EVs accounted for 20% of global car sales in 2023, Q1 2024 shows strong momentum

Sales of electric cars across the world neared 1.40 crore units in 2023 and China, Europe and the US combined, contributed 95 per cent of this huge volume, claimed a study by the International Energy Agency (IEA). This huge number of EV registrations worldwide has resulted in the total number of global electric car fleets to four crore. The study also stated that in the first quarter of 2024 (January-March), electric cars have shown great sales momentum, which surpassed the annual global total EV sales from just four years ago.

Electric cars touched a new record in 2023

The study has further stated that in 2023, electric car sales around the world were 35 lakh units higher than the number registered in 2022, recording a 35 per cent year-on-year growth. This was more than six times higher than in 2018, just five years earlier. The study claims that in 2023, there were more than 250,000 new electric car registrations across the world every week, which was more than the annual total number of EVs sold in 2013, a decade ago.

It also claimed that electric cars accounted for around 18 per cent of all cars sold globally in 2023, up from 14 per cent in 2022 and only two per cent in 2018, five years earlier. These trends indicate that the growth of the electric car market around the world remains robust despite rising prices and inflation.

Electric car sales concentrated on specific markets

Despite the steady growth of electric cars across the world, the number of these zero-emission vehicles still remains concentrated in a few markets. The study has revealed that despite such a massive surge in electric car sales worldwide, markets such as China, Europe and the US contributed 95 per cent of the total global sales in 2023.

This means that South America, Oceania and Asia combined, contributed only five per cent of total global electric car sales last year, despite being major markets and having huge growth potential. However, the study also pointed out that sales of electric cars in the emerging markets are gradually increasing, albeit from a low base, led by Southeast Asia and Brazil.

Electric cars: What lies in future

Despite the perception that electric car sales are slumping around the world, the study portrays a different picture. It claims that the electric car sales remained strong in the first quarter of 2024, surpassing those of the same period in 2023 by around 25 per cent to reach more than 30 lakh units globally. This growth pace was similar to the surge observed for the same period in 2023 compared to 2022, claimed the study.

China being the largest global market for electric cars have contributed the most in this sales growth by registering about 19 lakh electric cars in between January and March this year, which were five lakh units more than the same period in 2023. The study points out that transition to electric mobility is picking up in an increasing number of countries worldwide.