IEA: China Is No Longer the Only Driver of Global Electric Vehicles

The annual report released by the International Energy Agency (IEA) on Wednesday shows that China is no longer the sole driving force behind sales of battery electric and plug-in hybrid vehicles: emerging countries such as Brazil, Vietnam, and Indonesia are also rapidly electrifying.

Global electric vehicle sales will exceed 17 million units (including plug-in hybrids) in 2024, with global market share for the first time exceeding 20%. EV sales grew by another 35% in the first three months of 2025 compared to the first quarter of 2024.

Fatih Birol, Executive Director of the IEA, said at a press conference: "Electric vehicles have become an indispensable part of the global automotive industry." He emphasized: "Despite significant uncertainties, electric vehicles continue to maintain a strong growth trajectory."

These uncertainties mainly relate to risks of global economic recession, changes in international trade conditions, and the U.S. imposing additional tariffs.

A sustained decline in oil prices may also slow the growth of electric vehicles. However, the IEA pointed out that Fatih Birol emphasized that the development of electric vehicles has not only reduced carbon dioxide and toxic gas emissions but has also slowed the growth of global oil demand.

Birol added: "We expect more than one-quarter of all cars sold globally this year to be electric vehicles.” As electric vehicle prices become increasingly affordable, this proportion is expected to rise to two-fifths by 2020."

China continues to lead the electric vehicle transition, accounting for nearly two-thirds of global electric vehicle sales last year, partly due to highly competitive pricing. The IEA expects that by 2024, sales of battery electric and plug-in hybrid vehicles will increase by nearly 40%, reaching almost half of total vehicle sales, potentially reaching 80% by 2030.

In Europe, these trends have stalled as some countries reduce incentives and there is a lack of affordable models.

European countries remain ambitious, aiming for a market share of nearly 60% by 2030. Although the EU has confirmed it will lower short-term targets, the IEA stated that their impact remains to be seen.

In the U.S., growth rates have slowed slightly, but market share has reached around 10%. With Donald Trump's administration, the IEA halved its 2030 forecast, and currently Trump holds a 20% market share.

The IEA noted that last year, sales of electric vehicles in emerging economies in Asia, Latin America, and Africa increased by 60%, driven by "policy incentives and the increasing availability of relatively affordable electric vehicles from Chinese automakers."

Last year, electric vehicles accounted for 13% of sales in Thailand, 17% in Vietnam, and doubled to 6% in ethanol-rich Brazil.

Source: https://www.toutiao.com/article/1832162307058696/

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