IEA – Global EV Outlook, 2024

The global electric vehicle (EV) market is experiencing robust growth, with sales of electric cars expected to reach around 17 million in 2024, accounting for more than one in five cars sold worldwide. Despite concerns about tight margins and volatile battery metal prices, global sales data remains strong. Major markets such as China, Europe, and the United States are driving this growth, with electric car sales increasing by 25% in the first quarter of 2024 compared to the previous year. Emerging economies like Viet Nam and Thailand are also seeing growth in electric car sales, supported by policy measures such as purchase subsidies. The IEA's Stated Policies Scenario projects that by 2035, every other car sold globally will be electric, leading to significant reductions in oil demand. Policy developments, industrial incentives, and government targets are all contributing to the rapid electrification of the transportation sector, with the potential for two-thirds of all vehicles sold in 2035 to be electric if targets are met.