The global market share of petrol and diesel has fallen by a fifth in two and half years, according to data from New AutoMotive’s latest Global Electric Vehicle Tracker (GEVT).
Sales of internal combustion engine vehicles have slumped from 78% to 63%, with the market showing no sign of this trend slowing. Meanwhile, in the same period, electric vehicles (EVs) have almost doubled their market share from 10% to 17.4%.
As a result, EVs are on for another record breaking year, with global sales up 7.4% on the same period last year. In the year to October, 10.8 million EVs were sold globally - an increase of more than 1.1 million (11%) in the year to October 2023.
In the last month alone, global EV sales reached over one million, with the sector selling 108,000 (12%) more vehicles than the same month last year.
This growth was driven largely by China and the United States, with the countries seeing their EV sales increase by 12% and 22% respectively on the previous October.
Closer to home, the UK’s sales increased 23% on October last year, with more than 5,000 extra EVs hitting the road.
Several European markets also saw impressive increases on last October, with Bulgaria and Cyprus seeing growth of more than 50%, and Denmark, Croatia, Czechia, Greece and Malta seeing sales soar more than 80%.
Looking at the entire global market, roughly equal numbers of countries saw their EV registrations rise or fall last month, but amongst the ten largest markets, only three - France, Germany and Sweden - saw sales decrease.
Ben Nelmes, CEO of New AutoMotive, said: “The data shows the rumours of a slowdown in electric car sales are just rumours. In reality, electric car sales continue to increase month after month, and not just in the largest car markets. Global electric car sales have huge momentum heading into the final months of the year.
“This sustained growth is vital to the world’s transition to cleaner, cheaper transport, and governments around the world need to hold their nerve when it comes to EV policy.
“Remaining steadfast will drive consumer adoption and accelerate the inevitable rise of electric vehicles, which is precisely what’s needed if we’re to improve the lives of people around the world.”
New AutoMotive’s monthly tracker analyses progress in the global phase out of sales of diesel and petrol vehicles. The platform covers car sales, targets, incentives, and regulations in 42 major automotive markets - 85% of the world’s new car sales.
The detailed report breaks down vehicles registered across the globe by fuel type, manufacturer and market share, with all the data freely available to view and download.
