According to Row Motion, a leading EV and energy transition research firm, by January 2024, more than one million electric vehicles (EVs) will have been sold worldwide. It is the highest number of EVs ever sold in a single month and increased by 69% from January 2023, when 660,000 EVs were sold.
The increase in EV sales was driven by strong demand in China, Europe and North America, which account for 90% of the global market share. China led the way, selling 640,000 EVs in January, nearly double the same month last year. China has the largest EV fleet in the world, accounting for more than half of the electric vehicles on the roads worldwide.
EV sales in Europe rose 29% year-over-year, reaching 250,000 units in January. Despite periods of decline from last month, EVs in Europe maintained a high 25% market share, thanks to supportive policies and incentives in many countries, with EV sales in Germany and France, the two largest European EV markets were up 40% and 20% . respectively, compared to January 2023.
EV sales in the US. has also grown substantially, with annual growth of 55% and a market share of 8%. The Biden administration’s ambitious plan to invest $174 billion in EV infrastructure and incentives, as well as the introduction of new models by major automakers, has helped boost the popularity of EVs in the country
Ro Motion expects global EV sales to continue steady growth throughout 2024, reaching 1.4 million units by year-end. This represents an increase of 35% from 2023 and an 18% market share for EVs. The research firm attributes the positive outlook to the recovery from the Covid-19 pandemic, higher oil prices, the availability of an expanded EV model and energy