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Global EV Outlook 2024

Total Global Battery EV and Plug-In Hybrid EV Units Surpassed 40 Million in 2023 

In its tenth annual Global EV Outlook released in April, the International Energy Agency provided an overview of recent developments in electric mobility, including trends in electric vehicles (EVs) and projections of EV charging infrastructure and battery demand. A key finding is that there were about 40 million electric cars on the road in 2023, a 14 million increase from the previous year.  

Global EV Outlook 2024
  1. In 2023, global electric car sales (and new car registrations) neared 14 million, having increased by 3.5 million from the previous year. 

  2. The most sales were made by China (60%), followed by Europe (25%) and the US (10%). 

  3. The global stock of fuel cell electric vehicles reached around 87,600 at the end of 2023, an increase of 15,400 (about 20%) from the previous year. The highest stock is in Korea (almost 40%), followed by the US (about 30%) and China (just over 20%).  

  4. The number of available models for electric cars was nearly 590 in 2023, with a 15% year-on-year increase. 

  5. The average range of small electric cars and large higher-end models was stagnant, at around 150 km (93 miles) and 360 km to 380 km (223 miles to 236 miles), respectively. 

  6. On the other hand, medium-sized electric cars and electric SUVs had improvements in their range, at around 380 km (236 miles). 

  7. Sales of electric buses have been decreasing since the peak of nearly 90,000 in 2017 (aside from 2022), with almost 50,000 sold in 2023. 

  8. Electric truck sales were about 54,000 in 2023, a 35% increase from the previous year. Seventy percent of these sales were made by China. 

  9. Demand for electric vehicle batteries was about 750 gigawatt-hours in 2023, a 40% increase from the previous year. 

  10. In 2024, the projected total electric car sales are around 17 million, with over 3 million already sold in the first quarter. 



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