The global electric vehicle market is recovering, with the Chinese market still shining the brightest.

Recently, market research firm Rho Motion data shows that in September, global pure electric and plug-in hybrid electric vehicle sales surged by 30.5% year-on-year, reaching 1.69 million units.

Among them, the Chinese market dominates, with electric vehicle sales in September increasing by 47.9% to 1.12 million units, setting another record. After a period of downturn in the European and American electric vehicle markets, there is a trend of recovery. Earlier this year, governments of various European countries have reduced subsidies and slowed down the phasing out of gasoline and diesel cars, leading to a continuous decline in demand for electric vehicles in Europe.

In September, electric vehicle sales in the United States and Canada increased by 4.3% year-on-year to 0.15 million units, while electric vehicle sales in Europe grew by 4.2% to 0.3 million units. The United States' third-quarter electric vehicle sales increased significantly by 11% year-on-year, reaching a historic high, nearing a 10% market share milestone.

The remarkable electric vehicle sales in China in September, "each month could possibly set a new record."

After surpassing 1 million units in August sales for the first time, Rho Motion data shows that the Chinese market achieved a 47.9% year-on-year increase in electric vehicle sales in September, reaching 1.12 million units, setting another record.

The company's data manager Charles Lester stated that penetration rates of pure electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) in the Chinese market have exceeded expectations, "sales could hit new highs every month by the end of this year."

Last week, China Passenger Vehicle Association announced that the domestic retail penetration rate of new energy vehicles in China has exceeded 50% for three consecutive months, reaching 53.3% in September, an increase of 16.8 percentage points compared to September 2023.

According to the data from the China Passenger Vehicle Association, the retail sales of new energy passenger vehicles in September reached 1.123 million units. From January to September 2024, a total of 7.132 million units were sold, with a year-on-year growth of 37.4%. BYD, Li Auto, and XPeng all achieved their best monthly sales records ever in September.

Cui Dongshu, Secretary General of the China Passenger Vehicle Association, expressed optimism about the fourth quarter of this year in a media interview, stating, "We believe that the overall situation in the Chinese auto market will gradually strengthen, especially in the fourth quarter with the promotion of scrappage and replacement policies across the country, which will lead to positive development."

In the third quarter, electric vehicle sales in the USA reached a record high, while in Canada, electric vehicle sales increased by 4.3% in September.

According to the market research firm Rho Motion, electric vehicle sales in the USA and Canada grew by 4.3% in September compared to the same period last year, reaching 0.15 million units.

Furthermore, data from Kelley Blue Book (KBB) by Cox Automotive shows that in the third quarter of the USA, electric vehicle sales increased by 11% to 346,309 units, with the electric vehicle market share rising from 7.8% last year to 8.9%, reaching historic highs for both sales and market share.

The USA is close to the 10% threshold for electric vehicle penetration, which is seen as a significant milestone for the adoption of electric vehicles in the country. Cox Automotive predicts that 2024 will be the "year of growth" for electric vehicles in the USA.

Stephanie Valdez Streaty, industry insights director of the usa, stated that part of the reason for the growth in electric car sales in the United States is due to government incentives and discounts offered by car manufacturers. He pointed out that although the year-on-year growth has slowed down, electric vehicle sales in the United States continue to rise. According to KBB report, the average incentive in the United States exceeded 12% in the third quarter, far above the industry average of 7%.

However, Lester, data manager at Rho Motion, stated that due to the official general election in the United States on November 5th, sales growth in the U.S. market is slow and steady, making it difficult to predict future trends.

In September, electric vehicle sales in europe increased by 4.2%, with the United Kingdom growing by 24% and Germany by 7%.

Earlier this year, various European countries have reduced subsidies and slowed down the phase-out targets for gasoline and diesel vehicles, leading to a continuous cooling of electric vehicle demand in Europe.

However, the current electric vehicle market in europe is recovering. Data from Rho Motion shows that electric vehicle sales in Europe increased by 4.2% year-on-year, totaling 0.3 million units sold. This growth is mainly driven by the 24% increase in the United Kingdom, as well as increased sales in countries like Italy, Germany, and Denmark.

Lester added that electric vehicle sales in Germany achieved a 7% year-on-year growth, which he described as "absolutely good news." However, the mid-term carbon reduction targets set by the EU for next year will pose a new challenge to the EU market.

Currently, Rho Motion forecasts that by 2025, sales of pure electric and plug-in hybrid vehicles in europe will reach 3.78 million units, and by 2030 will reach 9.78 million units, representing a 24% and 19% downward revision from previous forecasts.