Global electric car sales exceeded 17 million units in 2024,reaching a share of more than 20 percent of total vehicle sales,while electric vehicle(EV)sales continued to break records globally,particularly in China and other emerging economies,according to a report from the International Energy Agency(IEA)released on Wednesday.
The additional 3.5 million EVs sold in 2024 compared with the previous year represented more than the total number of those sold worldwide in 2020.China maintained its lead,per the Global EV Outlook 2025 of the IEA."The more than 11 million electric cars sold in China last year were more than global sales just two years earlier,"the report said.
More than one in four cars sold worldwide in 2025 is set to be electric,as EV sales continue to grow,the report predicted.
Emerging markets in Asia and Latin America are becoming new centers of growth,with EV sales jumping by more than 60 percent in 2024.Policy support and relatively affordable EV imports from China played a"central role"in increasing sales in some emerging EV markets,the report noted.
Notably,the report predicted that the deployment of EVs across all vehicle modes will replace the use of more than 5 million barrels of oil per day globally in 2030,an important energy security consideration.Half of these savings are the result of EV adoption in China.
Despite uncertainties in the outlook,the share of electric cars in overall car sales is set to exceed 40 percent in 2030 under today's policy settings and China is poised to continue leading in electric car sales to 2030,achieving a share of about 80 percent on the back of significant market momentum and competitively priced EVs.
The strong auto industry,highlighted by the EV sector,reflected a resilient Chinese economy and China's confidence in withstanding external risks and challenges and achieving steady and high-quality development,a Chinese analyst said.
Wang Peng,an associate research fellow at the Beijing Academy of Social Sciences,told the Global Times on Wednesday that the continued rise of the Chinese new-energy vehicle(NEV)sector despite global economic uncertainty and protectionism has rendered key strength to the global transition toward green development.
The achievement arose from the industry's dedication to sci-tech innovation,supply chain advantages,economies of scale and policy guidance,Wang said."Next,it is expected that the Chinese NEV industry will further improve its mastery of core technologies and actively engage in the setting of global standards and industrial coordination,thus playing a bigger role to lead the global green transition in the transportation sector,"Wang said.
Lin Boqiang,director of the China Center for Energy Economics Research at Xiamen University,told the Global Times on Wednesday that the IEA report has highlighted China's vital role in supporting global green development.
Despite external uncertainties,China's supply chain advantage in the green industry is unrivaled,as the advantage spans across the whole field and whole process of the industrial and supply chain and cannot be found elsewhere in the foreseeable future,Lin said.
Chinese EV firms are continuing to expand in overseas markets.Chinese EV leader BYD topped vehicle sales in the first four months of this year in Singapore,with more than 3,000 cars sold,replacing Japanese auto brand Toyota,Reuters reported on Wednesday.
In the first four months of 2025,China's automobile production and sales both surpassed 10 million units for the first time,according to data released by the China Association of Automobile Manufacturers(CAAM)on Monday.
This year's good start was achieved on a high base in 2024,and China's total automobile production and sales have ranked first globally for 16 consecutive years,said the CAAM.
Sales of NEVs totaled 4.3 million from January to April,up 46.2 percent year-on-year,accounting for 42.7 percent of total new vehicle sales.NEV exports totaled 642,000,up 52.6 percent year-on-year.NEV sales are expected to hit 16 million units,up 24.4 percent,according to the CAAM.
Industry experts noted that favorable factors,the sustained impact of the equipment upgrade and consumer goods trade-in programs,the continuation of policy support as well as the ongoing expansion of overseas market opportunities,are expected to support the vehicle sector this year.
In a bid to stimulate consumer spending,China has rolled out an expansive trade-in policy across multiple sectors and the program has made phased progress this year,delivering tangible benefits to consumers and driving sales growth.
According to the Ministry of Commerce,as of Sunday,the number of applications for vehicle trade-in subsidies had reached 3.225 million,including 1.035 million for scrapping and updating vehicles and 2.19 million for replacement updates.Green and intelligent consumer models are particularly favored,with NEVs accounting for more than 53 percent of the trade-ins thus far this year,CCTV News reported.
