Global plug-in electric vehicle sales surpass 1 million in January 2024

KATHMANDU: As of January 2024, the global plug-in electric vehicle (EV) market has achieved a significant milestone, with sales surpassing 1 million units.

According to data from EV-Volumes, a leading source for electric vehicle statistics, a staggering 1.67 million units of plug-in electric cars were sold in January alone, highlighting the accelerating pace of adoption in the automotive industry.

In the year 2023, the global plug-in electric car market experienced robust growth, with sales reaching 13.6 million units, constituting an impressive 16 percent share of the overall automobile market.

This surge in demand reflects the increasing awareness and acceptance of electric vehicles as viable and sustainable transportation options.

Breaking down the figures for January 2024, full electric cars command a substantial portion of the plug-in electric car market, constituting 61 percent of total sales. Out of the 1 million plug-in electric cars sold, a significant 651,000 units were fully electric.

This trend signals a growing preference for all-electric vehicles, driven by advancements in battery technology, increased driving ranges, and a more extensive charging infrastructure.

Meanwhile, plug-in hybrid cars contribute to the remaining 39 percent of the market, with approximately 416,000 units sold. Notably, China, the largest plug-in car market globally, continues to play a pivotal role in this growth, accounting for nearly 60 percent of all rechargeable car sales.

The Chinese market’s substantial contribution emphasizes the country’s commitment to electric mobility and the ongoing shift toward greener transportation alternatives.

Industry analysts estimate that the momentum in plug-in electric vehicle sales will persist throughout the year, projecting a total of 20 million units to be sold in 2024, encompassing both full battery EVs and plug-in hybrid EVs.

This forecast underlines the sustained global interest and demand for electric vehicles, driven by environmental concerns, government incentives, and technological advancements.

In the competitive landscape of plug-in electric vehicle manufacturers, BYD emerged as the leader in overall sales for January 2024, with an impressive 195,000 units sold. Notably, Tesla closely followed BYD, securing the second position with 113,000 units sold.

While BYD led in total sales, Tesla maintained its dominance in the all-electric segment, with 113,000 units of fully electric cars sold in January alone. In comparison, BYD sold 100,000 units of fully electric cars during the same period, showcasing Tesla’s continued influence and popularity in the electric vehicle market.

As the global automotive industry undergoes a transformative shift toward sustainable and electrified transportation, the remarkable surge in plug-in electric vehicle sales signifies a pivotal moment in the transition to a cleaner and greener future for the transportation sector.