S&P Global Mobility forecast for 2025: global electric vehicle sales to grow by 30 per cent
Analysts at SP Global Mobility expect sales of all-electric vehicles to grow 29.9 per cent globally in 2025. If the forecast comes true, 15.1 million electric vehicles will be sold worldwide, up from the expected 11.6 million electric vehicles in 2024. Together with this, the market share of battery models will increase from 13.2% to 16.7%.
SP Global Mobility's regional forecasts:
- US: the share of electric vehicles will be 11.2 per cent in 2025. This is a 36% increase from 2024.
- China: the share of electric vehicles in 2025 will be 29.7%. This is 19.7 per cent more than in 2024.
- Central/Western Europe: the share of electric vehicles in 2025 will be 20.4 per cent. This is an increase of 43.4 per cent over 2024. This is 43.4% more than in 2024.
SP Global Mobility also listed some of the challenges that the global electric vehicle sector will face in 2025. These include uncertainty about the pace of electrification, especially with regard to charging infrastructure, power grids, battery supply chains, global supply trends, tariff trade barriers, the pace of technological progress, and the level of support needed from policymakers to facilitate the transition from fossil fuels to electric alternatives.
The political strategies of global leaders, particularly US President-elect Donald Trump, may also impact the electric vehicle sector.
Source: SP Global Mobility
