Summary
- Tesla Model Y ranked #1 in 2024 with over 1.9 million registrations
- Plugin EV registrations increased by 26% in 2024 compared to 2023
- Plugin hybrid electric vehicles grew faster than BEVs
- Rest of the world EV sales grew by 27% excluding USA, Europe, and China
- Tesla Model Y won the Best Selling EV trophy for the third consecutive year
Article
In 2024, the global market for plugin electric vehicles (PEVs) saw significant growth, with registrations increasing by 26% compared to the previous year. The year ended with over 17 million plugin vehicles on the road, marking a milestone for the industry. Plugin hybrid electric vehicles (PHEVs) saw a faster growth rate of 53% compared to battery electric vehicles (BEVs) at 14% year over year. This increase in market share for PHEVs caused a shift in the balance between the two powertrains, as PHEVs accounted for 37% of plugin EV sales in 2024. The overall plugin share of the global automotive market reached 22% in 2024, a significant rise from previous years.
The rise in plugin vehicle sales signals the ongoing EV Revolution, with PEVs reaching a record 30% share in December 2024. Despite potential challenges such as policy changes or market disruptions, the momentum of EV adoption is unlikely to be derailed. While the growth of EVs in the USA and Europe may stagnate, the rest of the world continues to embrace electric mobility, with EV sales outside these regions increasing by 27% year over year. The economic survival of automotive businesses now relies on EV growth, as the industry shifts towards sustainable transportation solutions.
In terms of vehicle sales, the Tesla Model Y continued to dominate in 2024, with over 135,000 deliveries in December alone. The BYD Song and the Tesla Model 3 also secured top positions in the global EV sales rankings. Chinese brands like BYD and Wuling made significant strides in the market, with multiple models in the top 10 standings. The global EV market is dominated by Chinese OEMs, highlighting the importance of the Chinese market in driving EV adoption worldwide.
Looking ahead to 2025, the competition in the EV market is expected to intensify. New models and technological advances may impact the sales performance of existing models, such as the Tesla Model 3. With Chinese brands like BYD continuing to innovate and expand their lineup, the landscape of the EV market is set to evolve further. The segment winners in each vehicle category reflect the dominance of Chinese EVs, signaling a shift in the traditional automotive market dynamics.
Despite challenges and potential disruptions in the automotive industry, the momentum of the EV Revolution remains strong. The increasing market share of plugin vehicles, the ongoing innovation from Chinese OEMs, and the shift towards sustainable transportation solutions all point towards a future where electric mobility is the norm. As the industry continues to evolve, collaborations, investments in infrastructure, and policy support will play a crucial role in accelerating the transition to a greener and cleaner transportation ecosystem.
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