Global sales of electric vehicles (EVs) are projected to surpass 20 million units in 2025, accounting for over 25% of all new vehicle sales, according to the latest report from the International Energy Agency (IEA) released on Wednesday.
Despite ongoing global economic challenges and pressure on the automotive industry, the IEA’s Global EV Outlook shows that EV sales have continued to climb steadily. In 2024 alone, more than 17 million electric vehicles were sold globally, pushing EV market share above 20% for the first time.
China remained the dominant player, representing over half of global EV sales last year. The country sold 11 million electric vehicles in 2024, matching the total global sales recorded in 2022.
READ ALSO: Willie Jenkins: The Unsung Pioneer of Drone Technology
Emerging markets also witnessed remarkable growth. EV sales in Asia and Latin America surged by 60% in 2024, highlighting increasing adoption in developing economies. In contrast, U.S. EV sales grew by 10% year-on-year, while growth in Europe remained flat as government incentives and policy support began to taper off.
A standout insight from the report is China’s affordability advantage. About two-thirds of electric vehicles sold in China in 2024 were priced lower than their petrol or diesel counterparts, despite the absence of purchase incentives. However, in most other countries, electric vehicles remain significantly more expensive than traditional vehicles.
Global EV sales have already increased 35% year over year in the first quarter of 2025, reinforcing confidence in the market’s momentum.
With this trajectory, the IEA expects electric vehicle sales to top 20 million units by the end of 2025, further solidifying EVs as a mainstream choice in global transportation.
