Research Brief
Global electric vehicle market monitor for light-duty vehicles in key markets, 2024 H1
Global electric vehicle (EV) sales exceeded 7 million units in the first half of 2024 and were 17% of new light-duty vehicles (LDVs) sold worldwide. China, Europe, the United States, and India collectively represented 68% of LDV sales, and 86% of EVs sold globally.
China continued to lead the global EV market with 4.3 million units sold in H1 2024, and this was 37% of its new LDV sales—an 8 percentage point increase from H1 2023. Europe saw a slight decline in EV sales share to 18% from 20% in H1 2023, while the United States maintained its 9% EV sales share. India held steady at 2% of new LDV sales with approximately 58,000 EVs sold.
Figure. Global EV sales surpassed 7 million units in the first half of 2024, 4.3 million units sold in China
Battery electric vehicles (BEVs) still dominated EV sales in 2024 H1 across markets but the shares varied. In China, the BEV share of EV sales fell from 69% to 61%, and similarly in the United States, there was a slight drop from 80% to 77%. In contrast, Europe saw an increase in the BEV share of EVs to 68%, up from 60% in 2023 H1. India maintained its strong preference for BEVs, which continued to make up nearly all (99%) the EVs sold.
In emerging markets, Vietnam and Thailand recorded the highest EV sales share among the markets considered, at nearly 16% and 14%, respectively. Brazil recorded a 5% EV sales share, and Türkiye a 4% share. Domestic vehicle producers, such as VinFast in Vietnam and Togg in Türkiye, dominated EV sales, meanwhile a mix of legacy automakers and newcomers such as BYD dominated sales in other markets. BEVs also dominated sales in these markets, comprising 83% of EV sales in 2024 H1.
Figure. BEVs dominate EV sales in emerging markets with 83% of sales, Vietnam and Thailand lead in EV sales share
