Top EV Markets Around The World — H1 2024 Summaries

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Following the feedback of many of our readers, this time I have created something different, a markets roundup article! The article highlights the main EV markets and brings to the limelight a few others that are usually under the radar. Please note that some markets include estimates, so if you find any market where the numbers do not match what you know is true, please leave your input in the comments. Much appreciated!

I — Big Three

Let’s see how the Big EV Markets fared so far, in 2024:

China

BYD Song #1 — Ahead once again, with over 292,000 registrations. However, internal competition might hurt its sales moving forward. On OEMs, it’s a BYD fest, with the Shenzhen-based maker owning roughly one third of the plugin market.

4.3 million units — With the PEV share at 43% (25% for BEV only) and July already above 50%, this year should end with the plugin market share close to 50%, significantly more than the other two big economic blocs (Europe currently at 21% and North America at 9%). With the PEV market growing at a 31% YoY rate, at some point next year, expect plugins to become the majority of the automotive market. How many years will go by before the other two of the Big Three surpass 50%?

Europe

Tesla Model Y #1 — The US crossover continues in the lead, thanks to over 100,000 registrations, but its sales are down 25% YoY. Despite being down 25%, it’s still got almost double the sales of the #2 Tesla Model 3. On OEMs, Volkswagen Group is in the lead, with 20% share, almost double that of Tesla (11%).

1.4 million units — Sales are in neutral, mostly due to the sudden removal of subsidies in Germany, which has seen its EV market crash. Still, the European PEV share is 21% (14% for BEVs only). Plug-in hybrids are losing importance, as BEVs are handling the headwinds better than PHEVs are.

North America

Tesla Model Y #1 — With some 188,000 registrations, it is another win for the US model. This is Tesla’s home turf, and with North America being an SUV-addicted market, there is really no other other model that can even be close to it. Regarding OEMs, it’s again Tesla, Tesla, Tesla — with 37% share among plugins vehicles.

824,000 sales — There’s healthy growth this year (+12% YoY), despite the naysayers, leading to a 9% plugin share (7% BEVs only).

II — Remaining Top 10

Japan — Despite a sizable market (67,000 registrations), plugins still haven’t gained traction, dropping 10% YoY this year. The plugin share is hovering at around 3%. Model-wise, the tiny Nissan Sakura rules on the BEV side, and the Toyota Crown Sport Crossover PHEV leads on the plugin hybrid side.

South Korea — Despite some ups and downs, the Korean market is positive this year (+5%), with its 59,000 registrations providing 7% market share. The best seller is a surprise, with the Tesla Model Y stealing the thunder from the homegrown competition.

Australia — With a pretty decent growth rate (+23% YoY) this year, the Aussie EV market is at 58,000 registrations halfway through the year, translating to 8% plugin market share. When it comes to models, it’s a #1 + #2 win for Tesla, with the Model Y on top and the Model 3 not far behind.

Brazil — … And here comes the cavalry! At a time when the developed markets are either growing moderately (China, Australia), stagnating (Europe), or even on the backtrack (Japan), Brazil leads a pack of countries that are growing at three-digit(!) rates. Its 51,000 registrations in 2024 represent a 253% jump over the same period of 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! Model-wise, it is a BYD fest, with a 100% BYD podium (#1 Dolphin, #2 Dolphin Mini (aka Seagull), #3 Song).

India — Another market with ups and downs, India registered some 46,000 EVs. That meant a 17% growth rate and 2% EV market share. Not bad, but the country will need to step up its game significantly if it wants to come close to its electrification targets. Tata is the best selling EV brand here, with its Nexon small crossover being the most popular EV in India.

Thailand — After 2023 showed surging sales (89,000 units, +327% YoY) that pushed the EV share to 12%, the current 41,000 registrations in 2024 represent a meager 5% YoY increase in sales. But this could be just a small setback, as the second half of the year should see a surge in sales now that the local BYD factory has started production and six(!) other Chinese OEMs are either starting production or launching their own locally-made EVs soon. With some legacy OEMs also investing heavily in locally made EVs (BMW in 2025 and Hyundai–Kia in 2026, just to mention two), expect this market to be one of the fastest electrifying markets in the world. And BYD collects another Best Seller trophy in a fast growing market, with the Dolphin being the best selling EV in the kingdom.

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), which actually allowed it to increase its plugin share to 24% (from 37,000 registrations). BYD wins yet another Best Seller title here, with the Atto 3 crossover, aka Yuan Plus, being by far the most popular EV in the country.

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III — Other Markets, Highlights

I’ll end with a few words on some smaller markets with big potential:

Turkiye — Another giant awakening, this market grew 162% YoY in H1 2024, to 34,000 registrations, mostly thanks to the local hero, the Togg T10X.

UAE — Another fast growing market, it has seen 146% growth YoY this year, reaching 12,000 units. This is a market where Tesla owns one third of sales.

Malaysia — Another triple-digit growth story, sales have jumped 167% and reached 12,000 units so far this year. Malaysia is another market in the fast lane for electrification. BYD is looking to surpass Tesla and become the #1 EV brand in Malaysia.

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

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

Mexico — Another market in the fast lane, the Mexican market’s sales surge is pushing the EV share to 2.5%, making it one of the leaders in Latin America — not only volume wise, but also share wise. When it comes to OEMs, BYD, Tesla, and Volvo(!) share the top spots.

Taiwan — With a measly 39% growth rate, this market’s growth pales in comparison to some of its southern neighbors. But then again, when you are already at 10% EV share, it’s only natural that growth isn’t as spectacular as in the beginning, share wise. When is comes to popular brands, this Tesla’s turf.

New Zealand — While you have many success stories, you will also find a few cautionary tales on the way, and that is the case of New Zealand. After getting to 30,000 EV registrations in 2023, with a respective PEV share of 27%, sales crashed this year. They fell 75%(!) YoY, to some 3,400 units, in the first half of this year. This means that in 2024, the market is back to the volumes it had in 2021. And what it is the explanation for this boom-bust behavior? Answer: EV incentives. The so called Clean Car Discount started in 2022 and lasted until December, 31st of 2023, coinciding with the boom period of the Kiwi EV market … and then EV sales falling off a cliff in 2024.

Here, like in Germany, or previously in the Netherlands, the importance of stable EV policies prove themselves again. Without those, markets get into a boom-bust cycle that does not create trust between the market players and ends up hurting the electrification process in the long run.