March 19, 2026
The global passenger BEV and PHEV market has expanded rapidly, with annual sales rising from about 0.33 million cars in 2014 to roughly 17.5 million cars in 2024. Growth accelerated sharply during 2020–2023, driven by policy support, declining battery costs, and tightening emissions standards, with China, Europe, and the United States accounting for the bulk of demand.
However, growth slowed after 2023. While accurate data for 2025 was not available at the time of publishing this report, early indications suggest that worldwide sales of BEV and PHEV passenger cars grew by 20%, down from 27% in 2024 and 35% in 2023.
Key Trends:
- China dominates global sales, accounting for approximately 64% of the market in 2024. Total volumes increased from about 1.14 million cars in 2020 to approximately 11.3 million in 2024, with particularly strong growth in PHEVs, which rose from 0.22 million to 4.9 million and have emerged as a key transitional technology alongside BEVs. However, growth in China slowed in 2025.
- Europe remains the second-largest market, reaching about 3.18 million cars in 2024 (2.2 million BEVs and 0.98 million PHEVs). After rapid expansion in 2020–2022, growth has moderated, with BEV sales stabilizing and PHEV volumes flattening.
- The United States continues to lag behind China and Europe, with sales rising to around 1.52 million cars in 2024, dominated by BEVs (1.2 million), while PHEVs remain a smaller segment (0.32 million).
- The rest of the world shows accelerating growth, with sales increasing to approximately 1.55 million cars in 2024, reflecting broader diffusion of electric vehicles beyond the core markets.
Overall, BEVs accounted for roughly 62% of global electric car sales in 2024, while PHEVs made up about 38%.
See Also:
Electric Buses Sales 2014-2024
Electric Trucks Sales 2014-2024
References:
“Global EV Data Explorer.”, International Energy Agency, July 2025, https://www.iea.org/data-and-statistics/data-tools/global-ev-data-explorer and Incorrys data