* 8 in 10 largest EV markets experience growth in year to May, Germany and Sweden only ones falling behind * US and China leading the way, accounting for more than three quarters of global EV sales * Wider global market saw sales rise by 23%, totalling 10.5m in the past twelve months
LONDON, 1st July 2024: Eight of the world’s ten largest electric vehicle (EV) markets experienced growth in the year to May, according to data from <newautomotive.org/> New AutoMotive’s Global Electric Vehicle Tracker (GEVT).
The growth was led by China and the US, who continue to account for more than three-quarters of global EV sales. Each country’s EV market grew by 20% over the past twelve months, keeping in line with global trends.
The wider global market saw EV sales rise by 23% to 10.5 million in the year to May – a trend that, if continued, will see global EV sales double their market share by 2028.
The only two countries in the top ten EV markets to not experience growth were Germany – a country that is still reeling from its chaotic withdrawal of EV incentives – and Sweden, who has one of the leading EV adoption rates in the world.
The UK has had another strong month, outperforming France to become the leading European EV market. Meanwhile, in Norway, the combined sales of petrol and diesel vehicles now account for less than 4% of new vehicle sales.
Outside of Europe, EV market share is still continuing to grow. EVs in Brazil (354%), Thailand (163%) and India (65%) all experienced a huge uptake when compared to last year, continuing the trend of rapid EV adoption seen so far in 2024.
Ben Nelmes, CEO of New AutoMotive, said: “More Europeans than ever before are buying electric cars. With eight of the ten largest EU markets growing their EV market share, it’s a clear sign that the continent is en route to cleaner, cheaper transport.
“This has been driven by the EU’s commitment to phase out sales of petrol and diesel cars by 2035 and car emissions rules. But there is a risk that those rules will be traded away in negotiations over top jobs in the EU following the recent European Parliamentary elections.
“Abandoning commitments to clean transport would be a shot to the foot. It would not only be bad for the climate and for air quality, but for the European economy, too. At a time when Europe is introducing punitive tariffs as high as 50% on imports of Chinese electric cars, this would put electric cars beyond the reach of millions of Europeans and undermine efforts to secure jobs, investment and growth in European battery manufacturing.”
New AutoMotive’s monthly tracker analyses progress in the global phase out of sales of diesel and petrol vehicles. The platform covers car sales, targets, incentives, and regulations in 41 major automotive markets – nearly 85% of the world’s new car sales.
The detailed report breaks down vehicles registered across the globe by fuel type, manufacturer and market share, with all the data freely available to view and download. You can view this month’s report <drive.google.com/file/d/1yGhHVwRBs8PtP_rk8xGzsqhD9rWUltsd/view> here.
ENDS
For more information, please contact <mailto:newautomotive@harpswood.com> newautomotive@harpswood.com
About New AutoMotive
New AutoMotive is an NGO that works to increase the pace of the clean energy transition, focusing on road transport – one of the largest sources of greenhouse gases and air pollution. The organisation uses data to tell stories, informing the public and influencing policy development.
New AutoMotive campaigned for and helped win the UK’s Zero Emissions Vehicle mandate, one of the most ambitious clean transport policies in the world.
Each month New AutoMotive releases the Global Electric Vehicle Tracker, Electric Car Count and Electric Van Count, the most up-to-date sources of EV data in the UK and globally. It also releases numerous reports detailing the switch to electric and what the UK government needs to do to make this happen.
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