Will you drive home in an EV in 2025? Global sales expected to grow by 30%
Electric vehicles' sales in 2024 may have been cooler than what was predicted exactly 12 months ago but while the pace of increase in sales hasn't been as meteoric as in previous years, there are strong indications that 2025 could bolster prospects.
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The good folks over at S&P Global Mobility have predicted that battery electric vehicle (BEV) sales in 2025 could reach a high of 15.1 million units. For a bit of context, the total worldwide BEV sales in 2023 was at 14.2 million, as per this report. And figures from 2024 are still awaited. But if the predictions for 2025 do come true, it would mean BEVs increasing market share in the automobile business to around 16.7 per cent of global sales. It is at present around 13 per cent.
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How does Indian EV movement stack up against others?
The Indian EV march has taken rapid strides on the shoulders of electric two and three wheelers. But when it comes to passenger vehicles (PVs), only a handful of players have relatively affordable models under ₹20 lakh. Come January of 2025, expect the field of play to expand exponentially.
Maruti Suzuki, the country's largest carmaker, is all set to launch its e Vitara. The first-ever EV from the company is expected to have a range of over 500 kilometres per charge and will offer all-wheel drive capabilities.
Hyundai, the country's second-largest carmaker is widening its portfolio of EVs which currently has Ioniq 5 to also include Creta EV. Creta ICE or internal combustion engine version has been a superstar and indications are its battery twin could also script a success story.
Tata Motors, the current leader in India's electric car landscape, may bring out its Sierrs EV concept to life while the Harrier EV too has been under works for some time now.
Mahindra only recently drove out the BE 6 and XEV 9e electric cars and 2025 will be the first full year in which both will compete in.
Also watch: Mahindra BE 6e, XEV 9e electric SUVs launched | Price, range, features | First look | Highlights
Kia India recently showcased its Syros sub-compact SUV which will launch in January. Company officials have confirmed Syros EV is under consideration and this could further intensify the competition.
JSW MG Motor India had already outlined a strong will to expand all-electric and hybrid lineups, and currently offer models like Comet EV, ZS EV and Windsor EV.
Clearly then, the Indian EV space will now see formidable play by carmakers as well. As such, S&P Global Mobility predicts the EV market share here to be at around 7.5 per cent in 2025 with a year-on-year growth of an extremely impressive 117 per cent (2025 vs 2024).
| Predicted 2025 EV sales by region | ||
|---|---|---|
| Region | EV market share | YOY change (2025 vs. 2024) |
| US | 11.2% | 36.0% |
| China | 29.7% | 19.7% |
| India | 7.5% | 117% |
| Europe | 20.4% | 43.4% |
| Global | 16.7% | 29.9% |
| Source: S&P Global Mobility |
But in central focus still would be China, the world's largest EV market. Such is the already massive market here that the rate of growth isn't going to be as high. But various reports have outlined how 2025 could be the first year ever when sales of EVs in the country could be more than sales of ICE models.
Across the Pacific, the United States is a bit of a question mark because the incoming president here has been very vocal about the EV-favouring policies of the outgoing president. So while Donald Trump is expected to reverse some of Joe Biden's decisions to promote EVs, he is also backed by Elon Musk, CEO of the world's largest EV company. What Trump eventually decides will have a bearing on US EV sales and so, not many are sticking their proverbial necks out yet.
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