PARIS: The landmark figure signals a pivotal shift in the global automotive market, with EVs poised to make up over 20% of all car sales for the first time.
In its latest report cited by French newspaper Le Figaro, the IEA revealed that sales of electric and plug-in hybrid vehicles are on track to reach nearly a quarter of global car sales by 2025. The first quarter of 2025 alone saw a 35% jump in EV sales compared to the same period in 2024.
“Despite significant uncertainty, electric vehicles remain on a strong growth trajectory worldwide,” said Fatih Birol, Executive Director of the IEA. He noted that while economic shifts, trade tensions—particularly new US tariffs—and fluctuating oil prices may influence the pace of EV adoption, the momentum remains strong. This is due in part to highly competitive pricing and a 40% increase in electric and plug-in hybrid vehicle sales by 2024, reaching nearly one in every two cars sold, and possibly 80% by 2030.
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China continues to lead the global EV charge, accounting for nearly two-thirds of total sales in 2023. Competitive pricing and a 40% growth in plug-in hybrid and electric vehicle sales have driven the trend, with EVs projected to comprise up to 80% of China’s auto market by 2030.
In contrast, Europe’s EV growth has stalled slightly due to limited affordable options. Nonetheless, the region remains committed to ambitious goals, targeting a 60% EV market share by 2030, although short-term targets have been scaled back.
In the United States, EV growth has slowed, holding steady at around 10% market share. The IEA has revised its 2030 projections downward, especially as former President Donald Trump regains influence over a fifth of the market.
Emerging markets are also gaining traction. Sales in parts of Asia, Latin America, and Africa surged 60% last year, fueled by government incentives and the influx of budget-friendly EVs from Chinese manufacturers.
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