The number of BEVs in Europe, China, USA and Japan in 2024
- 说明
The number of BEVs in Europe, China, USA and Japan in 2024
- The volume of BEVs sold worldwide in 2024 exceeded 10 million units for the first time, at 10,355,391, up 9.6% compared to 2023. Let’s remind that in 2015, the volume of BEVs sold worldwide did not exceed 285,000 units, before gradually reaching 715,000 units in 2017, 1,445,000 in 2019, 4,470,000 in 2021 and 9,450,000 in 2023.
- In this growing BEV market, China is consolidating its lead over other countries , with 7,037,467 sales in 2024 compared to 6,132,487 in 2023 and 5,029,207 in 2022. The BEV sales growth in China is uninterrupted. In 2024, the market share of BEVs sold in China reaches 25.5% compared to 23.5% in 2023 and 21.5% in 2022.
- Europe is in second place behind China, with 1,993,102 BEVs sold in 2024, compared to 2,009,372in 2023 and 1,575,079 in 2022. BEV sales growth in Europe was hampered in 2024 by the end of subsidies in Germany. As a result, the BEV market share in Europe remains stable 16% in 2024 vs 2023.
- The US ranks third behind China and Europe, with 1,270,598 BEVs sold in 2024, compared to 1,194,215 in 2023 and 811,083 in 2022. Today, the market share of BEVs sold in the US reaches 8% compared to 7.7% in 2023 and 5.8% in 2022.
- Japan remains far behind, with only 54,224 BEVs sold in 2024, compared to 86,762 in 2023 and 54,105 in 2022. This technology is far from becoming developed in this country. The market share of BEVs sold in Japan has thus fallen to 1.4% in 2024 compared to 2.2% in 2023 and 1.6% in 2022.
BEVs to account for 26% of Chinese market by 2024
- 说明
BEVs to account for 26% of Chinese market by 2024
- Sales of battery electric passenger cars (BEVs) continued to grow in China in 2024. From 5% of the Chinese market in 2020, they rose to 13% of the market in 2021, 21% in 2022, 24% in 2023 and 26% in 2024. China is thus consolidating its lead over other countries in terms of battery electric cars, since in Europe (30 countries: EU + United Kingdom + Switzerland + Norway), the share of BEV sales did not exceed 16% last year, and in the United States it did not exceed 8%. In Japan, it did not exceed 2% market share.
- In volume, BEV sales represent 7,037,467 units compared to 6,132,487 in 2023 in a market of 27.5 million passenger vehicles, up 5.8% compared to 2023. The strongest growth in China, however, are plug-in hybrid engines (PHEV), with a market share reaching 19% in 2024, compared to 11% in 2023 and 7% in 2022. In volume, PHEVs represent 5,103,379 units in 2024 compared to 2,735,656 in 2023.
- One carmaker has emerged exponentially during the rapid and significant development of BEV and PHEV sales in China, thanks to a range well adapted to demand. This is BYD, which has captured a quarter of the Chinese BEV market and half of the Chinese PHEV market. BYD has thus sold 1,750,000 BEVs + 2,500,000 PHEVs in 2024, or 4,250,000 vehicles, becoming the sixth largest car carmaker in the world last year.
- Full-hybrid (HEV) engines have little success in China, since they only represent 3% of the Chinese market in 2024, as in the previous two years. At the same time, gasoline, diesel and mild-hybrid (MHEV) engines are losing a lot of influence, going from 82% of the Chinese market in 2021 to 62% in 2023 and 52% in 2024.
Hyundai-Kia Group sold 7.23 million vehicles in 2024
- 说明
Hyundai-Kia Group sold 7.23 million vehicles in 2024
- The Korean group Hyundai-Kia sold 7.23 million vehicles worldwide in 2024, compared to 7.3 million in 2023, which represents a small decrease of 1% while the carmaker's targets had been set at 7.44 million units for 2024. The new targets for 2025 are set at 7.37 million vehicles sold, or 2% more than the final result of 2024. The Hyundai-Kia group therefore remains the third largest carmaker in the world behind the Toyota and Volkswagen groups and ahead of GM and Stellantis.
- By brand, Hyundai (including Genesis) sold 4,141,791 vehicles (-1.8% compared to 2023) and Kia 3,089,457 vehicles (+0.1% compared to 2023).
