Electric vehicle statistics 2024
As electric vehicles (EVs) surge in popularity worldwide, the roar of the engine is steadily being replaced by the quiet hum of the battery. But what’s driving consumers to make the switch? Environmental benefits, wider vehicle selection, improved range, cost savings and longer battery warranties are just a handful of reasons.
Read on to learn more about the global state of the electric vehicle market, including which cars reign supreme, who’s most likely to buy an EV and what trends we can expect to continue down the road.
In 2023, nearly 1 in 5 cars sold were electric.
Jump to insightThe Tesla Model Y was the most popular electric car of 2023.
Jump to insightIn 2024, the worldwide electric vehicle market is projected to hit $623.3 billion and by 2028, is expected to reach $906.7 billion.
Jump to insightElectric vehicle statistics
EV sales are surging in the U.S. In fact, by the end of 2024, 1 in 9 new cars sold are projected to be electric. This represents a 20% increase from 2023 — a massive jump from just a dozen years ago when only 100,000 electric vehicles were sold in the U.S. Tesla remains the top seller in the country. However, established automakers like BMW and Volkswagen are rapidly expanding their EV offerings, giving consumers more choices than ever before.
Electric vehicle ownership by state
When it comes to electric vehicle ownership by state in the U.S., California is king.
In 2023, California had nearly 1.2 million light-duty electric vehicles registered — almost a million more than second-place Florida and third-place Texas. But California doesn’t just have the most electric cars in the country, it has the most vehicles in general — accounting for around 36% of vehicles nationwide.
On a global scale, the popularity of electric cars continues to steadily increase, as nearly a fifth of vehicles sold in 2023 were electric. This equates to nearly 14 million EV sales, 95% of which were in China, Europe and the U.S.
In 2012, only about 100,000 electric vehicles were sold in the U.S. By year’s end in 2024, 1.7 million sales are projected, which equates to a 20% increase compared to 2023 numbers. In total, this translates to about 500,000 more registrations. When 2024 comes to a close, roughly 1 in 9 new cars sold in the U.S. are projected to be electric.
Are electric vehicles getting more popular?
In short, yes. But electric vehicle sales are not necessarily increasing everywhere.
Electric car sales have increased globally, but 95% of 2023 sales were concentrated in three major markets. Between the big three, nearly 60% of registrations were in China, 25% in Europe and the remaining 10% in the U.S. Sales have not been as impressive in other major international markets, including Japan, India and Germany.
In the U.S., specifically, electric vehicles are the fastest-growing car type — their market share jumped to 7.6% in 2023, up from 5.9% in 2022. Notably, sales in the fourth quarter of 2023 soared by 52%, compared with the same period in 2022, reaching record highs in both volume and market share.
What are the highest-selling electric vehicles?
Electric vehicle sales are on the rise, and no one dominates the market quite like Tesla.
In 2023, the Tesla Model Y topped the list as the best-selling electric car in the U.S. in 2023, moving an impressive 394,497 units. It was followed by Tesla Model 3’s 220,910 units and the Chevrolet Bolt EV, with 62,045 units sold.
Tesla maintained its grip on the U.S. electric car market in 2023, with a commanding 55% share of all EVs sold. While this dipped slightly from 2022’s 65%, aggressive price cuts helped them to stay on top.
But Tesla isn’t alone anymore. Luxury brands like BMW, Mercedes-Benz and Audi are all revving up their electric offerings. In 2023, a significant portion of each manufacturer’s new car sales were electric: 12.5% for BMW, 11.4% for Mercedes-Benz and 11% for Audi. Beyond luxury brands, other automakers are also joining the fray. Volkswagen is a front-runner, marking 11.5% of 2023 electric sales.
Within the next two years, consumers may have more than 70 electric vehicle models to choose from.
Who is most likely to go electric?
The electric vehicle movement is gaining momentum, particularly among Democrats, younger adults and residents of urban neighborhoods.
Current hybrid or electric vehicle owners were the most likely demographic (68%) to purchase another one down the road. Democrats (56%) were the runners-up, and 18- to 29-year-olds as well as urban dwellers (48%) were tied for the third most likely individuals to buy an EV as their next car purchase.
Meanwhile, Republicans, or people leaning Republican, were the least likely (20%) of those surveyed to indicate interest in choosing an EV for their next vehicle purchase. Rural dwellers (24%) and senior citizens (27%) were also not very keen on purchasing an EV.
What is the future of electric vehicles?
The U.S. government aims for half of all new car sales to be zero-emission vehicles by 2030, in a push for cleaner transportation. To make this a reality for everyone, they are also investing in building a network of 500,000 charging stations that will be convenient and accessible, no matter how far you need to travel.
This comprehensive approach, outlined in the Bipartisan Infrastructure Law of 2021, specifically includes $7.5 billion allocated for EV charging infrastructure. The legislation also opens the door for additional federal funding programs. It is particularly expected to benefit rural communities by providing much-needed capital for electric vehicle-related developments.
But it isn’t just the U.S. that’s preparing for the future of driving — in 2024, the global EV market is expected to reach a whopping $623.3 billion. This momentum is predicted to continue, with the market growing between 2024 and 2028 at a steady rate of 9.82% per year. By 2028, the market is forecast to eclipse $900 billion.
Charging ahead
While some regions are accelerating faster than others, the global picture is clear: Electric cars are on the rise. Analysts predict a smooth ride ahead, with the market annually growing steadily by over 9.8%, reaching more than $900 billion by 2028. These figures are a clear signal that the EV market is here to stay, and it's only going to get bigger.
FAQ
How do people view electric cars?
For the most part, people appear to view EVs positively. Sales are steadily increasing worldwide, especially in the U.S., China and Europe.
What are the current arguments for electric cars?
Electric cars offer consumers many perks compared to traditional gas-powered cars, including environmental benefits, wider vehicle selection, improved driving range and cost savings.
Are electric cars losing popularity?
Quite the contrary. The global EV market is expected to steadily increase and is projected to surpass $900 billion by 2028.
References
- Colato, J., & Ice, L. "Charging into the future: the transition to electric vehicles." U.S. Bureau of Labor Statistics. Evaluated June 21, 2024.Link Here
- "Electric Vehicle Registrations by State." U.S. Department of Energy. Evaluated June 20, 2024.Link Here
- "Global EV Outlook 2024." International Energy Agency (IEA). Evaluated June 20, 2024.Link Here
- "Americans Buy Nearly 1.2 Million Electric Vehicles to Hit Record in 2023, According to Latest Kelley Blue Book Data." Kelley Blue Book. Evaluated June 20, 2024.Link Here
- "How Americans view electric vehicles." Pew Research Center. Evaluated June 20, 2024.Link Here
- "Electric Vehicles & Rural Transportation." U.S. Department of Transportation. Evaluated June 21, 2024.Link Here
- "Electric Vehicles – Worldwide." Statista. Evaluated June 21, 2024.Link Here
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