Electric Car Sales Surged Across Emerging Markets in 2024

Common anti-EV messaging from electric vehicle (EV) opponents is that EV adoption only grows in wealthier countries, for instance the United States. Authoritative, proven data from the well-respected International Energy Agency (IEA) proves that the anti-EV messaging is false, and that electric mobility is accelerating rapidly in emerging and developing economies. IEA’s Global EV Outlook 2025 details the astounding growth.

Electric mobility is accelerating rapidly across Asia, Latin America, and Africa. In 2024, electric car sales in these regions jumped by more than 60% year on year, with the overall sales share nearly doubling from 2.5% to 4%. This surge was fueled by strong government incentives and an influx of affordable models from Chinese automakers, making EVs more accessible to a wider range of consumers.

In Asia (excluding China), sales of electric cars reached almost 400,000 units in 2024, up more than 40% compared to 2023. Thailand held its lead as the largest EV market in Southeast Asia, even as sales fell 10%. The decline was offset by a sharper drop in conventional car sales, raising Thailand’s EV market share from 11% to 13%. Indonesia and Vietnam were standout performers, respectively tripling and nearly doubling their sales, reaching levels comparable to mature EV markets like Spain and Canada. Across much of Southeast Asia, battery-electric vehicles (BEVs) dominate, accounting for over 90% of total electric car sales.

In Africa, electric car sales more than doubled to nearly 11,000 in 2024. Although EVs still represent less than 1% of total car sales, progress is visible in markets like Morocco and Egypt, where new EV sales surpassed 2,000 units. As costs continue to fall and policy frameworks strengthen, 2024’s growth signals that electric mobility is gaining traction well beyond traditional markets.

Latin America also witnessed dramatic gains, with EV sales and market shares doubling in several countries to reach a regional share of 4%. Brazil led the way with nearly 125,000 electric car sales, more than twice its 2023 total, pushing its market share to 6.5%. Costa Rica, Uruguay, and Colombia followed with strong adoption, achieving sales shares of roughly 15%, 13%, and 7.5%, respectively. Tax breaks, reduced registration fees, and exemptions from driving restrictions have played major roles in encouraging EV adoption, alongside persistently high fuel prices.

Government leaders in these countries creating EV incentives are making smart moves for their economic growth, as well as helping their citizens save money by driving electric. Furthermore, EVs are cleaning up the air in these countries as more EVs are adopted, and EV adoption is also contributing to the fight against human-caused global climate change. EVs are not only the most cost-effective vehicle, but the most eco-friendly vehicle as well.

EVinfo.net’s Take: The United States Is Missing Out on Emerging EV Markets

The recent pullback in federal support for electric vehicles is putting American automakers at a serious disadvantage just as global competition intensifies. With the U.S. government scaling back EV tax credits and subsidies, manufacturers like Ford and GM are facing massive new financial and strategic headwinds.

GM was forced to absorb a $1.6 billion loss as car manufacturers were forced to pivot from their in-progress electric vehicle plans, after horribly bad legislation abruptly discontinued an important federal EV tax credit. Meanwhile, automakers from China and Europe continue to benefit from strong government backing.

China’s strategic approach to EV manufacturing, supply chains, and global expansion has positioned its automakers as the dominant players in emerging markets. BYD, for example, is selling record numbers of affordable models across Southeast Asia and Latin America, regions that could account for a major share of future EV growth.

If the United States wants to lead in transportation, it must treat EVs as a global industry, not a niche domestic market. Supporting the dying internal combustion engine (ICE) industry, which has declined since 2017, is a big mistake.

Strengthening EV supply chains, supporting exports, and partnering with developing nations on clean infrastructure would help American manufacturers reclaim momentum. Otherwise, the U.S. risks watching from the sidelines as the rest of the world drives the future of mobility forward, as our chance to reclaim our past standing as the world-leading automotive industry fades farther and farther into a rapidly more un-obtainable goal.