The International Energy Agency (IEA) released its report titled “Global Electric Vehicle Outlook 2025” on May 14. The report highlights a robust growth in the electric vehicle (EV) market, despite global economic uncertainties. It is projected that by 2025, worldwide sales of electric vehicles will exceed 20 million, accounting for over 25% of total new car sales.
According to the report, global electric vehicle sales are expected to reach 17 million units in 2024, marking an approximate 25% year-on-year increase and for the first time surpassing 20% of the global automotive market. In the first quarter of 2025, electric vehicle sales are anticipated to grow by 35% compared to the previous year, indicating a significant upward trend.
The report also points out that the Chinese market continues to lead, with electric vehicle sales projected to exceed 11 million units in 2024, representing nearly 50% of domestic new car sales. Emerging markets in Asia and Latin America are also experiencing rapid growth, with annual increases exceeding 60%.
The IEA anticipates that if countries fulfill their energy and climate commitments, by 2030, electric vehicles will account for more than 40% of global new car sales.
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