sales was 35 per cent in the first six months of 2024.
It is clear then that while 2024 began on a slightly cautious note with suspicion that the growth trajectory for EV sales would be slow down, it hasn't yet been observed. With companies like Tesla and BYD looking at closing 2024 calendar year on the back of record deliveries, the charge of EVs is likely to continue well into 2025. And perhaps beyond.
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