Global EV battery capacity deployed hit record 864 GWh in 2024

In 2024, 864.0 GWh of battery capacity were deployed onto roads globally in all newly sold passenger EVs combined (including plug-in, range extender and conventional hybrids) combined, up 25% over calendar 2023. 

In the Asia Pacific region, a record 63.5 GWh were deployed onto roads in December pushing the annual number to 544.4 GWh, a 33% year over year jump. December was the fourth record breaking month in a row.  The Asia Pacific region accounted for 63% of the global EV market on a GWh basis in 2024, up from 59% the year before.  

Europe’s EV market experienced a significant slowdown in 2024, ending the year up only 3% on a combined battery capacity basis at 161.9 GWh.  

As is the pattern elsewhere, December was a strong month, but the fresh power hours rolled onto roads across the region during the month was still well below the all-time high set back in December 2022.  

The market share of Europe, including the UK, Russia and other non-EU member states, dropped from 23% in 2023 to 19% last year.  

After a slow start to 2024, growth picked up during the latter months of the year in the Americas (where the US and Canada represent 94% of the market) with December’s 15.5 GWh deployed smashing previous monthly records. For the year, GWh deployed jumped 21% to 143.4 GWh.  

This year will almost certainly be the first calendar year that total passenger EV battery capacity deployment – a better indicator of electrification and battery materials demand than unit sales alone – exceeds one terawatt hours.  Breaking the 1 TWh barrier would also constitute a doubling of the market within only three years.