The International Energy Agency (IEA) revealed on Wednesday a report indicating that sales of electric and plug-in hybrid cars are expected to account for a quarter of global car sales by 2025.
The released report shows that, “despite recent economic headwinds that have pressured the automotive sector, global electric vehicle sales continued to break records, as electric models became increasingly affordable”.
Sales surpassed 17 million globally in 2024, raising the share of electric vehicles in the global car market above 20% for the first time, as previously forecasted by the IEA.
In the first three months of 2025, sales of electric cars increased by 35% compared to the previous year. “All major markets, and many others, registered new sales records in the first quarter”, the IEA report adds.
China maintains its position as the market leader in electric vehicles, with 100% electric models accounting for nearly half of all car sales in 2024. The number of electric vehicles sold in China last year (over 11 million) is equivalent to the total sold worldwide in 2022.
Emerging markets in Asia and Latin America have also become new growth centers, with total electric vehicle sales in these regions registering an increase of over 60% in 2024.
“Our data shows that, despite significant uncertainties, electric cars continue on a strong growth trajectory worldwide”, said the executive director of the IEA, Fatih Birol, in a statement accompanying the report.
These uncertainties are particularly linked to the evolution of global growth and international trade, mainly due to the implementation of tariffs by the United States. A sustained drop in oil prices could also slow the growth of electric vehicles.
“This year, we expect that more than one in four cars sold worldwide will be electric, and this proportion should increase to two in five cars by the end of the decade, as electric vehicles become increasingly affordable”, Birol added.
