According to a recent study by consulting company PwC, global sales of battery electric vehicles climbed to 10.4 million units in 2024, a 14% increase from the previous year.
Despite this growth, regional variations highlight the uneven adoption of electric vehicles worldwide, with China firmly in the lead in absolute numbers. However, Belgium beats China in a relative perspective.
China’s position in the global BEV market remains dominant. In 2024, the country accounted for nearly two-thirds of sales, reaching 6.7 million units, a 20% increase from 2023.
PwC attributed this surge to a “scrappage scheme” incentivizing electric car purchases, fueling strong year-end sales. The country’s lead in electromobility underscores its central role in the global transition to electric mobility.
“China’s accelerated adoption of electric vehicles highlights the power of policy-driven incentives and local manufacturing strength,” commented Jörn Neuhausen, a PwC industry expert.
Germany slips
The United States secured second place, with electric car sales rising 7.4% to 1.2 million units. In anticipation of the presidential inauguration, the US witnessed a similar year-end rush, as customers wanted to benefit from the outgoing Biden administration’s incentives under the Inflation Reduction Act.
The UK remains strong in the European region. The country climbed to third place in the charts with 382,000 units sold, representing a 21% year-over-year increase. The nation’s strong performance reflects growing consumer confidence in EVs and expanding charging infrastructure.
However, according to a recent analysis from JATO Dynamics, the price gap between BEV and ICE cars shrunk more in the UK (18%) than in the EU (22%).
Germany, long a leader in automotive innovation, dropped to fourth place after a 27% collapse in its BEV market. The decline to 381,000 units was attributed to removing government purchase incentives.
PwC notes that this slowdown dampened the momentum of the broader EU market, which also saw declines in countries such as France, Austria, Italy, Switzerland, and Sweden. Still, these declines were less pronounced than Germany’s.
Driven by the incentive for private buyers, which ended in late November, Belgium is the EU’s top performer in relative numbers. In 2024, registrations of new electric cars reached a new record of 127,703 units—almost as many as in the Netherlands (132,000 units). Overall, the year ended with an impressive 36.9% growth. Nearly one in three cars in Belgium was battery-powered, as the market share rose to 28.5%.
Belgium counteracts on plug-in hybrid trend
While BEV sales grew, plug-in hybrid electric vehicles (PHEVs) saw even stronger momentum. PwC reported a 56% increase in PHEV sales across the surveyed markets, reaching 6.2 million units.
Non-plug-in hybrids grew by 18% to 8.9 million units, further underscoring the global electrification path. In Belgium, sales of PHEVs tumbled by 33.1% to 67,079 units.
Despite the mixed performance across regions, PwC expects a surge in BEV registrations in early 2025 as automakers are obliged to align with stricter CO2 regulations in the EU. This could lead to record-breaking growth in the coming year.
China’s dominance, however, remains a challenge. PwC’s analysis highlights the country’s unmatched ability to produce affordable EVs, which remain significantly cheaper than their European and American counterparts. For instance, the average BEV price in China was approximately €31,829 in 2024, compared to €55,821 in the EU and €63,864 in the US.
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