The global electric vehicle (EV) market is projected to defy skepticism, with analysts predicting a substantial 30% growth in sales by 2025. S&P Global Mobility anticipates that battery-electric vehicles (BEVs) will reach 15.1 million units sold, representing 16.7% of the global car market. This represents a significant jump from the estimated 11.6 million BEVs sold in 2024, which accounted for 13.2% of the market.
While some automakers have voiced concerns about waning demand for EVs, industry experts remain optimistic about the sector's future. The anticipated growth emphasizes the accelerating shift towards sustainable transportation, although the adoption rate will vary considerably across different regions. The rate of EV adoption is expected to diverge greatly across regions, influenced by factors such as government policies, incentives, and infrastructure development. For instance, in India, EVs are predicted to constitute only 7.5% of total vehicle sales in 2025. However, the country is experiencing rapid growth, with EV sales projected to increase by 117% year-on-year as it builds the foundation for electrification. In the United States, EVs are anticipated to grow by 36%, comprising 11.2% of the market in 2025. Much of this growth relies on the policies of President-elect Donald Trump, whose administration is expected to shape the future of EV tax credits and impose tariffs on imported vehicles. China, a global leader in EV adoption, is forecast to have nearly 30% of its automotive market dominated by electric cars in 2025. This milestone arrives as EVs are poised to outnumber internal combustion engine (ICE) vehicles for the first time. While growth in China's EV sector is moderating to 20% year-on-year, it remains a crucial market. However, analysts caution that an oversupply of models, fierce competition, and aggressive price wars may lead to the downfall of some domestic brands
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