Market share reports from automotive industry analysts and reports from sources like Statista or IHS Markit

US EV Sales Reach 20% in 2024 as China's EV Market Grows 40%, NEVs Hit 41% Share

Jan 19, 2025, 10:55 AM

Electric and hybrid vehicle sales in the United States reached a record 20% of total vehicle sales in 2024, with over 3.2 million units sold. This includes 1.9 million hybrid models and 1.3 million fully electric vehicles. Traditional internal combustion engine vehicles saw their market share drop below 80% for the first time. Tesla maintained its leadership in the U.S. EV market with a 49% share, though this marked a decline from 55% in 2023. Other automakers, such as Hyundai, General Motors, and Ford, also gained notable shares in the EV market. Globally, electric vehicle sales surged by 25% to 17.1 million units, driven by strong growth in China, which saw a 40% increase in EV sales. In China, new energy vehicles (NEVs) accounted for 41% of all vehicle sales, and BYD reported a 41% increase in sales. China also exported over 1 million EVs in 2024, solidifying its position as a global leader in the electric vehicle market. The shift away from gasoline-powered vehicles was supported by government incentives, evolving consumer preferences, and advancements in EV technology.