On June 3, South Korean media "Digital Today" published an article stating that it is expected that by 2025, one-fourth of the cars sold globally will be electric vehicles.
According to the International Energy Agency (IEA) "Global Electric Vehicle Outlook 2025" report, in 2024, global electric vehicle sales set a record high of 17 million units, with global market share exceeding 20% for the first time. This growth momentum continued into early 2025, with electric vehicle sales increasing by 35% year-over-year in the first quarter.
China continues to lead far ahead in the electric vehicle race. In 2024, China's electric vehicle sales exceeded 11 million units, accounting for nearly half of total vehicle sales. This number even surpasses the global electric vehicle sales two years ago. Electric vehicles are also rapidly gaining popularity in emerging markets such as Asia and Latin America, with last year's sales growing by more than 60%.
In the United States, electric vehicle sales increased by about 10% year-over-year, with electric vehicles now accounting for more than 10% of all new car sales. Meanwhile, electric vehicle sales in Europe have stalled. With government incentives beginning to weaken, the market share on the European continent remains around 20%.
Fatih Birol, Executive Director of the IEA, stated, "Despite considerable uncertainty, electric vehicles continue to maintain strong growth momentum worldwide. The continuous new highs in electric vehicle sales will have a significant impact on the global automotive industry."
One of the main factors driving the growth in electric vehicle sales is price reduction. Due to intensified competition and declining battery prices, the average price of electric vehicles dropped in 2024. In particular, in China, two-thirds of the electric vehicles sold last year were cheaper than internal combustion engine vehicles even without subsidies. However, electric vehicle prices remain about 30% higher in the U.S. and around 20% higher in Germany compared to internal combustion engine vehicles.
However, electric vehicles have an advantage in operational costs. It is claimed that even if oil prices fall to $40 per barrel, the charging and operational costs of electric vehicles in Europe are still only about half of those of gasoline vehicles.
The report also focused on the growth in China's electric vehicle exports. Last year, approximately 20% of global electric vehicle sales were imports, while China, which produces over 70% of the world's electric vehicles, exported 1.25 million units in 2024. These exports help lower prices in emerging markets.
This growth trend is not limited to electric vehicles. Global electric truck sales also grew by 80% last year, currently accounting for about 2% of the truck market. This growth is largely driven by China, indicating that the operating costs of some large electric trucks produced in China are lower than those of diesel trucks.
Original Source: https://www.toutiao.com/article/1833907824194588/
Disclaimer: This article represents the views of the author alone.