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 percent over the past twelve months, keeping in line with global trends.
The wider global market saw EV sales rise by 23 percent 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 percent of new vehicle sales.
Outside of Europe, EV market share is still continuing to grow. EVs in Brazil (354 percent), Thailand (163 percent) and India (65 percent) all experienced a huge uptake when compared to last year, continuing the trend of rapid EV adoption seen so far in 2024.
“More Europeans than ever before are buying electric cars” said Ben Nelmes, CEO of New AutoMotive. “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 percent 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 percent of the world’s new car sales.
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