In 2024, China contributed to 80% of the increase in global electric vehicle sales.

China was responsible for almost 80% of the global growth in electric vehicles (EVs), with sales rising from over 3 million in the first half of 2023 to more than 4 million in the same timeframe of 2024, according to a report from the International Energy Agency (IEA).

The report indicated that globally, over 7 million electric cars were sold in the first six months of 2024, representing a 25% increase compared to the first half of 2023. It also projected that the proportion of electric vehicles in the global car fleet could hit around 5% by the end of 2024.

Even with China's significant market share, other regions also experienced growth. EV sales outside of China increased by more than 10%, particularly in countries like Brazil, Indonesia, and Mexico, as well as in areas like the Middle East and the Caspian region.

In contrast, performance in developed markets varied. The European Union reported stable EV sales, with a drop in Germany countered by a slight rise of about 3% in other EU nations.

On the other hand, the United Kingdom experienced a 15% increase in EV sales, while the United States recorded an uptick of nearly 10%.

The report highlighted, "While sales in the European Union remained stable, a decline in Germany was balanced by a rise elsewhere averaging around 3%."

Furthermore, it pointed out the growing interest in plug-in hybrid electric vehicles (PHEVs) as compared to battery electric vehicles (BEVs), with PHEVs accounting for over 35% of total EV sales in the first half of 2024.

A significant observation from the report is the increasing favor for PHEVs over BEVs. In China, PHEV sales surged by 70%, primarily driven by range-extended electric vehicles (REEVs) that provide longer driving ranges due to larger batteries.

The report noted, "In China, the increase in PHEV sales was largely influenced by range-extended electric vehicles (REEVs) with their extended driving ranges attributed to larger batteries."

The average range for REEVs is 130 kilometers, contrasting with 80 kilometers for standard PHEVs. Similarly, in the United States, PHEV sales grew by 25%, while BEV sales saw a modest 5% rise.

The report also pointed out the necessity for enhanced recharging infrastructure to alleviate range anxiety, a significant element affecting EV adoption. As the EV market continues to grow, investments in charging facilities will be essential for maintaining this expansion. (ANI)