TrendForce reports that in the first quarter of 2025, global sales of new energy vehicles (NEVs) are projected to exceed 4 million units, marking a remarkable 39% increase compared to the previous year. Within this growth, the penetration rate of NEVs in the overall automotive market is expected to reach 18.4%.
Specifically, sales of battery electric vehicles (BEVs) are anticipated to hit 2.67 million units, representing a significant 45% year-on-year growth. In this segment, Tesla continues to dominate with 15.4% of the market share, followed by BYD at 12.6%, and other manufacturers capturing 6.9% of the market share, with a substantial overall growth rate of 443%.
In the plug-in hybrid electric vehicle (PHEV) sector, the market share for BYD is also notable, maintaining a strong position with 38.7% market penetration. This is followed by traditional hybrids at 6.7%, while PHEVs have reached a market share of 3.6%, marking their first entry into the market.
Looking ahead, TrendForce estimates that by 2025, global NEV sales will reach approximately 19.47 million units, which represents a 19.6% increase from previous forecasts. The rise in popularity of NEVs can be attributed to advancements in technology, increased consumer awareness, and a growing range of models available in the market.
As the market evolves, manufacturers are expected to innovate further to meet consumer demands for sustainable and efficient transportation solutions.
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