EV Sales Set to Top 20 Million Globally by 2025, Reports IEA - NEW BOX OFFICE TO DAY

The electric vehicle (EV) market share is anticipated to go beyond 40% by 2030, with worldwide sales forecasted to top 20 million units by 2025, accounting for more than one-quarter of the automobile market, as stated by the International Energy Agency (IEA).

Even with economic difficulties, the electric vehicle industry keeps seeing unprecedented expansion, fueled by more affordable options boosting their uptake.

The International Energy Agency’s yearly Global EV Outlook suggests that electric vehicles are increasingly becoming more budget-friendly, resulting in strong sales expansion even as the car industry faces financial challenges due to economic constraints.

In 2024, worldwide sales of electric vehicles surpassed 17 million units, marking the first year where EVs made up over 20% of the global automobile market.

In the initial three months of 2025, there was a 35% rise in electric vehicle sales compared to the same period last year.

China continues to dominate the electric vehicle sector, where nearly half of all automobile sales were electric vehicles in 2024.

Moreover, emerging markets in Asia and Latin America experienced a significant rise in electric vehicle purchases, with an increase of more than 60% in 2024.

In the US, electric vehicle sales increased by roughly 10% compared to the previous year, accounting for over one-tenth of all vehicles sold.

Due to waning subsidies and support measures, Europe saw stagnant sales; however, the market share for electric vehicles remained approximately 20%.

Worldwide, the typical cost of an electric vehicle dropped in 2024 due to market competition and declining expenses related to batteries.

In China, two-thirds of electric vehicles sold were cheaper than traditional models, despite not having purchase incentives.

Moreover, electric vehicles continue to exhibit reduced operating expenses in numerous regions. In Europe, for instance, charging at home remains approximately half the cost of operating a traditional vehicle, irrespective of possible decreases in oil prices.

The IEA report points out that approximately one-fifth of all electric cars sold globally are imported vehicles.

In 2024, China, which accounts for more than 70% of worldwide electric car production, shipped approximately 1.25 million units globally. This influx led to significant price reductions in emerging markets as a result of Chinese exports.

The report additionally highlights electric trucks, pointing out an 80% rise in their sales from the previous year, which made up almost 2% of total global truck sales.

The IEA executive director, Fatih Birol, stated: "Despite considerable uncertainties, our information indicates that electric vehicles are experiencing robust global growth. Record-breaking sales numbers persist, significantly impacting the automotive sector internationally. We anticipate that over twenty-five percent of all automobiles sold globally this year will be electric, with numerous developing nations showing rapid expansion. By the close of this decade, we project that more than forty percent of car sales could consist of electric vehicles as they grow progressively more cost-effective."

"According to an IEA report, global electric vehicle sales will surpass 20 million in 2025." Was initially developed and released by Just Auto , a romero.my.idowned brand.

This website includes information added in good faith solely for broad informative use. This data isn’t meant to serve as advice upon which you can depend, nor do we offer any form of assurance regarding its precision or thoroughness—whether explicitly stated or implicitly understood. Before acting or deciding against an action based on what’s shared here, consider seeking guidance from experts or professionals first.