Global Car Sales
Source Research:
Electric Vehicles
Total global car sales, 2021 to 2030
Global consumer car sales reached more than 70 million in 2022, which was a 0.22% increase Year over Year (YoY) compared to 2021. However, the outlook was more promising in 2023 as the automotive supply chain normalized. ABI Research forecasted 73.5 total car sales worldwide last year and a YoY increase of 4.9%.
Looking into the future, global vehicle sales will grow at a Compound Annual Growth Rate (CAGR) of 2.7% between 2023 and 2030 - totaling 88.3 million annual vehicle shipments by the decade's end. The year 2024 is expected to see about 76.1 million passenger car sales worldwide.
Global car sales by powertrain type
Our market forecast segmented car sales by the following powertrains:
- Battery Electric Vehicles (BEVs)
- Plug-In Hybrid Electric Vehicles (BHEVs)
- Others (Internal Combust Engine (ICE), fuel cell, etc.)
EVs are consistently enlarging their market share, accounting for 22% of total new consumer vehicle sales in 2024. Despite EV sales growing yearly at a healthy rate, other powertrains (ICE, fuel cell, etc.) still account for 78% of all car sales worldwide as of 2024. However, EVs are catching up and are expected to account for more than half the automobile sales market by 2030.
Asia-Pacific dominates EV sales ... for now
If you break down the 16.7 million global EV sales in 2024 by region, Asia-Pacific leads the way with a 65% market share. That equates to 10.9 million EV sales for the year. Asia-Pacific is followed by Western Europe (3.6 million EV sales), North America (1.7 million EV sales), and the Rest of the World (RoW) (420,000 EV sales).
While Asia-Pacific makes up the vast majority of EV sales today, its market share is expected to diminish every year until it reaches 52%% in 2030. By then, Western Europe will be trailing closer, forecasted to constitute 28% (12.9 million shipments) of the EV sales market.
Learn more by downloading the accompanying report.
