Electric vehicle (EV) sales are set to surpass 20 million globally in 2025, accounting for around 25% of all cars sold.
According to the International Energy Agency’s (IEA) latest Global EV Outlook – this milestone signals strong momentum for the sector, with record growth continuing despite economic uncertainty.
China remains the global leader, where nearly half of all new cars sold in 2024 were electric—equating to more than 11 million units, the same as the entire global figure just two years earlier.
Emerging markets in Asia and Latin America are also accelerating, with EV sales across the regions up more than 60%.
In the US, sales rose by 10% year-on-year, now making up more than one in ten cars sold.
In Europe, uptake stagnated as subsidies were rolled back, though EVs still hold a 20% market share.
“Our data shows that, despite significant uncertainties, electric cars remain on a strong growth trajectory globally,” said IEA Executive Director Fatih Birol. “This year, we expect more than one in four cars sold worldwide to be electric, with growth accelerating in many emerging economies.”
EVs are also becoming more affordable. In China, two-thirds of electric cars sold in 2024 cost less than their petrol equivalents, even without subsidies.
Battery costs have declined, driving global price reductions.
EVs remain consistently cheaper to operate, even if oil prices were to drop to $40 per barrel.
Electric truck sales have also surged—rising 80% last year globally, with China again leading the way.
With growing cost parity and lower emissions, the shift to EVs is accelerating says the IEA.
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