Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (December 2024)

Electric vehicle sales in December increase 26.0% y/y to 1,805,000 units

2025/01/24

Share of electric vehicles (BEV/PHV/FCV)

  This report presents new car sales volumes (MarkLines aggregate data, excluding commercial vehicles; estimates are included) and analyzes sales trends of electric vehicles (BEV: battery electric vehicles / PHV: plug-in hybrid vehicles / FCV: fuel cell vehicles) in the global market in 15 countries, including 12 major countries, which account for approximately 83% of global car sales, and three Nordic countries (*Note).

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  12 major countries: China, U.S.A., Japan, India, Germany, France, Brazil, U.K., South Korea, Canada, Italy, Thailand

  3 Nordic countries: Norway, Sweden, Finland

  These 15 countries account for about 90% of global electric vehicle sales.

 

 (Note 1) Aggregated on January 22, 2024
              Some corrections have been made to past vehicle data.
              Some data includes estimates.

              The sales volume (shipment volume) for China are aggregate figures excluding exports.

 (Note 2) Reasons for high electrification rates in Nordic countries
              1. The population’s environmental awareness has always been high.
              2. A high percentage of electricity is generated from renewable energy sources such as hydroelectric power and wind power (awareness of the need to use abundant renewable energy for electric vehicles).
              3. Generous policies such as subsidies, tax incentives, and charging infrastructure development.
              4. A wide range of electric vehicle models is available.

 

  Sales of electric vehicles in the 12 major countries plus the 3 Nordic countries of Norway, Sweden, and Finland (15 countries in total) reached a record high of 1.805 million units in December. This was a significant year-over-year (y/y) increase of 26.0% and a 3.4% month-over-month (m/m) increase. The market share of electric vehicles in December was 29.4%, up 4.8 points from the same month of the previous year and up slightly, by 0.4 points, over the previous month. Sales volume and market share reached record highs for the fourth and fifth consecutive months, respectively. Cumulative sales of electric vehicles in 2024 increased 26.8% over the previous year to 15.229 million units, accounting for 24.2% of total vehicle sales volume. In 2024, both sales volume and growth rate exceeded the previous year. In particular, both BEVs and PHVs saw a significant increase in sales volumes in China, leading the overall growth.

  Hybrid vehicle (HV) sales totaled 444,000 units in December. This represents a 7.7% decrease from the previous month, but a 13.2% increase compared to December 2023. In December, the market share of HVs was 7.2%. Cumulative sales of HVs in 2024 was 4.93 million units, an increase of 17.0% from the previous year, and their share of total automobile sales was 7.8%.

  In 2024, Chinese OEMs, led by BYD, saw a significant increase in sales volumes. On the other hand, in response to the slowdown in demand for EVs in various countries, OEMs, particularly in the European and American markets, have announced that they are reviewing their EV strategies. The environment surrounding the electric vehicle market is also becoming more complicated, with additional tariffs on Chinese-made EVs.

  Upon taking office on January 20, 2025, President Trump signed a Presidential Memorandum ordering an investigation into the causes of the U.S. foreign trade deficit as well as the economic and national security implications and risks resulting from such deficits; a decision related to the creation of an "External Revenue Service" to collect tariffs; identification of unfair trade practices; and a review of existing trade agreements, including the United States-Mexico-Canada Agreement (USMCA). The 25% tariffs on Mexico and Canada could go into effect as early as February 1st. In addition, a series of policies were announced that could have a major impact on the entire electric vehicle market, including the relaxation of environmental regulations and the discontinuation of the promotion of xEVs (electric vehicles). As the shift to EVs stagnates, the automotive industry is paying close attention to future trends in powertrains and supply chains.

 

 

Share of electric vehicles and HVs in 12 major countries and 3 Nordic countries

EV (BEV/PHV/FCV)
HV (excluding MHV)
Other
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