Global electric vehicle (EV) sales surpassed 17 million in 2024 and are on course to exceed 20 million by the end of 2025, according to the latest Global EV Outlook published by the International Energy Agency (IEA). The report forecasts that electric cars will account for more than 40% of all new vehicle sales worldwide by 2030, driven by falling prices and rapid adoption in both advanced and emerging economies.
“Despite significant uncertainties, our data shows electric cars are on a strong growth trajectory globally,” said IEA Executive Director Fatih Birol. “This year, more than one in four cars sold worldwide are expected to be electric, with growth accelerating in many emerging economies. By 2030, more than two in five new cars will be electric as affordability improves.”
EVs captured over 20% of the global car market for the first time in 2024, and sales surged 35% year-on-year in the first quarter of 2025, setting new records in all major regions. China remains the world’s largest EV market, where nearly half of all new car sales were electric in 2024. The country sold more than 11 million electric cars—equivalent to the global total just two years earlier—and exported around 1.25 million units, primarily to emerging markets where lower prices are accelerating adoption.
Emerging economies in Asia and Latin America posted combined growth of over 60% in EV sales last year. In the United States, sales rose by approximately 10%, with EVs now comprising over 10% of new vehicles. Europe’s market share remained near 20%, though growth slowed amid the scaling back of subsidy programs and other supportive policies.
Affordability remains central to the EV transition. The average price of battery electric vehicles fell globally in 2024 as battery costs declined and competition intensified. In China, two-thirds of EVs sold were cheaper than comparable gasoline models even without incentives. However, price disparities persist in developed markets: EVs in Germany and the U.S. remain 20% and 30% more expensive, respectively, than their combustion engine counterparts.
Nonetheless, the IEA notes that lower operating costs continue to favor electric vehicles. Even with oil prices dropping to $40 per barrel, charging an EV at home in Europe would cost roughly half as much as refueling a conventional car.
The report also highlights significant growth in the electric truck segment, with global sales rising 80% in 2024. EV trucks now represent nearly 2% of all truck sales, led by China, where lower running costs are helping to offset higher initial purchase prices. The IEA says the trend reflects growing momentum across multiple vehicle segments and indicates a deeper transformation of the transportation sector underway.
