São Paulo – Global electric car sales are on the rise and could hit around 17 million in 2024, with more than one in five cars sold globally set to be electric, the International Energy Agency (IEA) forecast in a report on Tuesday (23).
Throughout the Middle East, Africa, and Eurasia, electric cars are still rare, though, accounting for less than 1% of last year’s total car sales. However, Chinese carmakers look for opportunities in these markets – including with domestic production – which could boost change this situation.
Jordan boasts the highest electric car sales share, at more than 45%, supported by very low import duties, followed by the United Arab Emirates, with 13%.
While sales of electric cars are increasing globally, particularly in emerging markets, they remain significantly concentrated in just a few major markets – just under 60% of new electric car registrations were in China, just under 25% in Europe, and 10% in the United States.
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Sales in emerging countries are increasing. In Vietnam electric cars reached a 15% sales share in 2023, in Thailand 10%, in Brazil 3%, and in Indonesia, Malaysia, and India 2% each. A series of consumption and industry incentives have encouraged the use of electric cars.
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The report said that tight margins, volatile battery metal prices, high inflation, and the phase-out of purchase incentives in some countries have sparked concerns about the industry’s pace of growth, but global sales data remain strong. In the first quarter of 2024 they surpassed those of the same period in 2023 by around 25%.
Translated by Guilherme Miranda