- The United States remains the Korean group's leading market in 2024, with 1,708,212 vehicle sales compared to 1,652,821 in 2023. Hyundai-Kia holds 10.7% of this market last year compared to 10.6% in 2023. South Korea remains its second market, with 1,245,020 sales and compared to 1,327,903 in 2023. Hyundai-Kia holds 76.85% of this market last year compared to 77% in 2023. Large Europe (EU + UK + Switzerland + Norway) is its third market, with 1,006,073 sales and 7.8% market share. India is its fourth market, with 850,429 sales and 17.5% market share. China is its fifth market, with 431,215 sales and only 1.6% market share, a market where the Korean group tends to gradually disappear.
- In 2024, Hyundai-Kia sold 400,000 BEVs (compared to 376,500 in 2023), 95,000 PHEVs (compared to 105,000 in 2023) and 650,000 HEVs (compared to 646,000 in 2023). These models represent 16% of the Korean carmaker's total sales (compared to 15% in 2023).
BEVs represents 16% of the European market in 2024
- 说明
BEVs represents 16% of the European market in 2024
- Sales of battery electricvehicles (BEVs) have slightly decreased in Europe (30 countries: EU + United Kingdom + Switzerland + Norway) in 2024, compared to 2023, their market share at 16% remaining stable after several years of uninterrupted growth, on a market of 12.9 million passenger vehicles, up 1% compared to 2023.
- This slight decrease in BEV sales in Europe can be explained by the end of subsidies for the purchase of this type of vehicle in Germany and by the lack of low-cost battery electric offers. The Citroën e-C3 at less than 25,000 euros arrived very late on the market (September 2024). The same goes for the Renault 5 E-Tech at less than 30,000 euros. The Fiat Grande Panda, Opel Frontera and Citroën C3 Aircross will not arrive until 2025. The Volkswagen ID1/ID2 will arrive in 2026. The market share of BEVs, stable at 16% in Europe in 2024, raises question: the European Commission's objectives of a 100% European market of electric cars by 2035 seem unattainable.
- The analysis of the market shares by fuel type in Europe in 2024 shows several interesting facts:
1. gasoline engines continue their slow decline (4,273,672 units in 2024 compared to 4,581,736 in 2023).
2. mild-hybrid engines (MHEV) continue to develop (2,857,682 units in 2024 compared to 2,410,891 in 2023).
3. battery electric engines (BEV) saw their sales drop slightly (1,993,102 units in 2024 compared to 2,009,372 in 2023).
4. diesel engines continue to lose influence (1,350,294 units in 2024 compared to 1,530,800 in 2023).
5.f ull-hybrid engines (HEV) continue to progress (1,210,626 units in 2024 compared to 982,000 in 2023).
6. plug-in hybrid engines (PHEV) continue to decline (952,058 units in 2024 compared to 987,231 in 2023).
In China, market and production growth expected to continue in 2025
- 说明
In China, market and production growth expected to continue in 2025
- Chinese Market:
• The passenger car market reached a volume of nearly 22.9 million units in 2024, up 5.5% compared to 2023 (source: CPCA). The market was among other factors driven by the two "bonus" systems for purchasing a new vehicle that ended in December 2024 (but was finally extended for 2025): one for scrapping an older ICE vehicle or NEV for a new NEV and the second for scrapping an old vehicle for a new ICE vehicle with an engine smaller than 2.0 litres.The NEV market (BEV+PHEV) reached a volume of 12.23 million units, (+37.8% compared to 2023). NEVs represent 53% of the passenger car market in 2024.
• After a spectacular breakthrough, the Chinese BYD has managed to supplant the Volkswagen and GM groups, to become the number 1 in the market in 2024, with a 15% market share, while Volkswagen has fallen to 10% and GM to 6% (the Chinese brands Wuling and Baojun representing two thirds of GM's 6%). The Chinese groups Chery, Geely and Changan are now in 3rd, 4th and 5th position behind BYD and Volkswagen. Conversely, the Japanese and Korean brands are losing a lot of ground. At the end of 2024, Chinese carmakers represent 66% of the Chinese passenger car market compared to 57% in 2023 and 45% in 2021.
• For 2025, the market should continue to grow at a rate equivalent to 2024, even if some say that the economic climate in China is less dynamic, it is difficult to see it in the figures. The growth of NEVs should also continue with strong competition between Chinese carmakers to launch regularly new models and at competitive prices.
- Production
• The production of passenger cars (PC) in China reached 27,476,886 units in 2024, up 5.2%. These figures include cars assembled under license (J.V.). Chinese production benefits from local dynamics but also from export markets, including Russia, Mexico, Europe but also the Middle East countries (led by the United Arab Emirates and Saudi Arabia) and to a lesser extent ASEAN.
• For 2025, growth should be confirmed at a level equivalent to 2024, with export markets on the rise (Russia) and despite a policy in Europe less in favour of imports from China, but which should not see a notable effect in the short term.