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Global EV parc growth hit 23% in first half of 2024

During the first half of 2024, 365.5 GWh of battery capacity were deployed onto roads globally in all newly sold passenger EVs combined, just over 23% more than January through June last year.  

Despite contributing a full 60% of the global total in GWh terms, Asia Pacific added fresh capacity at a noticeably faster rate than the Americas which constitutes 17% of the global market. After an early bounce, growth in Europe for H1 2024 has dropped to single digits.  

EV buyers in the Asia Pacific region rolled 217.6 GWh of battery power onto the region’s roads while European drivers (including the UK, Russia and non-EU states) added 77.5 GWh. In the Americas, EVs sold during the six-month period sported a combined battery capacity of 63.8 GWh.Bc regional growth jun 24 europe 5pct

Adamas take:

While the slowdown in Europe is undeniable, battery capacity deployment in the Americas and the Asia Pacific region continues to expand at a healthy pace despite widespread forecasts of a pull back in EV adoption rates particularly outside China.

China has experienced its two best months on record with EV sales penetration coming in on either side of the 40%-mark in May and June. Likewise EV registrations, including plug-in and conventional hybrids, in the US as a percentage of total sales also hit new highs in May and June this year at 20%. 

The robust rate of electrification of the global car parc also comes despite a significant change in the sales mix.   

Globally plug-in hybrid (PHEV) sales are up 47% year to date compared to a moderate 14% growth for full electric vehicles (BEV) during the first half of 2024. PHEVs now account for one out of every four EVs sold worldwide and together with conventional  hybrids make up 55% of EV registrations. 

Despite a 16% jump in the battery size of the average PHEV sold so far this year, Adamas data shows plug-in hybrid batteries are typically only around 36% the size of vehicles powered solely by batteries.    

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