Electric car sales are on track to exceed 20 million globally in 2025, accounting for more than a quarter of all cars sold worldwide, according to new data.
Despite economic uncertainties, the electric vehicle market is projected to continue its robust growth, with market share expected to surpass 40 per cent by 2030 as EVs become increasingly affordable in more markets.
The report shows that global electric car sales exceeded 17 million in 2024, pushing the share of EVs in the global car market above 20 per cent for the first time.
This strong momentum has continued into 2025, with sales up 35 per cent year-on-year during the first quarter, breaking records in many major and small markets.
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New data suggests that two in five cars sold in 2030 could be electric
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China maintains its position as the EV market leader, with electric cars accounting for almost half of all car sales in 2024.
The 11 million electric cars sold in China last year equal the total sold worldwide in 2022, according to the International Energy Agency's Global EV Outlook report.
Emerging markets in Asia and Latin America have become new growth centres, with electric car sales across these regions surging by more than 60 per cent in 2024.
In the United States, electric car sales grew by about 10 per cent year-on-year, reaching more than one in 10 cars sold.
Europe, however, experienced stagnation as subsidy schemes and other supportive policies waned. Despite this slowdown, the market share of electric cars in Europe remained steady at around 20 per cent.
Fatih Birol, executive director at the IEA, said: "Our data shows that, despite significant uncertainties, electric cars remain on a strong growth trajectory globally.
"Sales continue to set new records, with major implications for the international auto industry. By the end of this decade, it is set to be more than two in five cars as EVs become increasingly affordable."
The increasing affordability of electric vehicles is driving their adoption globally. On average, EV prices fell in 2024 amid growing competition and declining battery costs.
There are more than one million electric vehicles on the road across the UK, with data from the Society of Motor Manufacturers and Traders showing strong uptake of EVs.
Last month, new electric cars made up more than 20 per cent of the total market share, with new petrol registrations below 50 per cent.
In China, two-thirds of electric cars sold last year were cheaper than their conventional equivalents without incentives.
Though purchase prices remain higher in markets like Germany (20 per cent) and the US (30 per cent), EVs are consistently cheaper to operate across many markets.
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REUTERSEven with EVs' growing affordability, international trade plays a significant role in the market. Nearly one-fifth of electric cars sold worldwide are imported vehicles.
China, which accounts for more than 70 per cent of global production, exported nearly 1.25 million electric cars to other countries in 2024.
