Electric Vehicle Sales Set To Soar Globally In 2025: BloombergNEF

BloombergNEF’s Electric Vehicle Outlook projects 22 million battery electric and plug-in hybrid sales globally in 2025. This reflects an expected 25 per cent increase from 2024. Cheaper batteries and affordable models are driving this growth. 

China leads, capturing nearly two-thirds of global EV sales. Strong domestic demand and growing exports will continue to fuel China’s dominance in 2025. Europe follows with a projected 17 per cent share.

The US trails at an expected 7 per cent. Market slowdowns are hampering progress in North America.

Costs and Adoption

Lithium-ion battery prices are falling, making EVs more accessible. In 2024, two-thirds of China’s EVs were cheaper than petrol cars. This affordability trend is expected to spread globally in 2025. Supply chain issues, however, could slow adoption.

The UK is set to lead Europe’s EV race, surpassing Germany. Strong policies and consumer interest drive this edge.

Yet, a Shell survey shows only 41 per cent of drivers plan to consider EVs in 2025, down from 48 per cent, citing high costs.

Challenges and Future Outlook

Emerging markets in Asia and Latin America are projected to see rapid EV uptake as affordable models meet rising urban demand.

According to BloombergNEF, the electric vehicle fleet is anticipated to overtake the internal combustion engine fleet in several countries in the coming decades. Norway is expected to achieve this shift by 2030, with China following in 2033, California in 2037, and Germany in 2039. 

This change is projected to drive public charging revenue in Europe and North America, rising from approximately $10 billion in 2025 to $220 billion by 2040.

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