According to a recent report from TrendForce, the global sales of new energy vehicles are expected to reach 4 million units in the first quarter of 2025, marking a 39% increase compared to the previous year. This includes battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and hydrogen fuel cell vehicles.
In this quarter, the demand for BEVs is projected to be particularly strong, with expected sales of 2.67 million units, representing an impressive 45% increase year-on-year. BEVs are anticipated to capture a 15.4% market share, making them the leading category among new energy vehicles. Following BEVs, PHEVs are expected to achieve sales of 1.35 million units, with a growth rate of 28%. Their market share stands at approximately 38.7%.
Among the various brands, BYD is anticipated to lead the market with a 12.6% share, closely followed by Tesla at 6.9%. Notably, the sales of Geely are expected to surge by 61%, positioning them as a strong competitor with a projected market share of 6.7%.
Additionally, TrendForce forecasts that the overall market for new energy vehicles will stabilize, with annual sales projected to reach 19.6% growth, totaling about 19.47 million units by the end of 2025.
This growth trajectory is attributed to an increasing consumer preference for electric vehicles, driven by advancements in technology and infrastructure, as well as government policies favoring sustainable transportation. As the market continues to evolve, it is expected that new energy vehicles will increasingly dominate the automotive landscape.
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