Top EV Markets in the World – H1 2024 Summaries

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Following feedback from many of our readers, I’ve created something a little different this time around, a market overview! The article will highlight the major EV markets and also highlight a few others that tend to fly under the radar. Please note that some markets are estimates, so if you find a market where the numbers don’t match what you know to be true, please leave your input in the comments. Much appreciated!

I — Big Three

Let's take a look at how the major EV markets have performed so far in 2024:

China

WORLD Song #1 — Again ahead, with more than 292,000 registrations. However, internal competition could hurt sales in the future. As for OEMs, it's a BYD party, with the Shenzhen-based maker taking in about a third from the plugin market.

4.3 million units — With PEV share at 43% (25% for BEVs only) and July already above 50%, this year should end with plug-in market share close to 50%, significantly ahead of the other two major economic blocs (Europe currently at 21% and North America at 9%). With the PEV market growing at a YoY rate of 31%, we expect plug-ins to make up the majority of the automotive market sometime next year. How many years will it take for the other two of the Big Three to break 50%?

Europe

Tesla Model Y #1 — The American crossover remains in the lead, thanks to more than 100,000 registrations, but sales are down 25 percent year-over-year. Despite a 25 percent drop, it still has almost double sales of the #2 Tesla Model 3. Among OEMs, Volkswagen Group leads with a 20% share, almost double Tesla (11%).

1.4 million units — Sales are neutral, mainly due to the sudden removal of subsidies in Germany, where the EV market has crashed. Still, the European PEV share is 21% (14% for BEVs alone). Plug-in hybrids are losing importance, as BEVs handle headwinds better than PHEVs.

North America

Tesla Model Y #1 — With some 188,000 registrations, it’s another win for the U.S. model. This is Tesla’s home base, and since North America is an SUV-addicted market, there’s really no other model that comes close. As for OEMs, it’s Tesla, Tesla, Tesla — with a 37% share of plug-in vehicles.

824,000 sales — There has been healthy growth this year (+12% year-on-year), despite the critics, resulting in a plug-in share of 9% (only 7% for BEVs).

II — Remaining Top 10

Japan — Despite a sizeable market (67,000 registrations), plug-ins have yet to gain traction, down 10% year-on-year this year. Plug-in share hovers around 3%. In terms of models, the small Nissan Sakura is the boss in the BEV space, while the Toyota Crown Sport Crossover PHEV is the leader in the plug-in hybrid space.

South Korea — Despite some ups and downs, the Korean market is positive this year (+5%), with 59,000 registrations giving a market share of 7%. The bestseller is a surprise, with the Tesla Model Y beating the homegrown competition.

Australia — With decent growth (+23% YoY) this year, the Australian EV market stands at 58,000 registrations halfway through the year, representing a plug-in market share of 8%. In terms of models, it’s a #1 + #2 win for Tesla, with the Model Y at the top and the Model 3 not far behind.

Brazil — …And here comes the cavalry! At a time when developed markets are growing moderately (China, Australia), stagnating (Europe) or even declining (Japan), Brazil tops the list of countries experiencing strong growth. three-digit(!) rates. The 51,000 registrations in 2024 represent a 253% jump compared to the same period in 2023. Sure, in such a large automotive market, 51,000 units is not that significant (5% EV share), but it is already higher than what Japan has! In terms of model, it is a INVITE a partywith a 100% BYD podium (#1 Dolphin, #2 Dolphin Mini (aka Seagull), #3 Song).

India — Another market with ups and downs, India registered around 46,000 EVs. That meant a growth rate of 17% and a market share of 2% for EVs. Not bad, but the country will have to step up its game considerably if it wants to achieve its electrification goals. Tata is the best-selling electric car brand here, with the small crossover Nexon being the most popular electric car in India.

Thailand — After 2023 saw rising sales (89,000 units, +327% YoY) that pushed EV share to 12%, the current 41,000 registrations in 2024 represent a meager 5% YoY increase in sales. But this could only be a minor setback as the second half of the year should see a sales increase now that the local BYD factory has started production and six(!) other Chinese OEMs are soon to start production or launch their own locally produced EVs. With some legacy OEMs also investing heavily in locally produced EVs (BMW in 2025 and Hyundai-Kia in 2026, to name but two), expect this market to be one of the fastest electrifying in the world. And BYD wins another Best Seller trophy in a fast-growing market, with the Dolphin being the Kingdom’s best-selling EV.

Israel — Despite being involved in a war, the Middle Eastern country’s EV market wasn’t as affected as the mainstream market (-4% YoY for the EV market vs. -11% overall), allowing it to even increase its plug-in share to 24% (from 37,000 registrations). BYD wins another Best Seller title here, with the Atto 3 crossover, also known as the Yuan Plus, as by far the most popular EV in the country.

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III — Other markets, highlights

I'll close with a few words about some smaller markets with great potential:

Turkey — Another gigantic awakening: this market grew by 162% year-on-year in the first half of 2024, to 34,000 registrations, thanks in large part to the local hero, the Togg T10X.

UAE — Another fast-growing market, which has seen 146% year-on-year growth this year, reaching 12,000 units. This is a market where Tesla controls a third of sales.

Malaysia — Another triple-digit growth story, sales are up 167% to reach 12,000 units so far this year. Malaysia is another market in the fast lane for electrification, with BYD aiming to overtake Tesla and become the #1 EV brand in Malaysia.

Indonesia — Ditto. Sales were up 163% year-on-year to 16,000 units. This is a China-friendly market, with Wuling surprisingly ahead of BYD.

Russia — As explained earlierthe Russian market is experiencing a surprising electrification process, from an average of 2,000 units per year to almost 17,000 units in the first half of 2024! This translates into an astonishing (for Russian standards, at least) 2% EV market share! This is certainly one of the greatest untold stories of the EV universe in 2024…. Li Auto is the main beneficiary of this sudden sales jump, but other Chinese OEMs are also benefiting from it. See this CleanTechnica review of a BYD in Russia for more perspective on this.

Mexico — Another market in the fast lanethe Mexican market’s sales growth pushes the share of electric vehicles to 2.5%, making it one of the leaders in Latin America — not only in volume, but also in share. When it comes to OEMs, BYD, Tesla and Volvo(!) share the top positions.

Taiwan – Immediately miserable 39% growth rate, the growth of this market pales in comparison to some of its neighbors to the south. Then again, when you’re already at 10% EV share, it makes sense that the growth isn’t as dramatic as it was in the beginning, share-wise. When it comes to popular brands, this is Tesla’s territory.

New Zealand — While you have a lot of success stories, you’re also going to find a few cautionary tales along the way, and that’s the case for New Zealand. After hitting 30,000 EV registrations in 2023, with a respective PEV share of 27%, sales have plummeted this year. They’ve fallen 75%(!) YoY, to around 3,400 units, in the first half of this year. This means that the market will be back to 2021 levels in 2024. And what is the explanation for this boom-bust behavior? Answer: EV incentives. The so-called Clean car discount started in 2022 and lasted until December 31, 2023, coinciding with the boom in the Kiwi EV market… and then EV sales fell dramatically in 2024.

Here, as in Germany, or earlier in the Netherlands, the values ​​of stable EV policies are proving themselves again. Without them, markets enter a boom-bust cycle that does not create trust between market players and ultimately harms the electrification process in the long term.