Following another year of robust growth, global sales of electric cars are on track to surpass 20 million in 2025, accounting for over a quarter of cars sold worldwide.

And, by 2030, electric cars will take a market share of over 40 per cent as they become increasingly affordable in more markets, IEA’s annual Global EV Outlook.

The report, out today, shows that despite recent economic headwinds that have put pressure on the sector, global sales of electric cars have continued to break records as electric models become increasingly affordable. Sales exceeded 17 million globally in 2024, putting EVs’ share of the global car market above 20 per cent for the first time, as forecasted by the IEA previously. And in the first three months of 2025, electric car sales were up 35 per cent year-on-year. All major markets, and many others, saw new records for first-quarter sales.

China has maintained its position as the EV market leader, with electric cars accounting for almost half of all car sales in 2024, but emerging markets in Asia and Latin America have also become new centres of growth, with total electric car sales across these regions surging by more than 60 per cent in 2024.

On a global level, the average price of a battery electric car fell in 2024 amid growing competition and declining battery costs. In China, two-thirds of all electric cars sold last year were priced lower than their conventional equivalents, even without purchase incentives. However, the purchase price gap with conventional cars persisted in many other markets. The average battery electric car price in Germany, for example, remained 20 per cent higher than that of its conventional counterpart.

According to the report, almost one-fifth of electric car sales worldwide are of imported vehicles. China, which accounts for more than 70 per cent of global production, shipped nearly 1.25 million electric cars to other countries in 2024. This included to many emerging economies, where electric car prices fell considerably on the back of Chinese imports.

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