Global electric car sales are on the rise and could reach around 17 million in 2024, with more than one in five cars sold globally set to be electric, according to a report by the International Energy Agency (IEA). While electric cars are still rare in the Middle East, Africa, and Eurasia, Chinese carmakers are looking to capitalize on opportunities in these markets, including domestic production.
Jordan leads the pack with the highest electric car sales share at over 45%, followed by the United Arab Emirates at 13%. However, the majority of new electric car registrations are concentrated in China, Europe, and the United States.
Sales of electric cars in emerging markets are also on the rise, with Vietnam reaching a 15% sales share in 2023, Thailand at 10%, Brazil at 3%, and Indonesia, Malaysia, and India at 2% each. Various consumption and industry incentives have encouraged the adoption of electric cars in these countries.
Despite concerns about tight margins, volatile battery metal prices, high inflation, and the phase-out of purchase incentives in some countries, global electric car sales data remain strong. In the first quarter of 2024, sales surpassed those of the same period in 2023 by around 25%.
As the shift towards electric vehicles continues to gain momentum globally, the future of the automotive industry looks increasingly electrified.