Electric car sales hit a record high in 2024, exceeding 17 million and capturing more than 20 percent of global new-car registrations. China led the surge, accounting for nearly half of all electric cars sold, with over 11 million purchases—surpassing worldwide volumes from just two years earlier—and one in ten vehicles on Chinese roads now electric. Europe’s sales held steady at about 20 percent of the market amid waning subsidies, while the United States saw electric vehicles make up over 10 percent of new-car sales. Emerging markets also gained momentum: Asia and Latin America combined saw sales jump more than 60 percent to nearly 600,000 vehicles, and regions such as Southeast Asia, Brazil and parts of Africa recorded double-digit growth in 2024 .
Public charging infrastructure expanded rapidly alongside vehicle uptake. More than 1.3 million new public charging points were added in 2024—a 30 percent increase that doubled the global stock since 2022 to over five million stations. China drove two-thirds of this growth, now hosting roughly 65 percent of all chargers. Europe’s public charging network grew by over 35 percent to just above one million outlets, led by the Netherlands (180,000), Germany (160,000) and France (155,000). Under the EU’s Alternative Fuels Infrastructure Regulation, member states must deploy fast-charging stations of at least 150 kW every 60 km on core highways by 2025, with minimum site power outputs rising from 400 kW to 600 kW by 2027 .
Looking ahead under current policies, the global electric vehicle fleet is projected to quadruple to around 250 million units by 2030, representing roughly 15 percent of all road vehicles. Stock growth is expected to average 25 percent annually—about half the pace seen from 2018 to 2024—with electric cars overtaking two- and three-wheelers as the dominant segment. China’s share of the EV fleet is forecast to decline from over 70 percent in 2024 to about 55 percent by 2030 as adoption accelerates elsewhere.
Regional sales shares are set to vary: China could see electric cars make up nearly 80 percent of new sales by 2030, Europe close to 60 percent, the United States around 20 percent and Southeast Asia about 25 percent. Across all vehicle modes, this growth could displace more than five million barrels of oil per day by 2030, with half of the savings credited to China’s uptake.
Policy landscapes differ worldwide. The United States added 20 percent more public chargers in 2024 but faces uncertainty after pausing federal infrastructure funding. India installed about 40 000 chargers under its PM E-DRIVE scheme, while Brazil surpassed 12 000 public points and Latin American markets like Colombia and Mexico grew their networks by 60 percent and 20 percent respectively. Southeast Asia’s charger stock has risen ninefold since 2022, exceeding 24,000 units. Charger-to-EV ratios now stand at more than one public point per ten vehicles in China and roughly one per thirteen in the EU.
