Global EV Sales Regional Share in 2024: China Nearly Half

Regional Landscape of Global EV Market

According to data released by the International Energy Agency (IEA) in early 2025, global electric vehicle (including BEV and PHEV) sales reached approximately 17.5 million units in 2024, up about 20% year-on-year. The market structure shows a "one superpower with multiple strong players" pattern:

• China: Sales of about 7.88 million units, accounting for 45%. Supported by favorable policies, well-developed charging infrastructure, and the rise of local brands, China continues to dominate the global EV market. Brands such as BYD, NIO, and XPeng contributed most of the growth.
• Europe: Sales of about 4.38 million units, 25% share. Despite a slight decline in Germany due to subsidy cuts, the Nordic and Southern European markets grew strongly, with automakers like Volkswagen and Stellantis accelerating electrification.
• North America: Sales of about 2.63 million units, 15% share. The U.S. market grew rapidly under the Inflation Reduction Act (IRA), with Tesla still leading, but traditional giants like Ford and GM also launched multiple EV models.
• Other regions: Sales of about 2.63 million units, 15% share. This mainly includes South Korea, Japan, India, Southeast Asia, and Latin America. Hyundai and Kia performed strongly, while India and Thailand became emerging growth poles driven by policies.

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The regional structure has remained stable in the past two years, but China's share has slightly decreased (from 47% in 2023), while Europe and North America saw modest gains. As electrification accelerates in emerging markets, the "other regions" share is expected to increase further after 2025. Chinese companies going global should focus on Europe, Southeast Asia, and Latin America, leveraging localized production and brand partnerships to capture market share.