The global electric vehicle (EV) market is set to continue its strong growth, with the number of electric vehicles expected to reach 85 million units by the end of 2025, a 35% increase compared to 2024. According to a recent report by Gartner, global EV shipments are forecast to hit 64 million units in 2024, with a further 33% growth projected in 2025. China and Europe will continue to drive the majority of this growth, together accounting for 82% of global EV sales.
In China, the growth momentum for electric vehicles remains especially robust, with the number of electric vehicles expected to reach 49 million units by 2025, accounting for 58% of the global EV market share. This growth will enable China to maintain its position as the world's leading electric vehicle market. Meanwhile, Europe is also expected to see strong growth, with the number of electric vehicles in the region reaching 20.6 million units by 2025, representing 24% of global EV sales.
Jonathan Davenport, Senior Research Director at Gartner, noted that while the electric vehicle market faces various challenges, such as some automakers delaying new model launches due to overestimating the speed of EV adoption, the overall market will continue to expand. The report forecasts that by 2025, sales of battery electric vehicles (BEVs) will approach 62 million units, representing a 35% year-on-year increase, while sales of plug-in hybrid electric vehicles (PHEVs) are expected to reach 23 million units, growing 28%.
Thailand is also showing rapid growth in the EV sector, with the number of electric vehicles expected to exceed 77,800 units by 2025, a 49% year-on-year growth. Of this, BEVs will make up 74%. This growth indicates that Southeast Asia is becoming an increasingly important part of the global electric vehicle expansion.
Although the US market's growth prospects are affected by policy uncertainties, particularly regarding whether the incoming US president will continue to support EV tax credits and impose tariffs on foreign-made vehicles, the report predicts that by 2025, EV sales in the US will grow by 36%, capturing 11.2% of the total car market.
In conclusion, the global electric vehicle market will continue to expand under the leadership of China and Europe. With increasing government support, the continued improvement of charging infrastructure, and rising consumer demand for environmentally friendly and cost-effective options, electric vehicles will dominate the automotive market in the coming years. By 2025, global electric vehicle sales are expected to reach 85 million units, laying a solid foundation for the green transformation of the global automotive industry.
