S&P Forecasts a Significant Increase in Global Pure Electric Vehicle Sales by 29.9% to 15.1 Million Units This Year
According to an analysis by S&P Global Mobility, the electric vehicle market outlook for 2025 is optimistic. Despite some automakers adjusting their electric vehicle targets and uncertainties surrounding the $7,500 federal tax credit in the US, a significant increase in electric vehicle sales is still expected this year.
The company forecasts that global pure electric vehicle sales will grow by 29.9% in 2025, with an expected global sales volume of 15.1 million units, compared to the expected 11.6 million units in 2024, increasing the market share from 13.2% to 16.7%. In contrast, global light vehicle production is expected to decrease by 0.4%, totaling 88.7 million units.
China is expected to become the largest electric vehicle market globally, with a market share of 29.7%. However, in S&P Global Mobility's forecast, China's annual market share growth is expected to be the smallest, at only 19.7%.
The US is expected to follow, with the electric vehicle market share expected to be 11.2% by the end of 2025, a 36% increase from 2024. Despite challenges this year, the Central and Western Europe region is expected to increase its market share to 20.4% in 2025, a growth of 43.4%.
Meanwhile, India is expected to double its electric vehicle numbers in 2025, with a market share of 7.5%, a 117% increase from 2024.
