Global Electric Vehicle Stock Reaches 56 Million Units

The total number of vehicles with electric propulsion systems surged to approximately 56 million last year, according to the Center for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW). China continues to lead both in market share and new registrations in this sector.

Battery electric vehicles, plug-in hybrids, and range extenders are included in this count, reflecting the growing diversity of electric propulsion technologies. While vehicles powered by combustion engines still dominate the global automotive fleet, which surpassed 1.3 billion units, the momentum toward electrification is undeniable.

In the past year, 17.4 million new electric vehicles were registered globally, marking a significant growth of 17 percent. Notably, China accounted for over 11 million of these new registrations, representing more than one-third of worldwide electric vehicle sales.

Germany also saw a substantial increase in electric vehicles, with approximately 2.6 million units in operation by the end of 2024. Of these, around 572,000 were newly registered in 2024, which included 381,000 battery electric vehicles. The total number of registered electric cars in Germany reached over 1.7 million, with the overall vehicle fleet in the country exceeding 49 million for the first time.

German manufacturers are making strides in the electric vehicle market, with Volkswagen, BMW, and Mercedes among the top ten global sellers of electric cars in 2024. Volkswagen secured the third position with 4.3 million electric vehicles sold, trailing behind BYD at 10 million and Tesla at 7.3 million. The competitive landscape is intensifying, particularly as Chinese manufacturers strengthen their foothold.

Analysis from ZSW indicated that six out of the ten leading electric vehicle manufacturers are based in China, underscoring the country's dominant role in the global electric vehicle market.