Global electric vehicle (EV) sales hit a new milestone in 2024, surpassing 17 million units and accounting for over 20% of all car sales worldwide for the first time, according to the International Energy Agency’s (IEA) latest Global EV Outlook. The report forecasts EVs will capture more than 40% of global car sales by 2030, as declining costs and growing model availability drive adoption.
“Despite significant uncertainties, electric cars remain on a strong growth trajectory globally,” said Fatih Birol, Executive Director of the IEA. “Sales continue to set new records, with major implications for the international auto industry.”
The IEA noted that EV sales in the first quarter of 2025 climbed 35% year-on-year, putting the market on pace for electric cars to make up more than one in four vehicles sold globally by year-end. Much of the momentum stems from China, where EVs accounted for nearly half of all car sales in 2024. The country sold more than 11 million EVs, equal to the entire global total from 2022, and exported 1.25 million units, many to cost-sensitive emerging markets.
Emerging economies in Asia and Latin America recorded a combined 60% increase in EV sales, underscoring rising affordability and shifting consumer preferences. In the U.S., EVs now represent over 10% of total car sales, reflecting a 10% year-over-year rise. Europe remained steady with a 20% market share, though growth slowed as subsidy programs wound down.
Affordability remains central to the EV boom. According to Birol, “By the end of this decade, it is set to be more than two in five cars [sold globally] as EVs become increasingly affordable.” Battery prices dropped in 2024, and in China, two-thirds of EVs sold were cheaper than combustion-engine vehicles even without incentives. In contrast, U.S. EVs remain about 30% pricier than gas-powered cars, while the gap in Germany is closer to 20%.
Lower operating costs continue to favor EVs. The report notes that even if oil fell to $40 per barrel, charging an EV at home in Europe would cost roughly half as much as fueling a petrol car.
Electric trucks also posted record growth, with global sales jumping 80% in 2024. EVs now comprise 2% of total truck sales, with China again leading adoption. In several heavy-duty truck segments, electric models are already cost-competitive with diesel due to reduced running expenses.
The IEA will publish a dedicated report this summer on supply chain resilience and industry competitiveness as automakers brace for the accelerating transition. “The EV revolution is not just coming—it’s already underway,” the agency said.