Electric Vehicle Market Growth in 2025: Trends & Insights

Scale & growth

According to IEA, Reuters, in 2024, approximately 17 million electric cars were sold worldwide (+~25% YoY). In China itself, approximately 11 million cars were sold.
According to Rho Motion, in 2025, approximately 9.1 million electric cars were sold in 1st half of the year (+28%YoY) and around 10.7 million were sold by July (+27% YoY). Europe and China are accelerating, whereas, North America is roughly flat.

Regional dynamics

According to Reuters, Rho Motion, in China, electric cars have a market share greater than 50%. This represents more than half of the global market share. The penetration is more than 50% for recent months as per the reports. 2025 growth is slightly faster than 2024.
According to Rho Motion, electrive.com, Reuters, European growth in 2025 is outpacing 2024. This is due to Germany’s and UK growth. France’s lease policies and Italy’s incentives are also trying to broaden the uptake.
According to Reuters, Rho Motion, North America grew modestly in 2024. In 2025, YTD, there is low single-digit growth amid the policy/tariff churn.

According to sneresearch.com, Seeking Alpha, BYD is the no.1 EV player that includes (BEV+PHEV) in 2024, approximately (4.1 M), and leading again as YTD in 2025.
Tesla is also the No. 1 and No. 2 key EV player globally in BEVs, with approximately 1.8 million vehicles sold in 2024. According to The Motley Fool, the top EV brand in the US.
According to the Rest of World, the other major groups or brands that are leading include SAIC. SGMW or Wuling is part of SAIC. Geely is also leading and includes Volvo and Zeekr. Others are GAC Aion, Volkswagen Group, and Hyundai-Kia. The Chinese brands are holding a position as one of the global top ten sellers.
According to Counterpoint Research, Autovista24, IEA, in the late 2024/early 2025, BYD took the BEV crown. Tesla led BEVs for most of 2024. Tesla Model Y remained as the world’s best-selling model in 2024.