Electric car sales exceeded 17 million globally in 2024, reaching a sales share of more than 20%. Just the additional 3.5 million electric cars sold in 2024 compared with the previous year is more than the total number of electric cars sold worldwide in 2020. China maintained its lead, with electric cars accounting for almost half of all car sales in 2024; the over 11 million electric cars sold in China last year were more than global sales just 2 years earlier. As a result of continued strong growth, 1 in 10 cars on Chinese roads is now electric. Europe saw sales stagnate in 2024 as subsidy schemes and other supportive policies waned, but the sales share of electric cars remained around 20% as stronger sales in some countries compensated for lower sales in others. In the United States, electric car sales grew by about 10% year-on-year, reaching more than 1 in 10 cars sold.

Emerging markets in Asia and Latin America are becoming new centres of growth, with electric car sales jumping by over 60% in 2024 to almost 600 000 – about the size of the European market 5 years earlier. In Southeast Asia, electric car sales grew by nearly 50% to represent 9% of all car sales in the region, with notably higher sales shares in Thailand and Viet Nam. In Brazil, the largest car market in Latin America, electric car sales more than doubled to 125 000 in 2024, reaching a sales share of over 6%. Sales in Africa also more than doubled, too, mostly thanks to growing sales in Egypt and Morocco, though electric cars still represent less than 1% of total car sales across the continent. Policy support and relatively affordable electric car imports from China played a central role in increasing sales in some emerging electric vehicle (EV) markets, accounting for 85% of electric car sales in both Brazil and Thailand, for example. Across all emerging economies outside of China, Chinese imports made up 75% of the increase in electric car sales in 2024. 

Electric car sales in 2025 are expected to exceed 20 million worldwide to represent more than one-quarter of cars sold worldwide. Sales were up 35% year-on-year in the first three months of 2025, with record first-quarter sales in all major markets. In China, the continuation of incentives for replacing older vehicles and falling electric car prices mean electric cars are projected to reach around 60% of total car sales in the country in 2025. Emissions standards in the European Union and the United Kingdom will require higher shares of zero-emission car sales in 2025. Building on more than 20% year-on-year sales growth observed in the first quarter, these policy pushes are expected to drive up electric car sales in Europe in 2025 to reach a sales share of 25%, despite flexibility given to automakers for meeting the 2025 EU emissions reduction target. While the 2025 outlook for electric car sales in the United States is uncertain based on today’s policy direction, sales are currently expected to maintain the 10% growth observed in the first quarter; as consumers take advantage of existing tax credits in view of their potential repeal, electric car sales are projected to reach 11% of total car sales over the full year. In emerging economies other than China, sales are expected to continue growing strongly, increasing by 50% to reach 1 million in 2025.

Despite uncertainties in the outlook, the share of electric cars in overall car sales is set to exceed 40% in 2030 under today’s policy settings. China is poised to continue leading in electric car sales to 2030, achieving a sales share of around 80% on the back of significant market momentum and competitively-priced EVs. In Europe, carbon dioxide (CO₂) targets support the achievement of a sales share of close to 60% by 2030, slightly below last year’s projection. The sales share in the United States grows much more modestly than in our Outlook last year, reaching around 20% by 2030 based on today’s policy direction – less than half the share projected for 2030 last year. In Southeast Asia, meanwhile, electric car sales are boosted by strong policy support and available domestic manufacturing capacity: by 2030, one in four cars sold in the region is poised to be electric. Two/three-wheelers – an important mode of road transport in the region – electrify faster: by 2030, almost 1 in 3 such vehicles sold are electric. Across all vehicle modes, the deployment of EVs replaces the use of more than 5 million barrels of oil per day globally in 2030, an important energy security consideration. Half of these savings are the result of EV adoption in China.

Uncertainty about the evolution of trade and industrial policy, downside risks to the economic outlook, and lower oil prices could affect EV uptake – but also car markets overall. Higher tariffs might increase the price of cars, including electric cars, and their components; lower GDP growth could dampen car sales; and lower oil prices affect the fuel cost savings from the use of electric cars. The way these factors will play out in practice is uncertain, but on aggregate they look to pose risks for overall car sales volumes more than for the share of EVs. In China, continued political support and competitive EV prices suggest that EV sales can withstand such headwinds. In Europe, where price differentials with conventional cars are larger, the combination of longer-term policy ambition and examples of policy responses from the pandemic suggest that sustaining EV sales is possible. Low oil prices can reduce fuel savings offered by battery electric cars, but even at global benchmark oil prices of USD 40 per barrel, there would be significant fuel cost savings in all major EV markets when charging at home. In China, public fast charging costs around twice as much as home charging, but it would still offer savings for EV owners compared with driving a conventional car. 

China continues to be the world’s EV manufacturing hub and is responsible for more than 70% of global production. Car manufacturers headquarted in China predominantly cater to the domestic market, accounting for around 80% of domestic sales in 2024 and almost all of the 25% growth in global EV production. In the European Union, production stalled at 2.4 million electric cars in 2024. North America saw contrasting trends: US production declined whereas Mexico’s output doubled, supported by comparatively low manufacturing costs. Roughly 70% of Mexico’s output was from US-headquartered manufacturers. Production also increased by 15% in Asia Pacific countries other than China, reaching about 1 million electric cars, mostly from incumbent carmakers from Japan and Korea.

