EV sales to exceed one in four globally

Global electric vehicle (EV) sales are projected to reach 20-million in 2025, accounting for more than a quarter of all cars sold worldwide, following continual year-on-year growth.

This is revealed in the International Energy Agency’s (IEA) annual Global EV Outlook, released earlier this month. The research finds that, despite recent economic headwinds that have put pressure on the auto sector, global sales of EVs have continued to break records as models become increasingly affordable.

Sales exceeded 17-million globally in 2024, putting EVs’ share of the global car market above 20% for the first time, as forecast by the IEA. In the first three months of 2025, electric car sales were up 35% year-on-year. All major markets saw new records for first-quarter sales.

_{Image courtesy the IEA.}

In emerging and developing economies in Asia, Latin America and Africa, EV sales increased by over 60% year-on-year in 2024. This rapid growth has been strengthened by policy incentives and the growing presence of relatively affordable electric cars from Chinese manufacturers. In Africa, local policies and changing trade regimes are reshaping the electric car market. Developments such as the ban on imports of petrol and diesel cars introduced in Ethiopia at the start of 2024 have resulted in a reported deployment of 100,000 electric cars.

“Our data shows that, despite significant uncertainties, electric cars remain on a strong growth trajectory globally,” says Fatih Birol, executive director of IEA. “Sales continue to set new records, with major implications for the international auto industry. This year, we expect more than one in four cars sold worldwide to be electric, with growth accelerating in many emerging economies. By the end of this decade, it is set to be more than two in five cars as EVs become increasingly affordable.”

Hiten Parmar, executive director of The Electric Mission, says: “South Africa’s EV market has seen year-on-year growth in sales over recent years, with expanded model offerings being introduced every quarter. Public charging infrastructure has also expanded across the country, by multiple service providers, which manages the associated risks of sole operators across a national network.”

_{Image courtesy the IEA.}

South Africa’s automotive manufacturing industry has yet to begin producing battery electric vehicles, even as its primary export markets – the European Union and United Kingdom – prepare to phase out fossil-fuel vehicles by 2035 and 2030, respectively.

“Governments across Africa need to implement Fuel Efficiency Standards and Vehicle Emissions Standards in supporting the transition to new energy vehicles, or else Africa risks being a market of exponentially increasing emissions across the transport sector from intensive fossil fuel-based technologies,” says Parmar.

The report includes a focus on electric trucks and their ownership costs. It finds that globally, electric truck sales increased by around 80% last year, accounting for close to 2% of all truck sales worldwide.

* Read the International Energy Agency’s ‘Global EV Outlook’ report here.