While some markets face challenges, global electric vehicle sales reached a new record in September, thanks to China’s booming demand.
Electric vehicle (EV) sales are hitting new heights, defying concerns about a global slowdown in demand. September 2024 proved to be a record-breaking month, with global sales of fully electric and plug-in hybrid vehicles soaring to 1.7 million units, according to research firm Rho Motion. That’s a 30.5% increase compared to the same period last year and 150,000 more units than the previous record set in December 2023.
China, once again, is leading the charge in the EV world. The country saw an impressive 47.9% year-on-year growth, selling 1.12 million electric vehicles in September alone. This marked the second consecutive month that China’s EV sales crossed the 1 million mark, with electric vehicles now making up nearly half (45.8%) of all car sales in the country. These figures underscore the growing demand for battery electric vehicles (BEVs) and plug-in hybrids (PHEVs) in China, where the EV market is expected to keep setting records throughout the rest of the year.
Meanwhile, other regions are experiencing a mixed bag when it comes to EV sales. In the United States and Canada, EV growth has been slower but steady, with a modest 4.3% increase in September compared to the same time last year. Despite the more cautious growth, analysts believe the U.S. could reach a 10% market share for EVs by the end of the year, a milestone that’s been eagerly anticipated by the industry.
Over in Europe, the picture is a bit different. Sales of electric vehicles were down by 4% in the first nine months of 2024 compared to the previous year. However, September brought some positive news, with a 4.2% increase in EV sales across the region. The UK, Italy, Germany, and Denmark all contributed to this rebound, helping the continent get back on track after a slow August.
Despite these recent gains, Europe’s long-term EV outlook has been adjusted downward. Rho Motion now predicts that European EV sales will hit 3.78 million vehicles in 2025 and 9.78 million by 2030, both lower than previous forecasts. These revisions reflect some of the challenges the region faces, such as high interest rates and a lack of charging infrastructure, which have dampened consumer enthusiasm for electric vehicles.
In contrast, China’s EV market shows no signs of slowing down. Rho Motion expects China to sell 10.5 million EVs by the end of this year, a third more than last year’s total. This rapid growth highlights the country’s dominance in the global EV market, with China alone accounting for over half of the world’s EV sales.
While the global EV industry faces challenges, particularly in Europe and North America, the overall trajectory remains upward. As Charles Lester, data manager at Rho Motion, pointed out, “This record-breaking month of EV sales brings new hope to the industry.” The continued rise of electric vehicles, led by China’s booming market, suggests that the transition to greener transportation is still in full swing, even if some regions are experiencing bumps along the way.