Global trade of electric cars increased 20% in 2024; imports now represent almost one-fifth of global electric car sales. At 40% (nearly 1.25 million electric cars), China accounted for the largest share of global exports in 2024. The European Union also remained a net exporter of electric cars: exports reached over 800 000, mostly destined for other European countries (such as the United Kingdom) and North America. EU imports were below 700 000, of which 60% came from China. The United States remained a net importer of electric cars; imports increased by nearly 40% in 2024, while exports fell by nearly 15%.

Chinese EV export markets are diversifying as Chinese automakers make headway in Brazil, Mexico and Southeast Asia. Several potential markets for Chinese EV exports have recently adopted or are considering the use of tariffs. This has prompted Chinese manufacturers to either frontload their exports before such tariffs come into force (as in Brazil) or to seek new markets for their available output. Today, overseas manufacturing capacity from Chinese manufacturers supplies about 5% of electric car sales in emerging markets and is set to grow further. 

As a global average, the price of battery electric cars fell in 2024, but the purchase price gap with conventional cars persisted in many markets. The average battery electric car price in Germany, for example, remained 20% higher than that of its conventional counterpart. In the United States, battery electric cars remained 30% more expensive, dampening future sales growth expectations. In contrast, two-thirds of all electric cars sold in China in 2024 were priced lower than their conventional equivalents, without considering purchase incentives for EVs. This helped boost sales even as government incentives decreased.

Chinese electric car models are typically cheaper than the average EV in emerging markets, bolstering the competitive position of the Chinese industry. In Thailand, the average price of a battery electric car has now reached parity with an average conventional car, and the Chinese electric cars available are, on average, even cheaper. In Brazil, the price gap between battery electric cars and conventional cars shrank to 25% in 2024 from over 100% in 2023 as Chinese electric car imports grew to 85% of the country’s EV sales. Similarly, the average price premium of battery electric cars in Mexico fell to 50% in 2024 from more than 100% in 2023 as Chinese imports reached two-thirds of sales.

Low critical mineral prices and increasing competition between battery manufacturers drove down battery pack prices in all markets in 2024, albeit with significant variations. In China, prices fell by about 30%, compared with 10-15% in Europe and the United States. The faster pace of cost reductions in China – enabled by strong competition, increasing manufacturing efficiency and supply chain integration, and access to a skilled workforce – is increasing the competitive advantage of Chinese battery manufacturers.

Public charging stations have doubled in the past 2 years to keep up with growing EV sales. China and the European Union have maintained a steady pace of charger deployment compared with the number of EVs on the road. However, in both the United States and United Kingdom, which have higher rates of access to home chargers than China, public charger build-out has not kept pace with EV deployment, and the number of electric light-duty vehicles per public charging point increased in 2024.

Charging capacity is an important measure of the adequacy of public charging networks. The number of ultra-fast chargers, with power ratings of 150 kilowatts (kW) and above, grew by about 50% in 2024 and now account for nearly 10% of all public fast chargers. Public slow chargers in urban areas are a solution for EV owners without access to home charging, but fast chargers along highways help enable long-distance trips. In Europe, over three-quarters of all highways have a fast-charging station at least every 50 kilometres, compared with less than half of US highways. Globally, public charging capacity for light-duty EVs would need to grow by almost ninefold to 2030 to support EV sales implied by stated policies. Even so, EVs are set to account for only 2.5% of total global electricity demand in 2030.

Government efforts to promote interoperability, standardisation, smart charging and vehicle-to-grid integration can ease the transition to EVs for drivers and grid operators. Technologies such as smart chargers and vehicle-to-grid-capable EV models are becoming more available, but new market structures and legal frameworks will be needed for vehicles to maximise the potential benefits for the grid. China and the United Kingdom stand out for policy implementation and demonstration projects in this area. Battery technology innovations in recent years are also enabling safe high-power charging that could be as quick as refuelling a conventional car, but fully realising these advances hinges on deploying adequate infrastructure.

Electric truck sales grew by nearly 80% globally in 2024 to reach close to 2% of total truck sales. Spurred by a new scrappage scheme for conventional trucks, China’s electric truck sales doubled to 75 000 vehicles, representing over 80% of global sales in 2024. In Europe and the United States, electric truck sales in 2024 remained similar to 2023 levels. The number of battery electric truck models available has grown from less than 70 in 2020 to more than 400, increasing the number of applications that can be met by electric trucks.

The total cost of ownership of a battery electric heavy-duty truck is already lower than for a diesel equivalent in China in certain cases. The purchase price of battery electric heavy-duty trucks remains two to three times higher than equivalent diesel trucks in major markets, which can discourage fleet operators, who often operate under tight margins. However, greater efficiency and lower energy costs – even including the cost of a high-power charger – make battery electric trucks more attractive the more they are used. By 2030, battery electric trucks in Europe and the United States are expected to reach parity on the total cost of ownership with diesel trucks for long-haul operations, as they already have in China, and are set to remain more cost-effective than hydrogen fuel cell trucks. However, the specific application and use profile of trucks are key factors for determining which powertrain technology is most suitable, meaning case-by-case analysis may be needed to evaluate the costs of various alternatives.

Mandated rest periods for truck drivers can play an important role in reducing the opportunity cost of charging en route. For long-haul trucking, the wait time for recharging an electric truck can pose difficulties for logistics operators. However, the 45-minute rest period mandated in the European Union can accommodate the addition of around 150 km of driving range for a heavy-duty truck using a 350 kW charger, and up to about 400 km if a megawatt charger is used. While the United States and China also have mandated rest periods, the design of the EU policy is currently most conducive to supporting EV adoption.