The International Energy Agency (IEA) has published its annual Global EV Outlook 2025 report, summing up the development of electric transport in 2024 and presenting forecasts for the next decade.

Record sales and market share growth

In 2024, global sales of electric vehicles (including BEVs, PHEVs and FCEVs) reached 17.5 million units, which exceeded 20% of total passenger car sales for the first time. For comparison, in 2023, the share of electric vehicles was 18%.

Among all types of electric vehicles, pure electric vehicles (BEVs) are the most popular – their share in sales was 63%. At the same time, hydrogen vehicles (FCEVs) had virtually no impact on the market, taking up only hundredths of a percent.

Global Electric Vehicle Fleet: 58 Million and Oil Savings

At the end of 2024, there were almost 58 million electric vehicles on the world’s roads, which is about 4% of the total vehicle fleet. This is more than three times the 2021 figure.

The transition to electric vehicles has reduced global oil consumption by 1 million barrels per day.

China is the leader in electric mobility

China has strengthened its position as the largest electric vehicle market:

• In 2024, more than 11 million electric cars were sold here – the same as worldwide in 2022.
• The share of electric vehicles in total sales reached 50%.
• Two-thirds of electric vehicles sold in China turned out to be cheaper than their ICE counterparts, even without subsidies.

Dynamics in other regions

USA:

• Sales increased by 10%, market share – 10%.
• Electric vehicles remain 30% more expensive than gasoline ones.

Europe:

• Sales growth slowed due to reduced subsidies, but the share remained at ~20%.
• In Germany, electric vehicles are on average 20% more expensive than their ICE counterparts.

Emerging markets (Asia, Latin America):

• Sales grew by more than 60%.

Electric truck breakthrough

The global electric truck market in 2024 showed an 80% growth, largely due to China. Their share in total truck sales reached 2%. In China, some models of heavy-duty electric trucks are already competitive with diesel ones due to low operating costs.

Forecasts until 2030

2025:

• Electric vehicle sales may exceed 20 million, and their share is 25%.
• In China, the share may approach 60%.

2030:

The global share of electric vehicles will exceed 40%.

• In Europe – ~60%, in China – ~80%.
• In the US – only 20% (previously predicted 40%).

Electric vehicles and energy consumption

In 2024, the global fleet of electric vehicles consumed 180 TWh of electricity – 60% more than in 2023. This is more than the annual consumption of Argentina.

By 2030, the demand for electricity from electric vehicles may grow to 780 TWh (2.5% of global consumption). In China and Europe, the share of energy consumption by electric vehicles will reach 3.6% and 4.3%, respectively.

Conclusion

The electric vehicle market continues to grow rapidly, especially in China and developing countries. But in the US and Europe, high prices and reduced government support could slow the pace of electrification. The IEA predicts that by 2030, every second new car in the world will be electric, but regional differences will remain significant.