The future looks bright for electric vehicles in 2025, with S&P Global Mobility predicting a 30% increase in global EV sales compared to this year. The United States is expected to see a 36% increase in EV sales, while figures in Europe and India are set to go even higher.
According to the respected auto industry analysts at S&P Global Mobility, all-electric vehicle sales are projected to grow by 29.9% globally next year. The estimations indicate that 15.1 million EVs will be sold worldwide in 2025, up from the estimated 11.6 million EVs this year. This represents an increase in market share from 13.2% to 16.7%.
Despite some uncertainties related to factors such as carmakers scaling back their EV goals and the potential discontinuation of the $7,500 federal tax credit for EVs in the United States, the outlook for EV sales remains positive. In contrast, global light vehicle production is expected to decrease by 0.4% in 2025, with a total of 88.7 million units.
China is expected to maintain its position as the world’s largest EV market, with a projected market share of 29.7% at the end of 2025. However, the year-over-year change in market share for China is expected to be the smallest among all regions, at 19.7%.
The United States is forecasted to have an EV market share of 11.2% by the end of 2025, representing a 36% increase from 2024. Central and Western Europe are expected to end 2025 with an EV market share of 20.4%, a significant jump of 43.4%.
India is projected to double the number of electric vehicles on its roads by December 2025, with a market share of 7.5%–a 117% increase compared to 2024.
While these projections are optimistic, it is important to remember that they are just predictions. The future of EV sales will depend on various factors, particularly in the U.S. where the federal EV incentive is expected to be phased out. This could present challenges for automakers and buyers in the coming year.
Overall, the outlook for electric vehicles in 2025 is promising, with continued growth expected in global EV sales. As the automotive industry continues to evolve, the shift towards electric vehicles is becoming more pronounced, paving the way for a more sustainable and environmentally-friendly transportation future.