Global EV Sales Surpass 17 Million in 2024, Expected to Exceed 20 Million in 2025

Global electric vehicle (EV) sales are projected to surpass 20 million in 2025, representing around 25% of all cars sold worldwide, according to the International Energy Agency (IEA). China continues to dominate the market, with electric cars comprising nearly half of all new car sales in 2024, and the number sold there last year matching the entire global sales figure from two years prior. Emerging markets in Asia and Latin America have seen significant growth, with EV sales increasing by over 60%, while the U.S. and European markets showed more modest gains of about 10% and stagnation respectively, partly due to reduced subsidies in Europe. Affordability has improved markedly, especially in China where two-thirds of EVs sold cost less than comparable petrol vehicles without subsidies, and operational costs remain lower than conventional cars globally. The IEA also notes that nearly 20% of EV sales are from imported vehicles, with China responsible for over 70% of global production and exporting 1.25 million EVs in 2024. Overall, the EV market is on a strong growth trajectory, expected to capture 40% of global car sales by 2030 despite economic uncertainties.