Already dominant, Asia Pacific continues to capture global EV market share

During the first eight months of 2024, 505.6 GWh of battery capacity were deployed onto roads globally in all newly sold passenger EVs combined, 22% more than the same period last year.

Even with a full 61% of the global market already, Asia Pacific still added fresh capacity at a noticeably faster rate (+30% year on year) than the Americas (+22%), which, arguably still in its infancy, constitutes 18% of the global market in GWh terms.

After an early bounce this year, overall growth in Europe from January through August has now fallen steeply into negative territory with no signs of an imminent U-turn in progress. 

In absolute terms, from January through August EV buyers in the Asia Pacific region rolled 309.1 GWh of fresh battery power onto the region’s roads while European drivers (including those in the UK, Russia and non-EU states) added 98.2 GWh and those in the Americas 73.4 GWh. 

Americas setting the pace as the 2024 homestretch approaches

Notably, however, the Americas grew faster than the Asia Pacific region on a GWh basis in August as EV adoption rates in the Americas received a Brazilian boost during the month. While a much smaller market than the US and Canada today (representing only 4% of the Americas), EV sales in the South American nation quadrupled in August compared to last year. 

In Europe, on the other hand, the slowdown in EV sales growth that started mid-year is only deepening with a full 29% fewer GWh hitting roads on the continent in August compared to the same month last year.   

Consequently, during three out of the last four months, new vehicle owners in the Americas steered more power hours onto the region’s roads than car buyers in Europe.  

In the US specifically, EV sales penetration (including plug-in and conventional hybrids) reached a high of 21% in August while in China this figure hit 48%, which was also a peak.

In China’s case that’s up substantially from 33% at the beginning of the year and on track to exceed 50% in the months ahead as early sales data would indicate.