EV Sales Surge Across Asia, Latin America
(MENAFN) Electric vehicle (EV) sales worldwide are projected to surpass 20 million units in 2025, making up over a quarter of all new vehicle purchases, the International Energy Agency (IEA) reported on Wednesday.
According to the Global EV Outlook, demand for electric cars is continuing to climb despite global economic uncertainties and industry challenges.
After reaching more than 17 million units sold in 2024, EVs achieved a milestone, capturing over 20% of the global car market for the first time.
China remained the dominant player in the sector, responsible for more than half of last year's total sales. The country sold 11 million EVs in 2024, matching the entire global EV sales volume from 2022.
Sales also surged in developing regions across Asia and Latin America, with a 60% year-over-year increase.
In contrast, the United States experienced a more modest 10% rise in EV sales compared to the previous year, while Europe saw little change due to reduced government incentives and policy support.
Notably, two-thirds of the EVs sold in China last year cost less than their gasoline-powered counterparts, even without subsidies. However, in many other countries, electric vehicles remain significantly more expensive than traditional models.
EV sales continued their upward trend in early 2025, jumping 35% in the first quarter compared to the same period last year. If this pace holds, annual sales are expected to break the 20 million mark.
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