Electric vehicles (EVs) are on track to make up more than 40% of global car sales by 2030, according to the International Energy Agency’s (IEA) latest Global EV Outlook report, released today.
Despite economic headwinds, the global EV market remains strong. Sales reached over 17 million units in 2024, pushing EVs past the 20% share of total global car sales for the first time. The momentum has continued into 2025, with EV sales in the first quarter up 35% year-on-year.
The IEA projects global EV sales will exceed 20 million in 2025, representing more than a quarter of all new cars sold.
China remains the largest EV market, where electric vehicles accounted for nearly half of all car sales in 2024. The country sold over 11 million EVs—matching the entire global total from 2022.
Growth is also accelerating in emerging markets. EV sales in Asia and Latin America rose by over 60% in 2024, signaling a broadening of demand beyond traditional markets.
In the United States, EV sales increased by about 10% last year, reaching more than one in every ten cars sold. Europe, however, saw a slowdown. With subsidies winding down, sales plateaued, though EVs still maintained a 20% market share.
The IEA notes that falling prices and broader model availability are key drivers of EV adoption, even amid uncertainty in the global automotive sector.
