BloombergNEF has predicted that the global market for electric vehicles (EVs) will grow by 25% in 2025 but forecasts slower short- and long-term growth in the American market. The market research provider recently published its EV sales forecast for the year and revealed relatively optimistic projections for electric vehicle sales.
According to BloombergNEF’s report, cumulative battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) sales will reach 22 million units in 2025, 25% more than the BEVs and PHEVs sold worldwide last year.
The Electric Vehicle Outlook 2025 report notes that growth in the global EV market will be primarily driven by falling lithium-ion battery prices and a growing lineup of affordable EVs. Unsurprisingly, two-thirds of the projected 2025 sales will occur in China, while Europe and the U.S. will account for 17% and 7% of sales respectively.
As the largest electric vehicle market on the globe, as well as the only country that is mass-producing cheap and affordable electric cars, China has almost all the conditions it needs to achieve widespread electric mobility.
The report projects that 1 in 4 cars sold worldwide in 2025 will either be a plug-in hybrid or a battery electric car, a major milestone for the nascent electric vehicle industry. But while electric cars continue to increase their share of the global passenger vehicle market, BloombergNEF has a less positive outlook for the American EV market.
It states that there has been a ‘notable’ fall in electric vehicle adoption in the U.S. due to the Trump administration’s decisions to phase out federal EV tax credits, repeal fuel economy standards, and challenge California’s ability to set its own tailpipe emission limits. President Donald Trump, who has long spoken against electric cars, renewable energy, and climate action, took the axe to the former administration’s climate-related policies as soon as he assumed office.
Given America’s position in the world, this will undoubtedly impact global electric vehicle sales and hamper worldwide efforts to curb transportation emissions. As per the report, EV sales in the U.S. are projected to increase from an estimated 1.6 million cars this year to 4.1 million units in 2030, a major downgrade from past projections.
In the meantime, China is still the largest EV market and will remain so as it accelerates its transition to electric cars. BloombergNEF notes that China is the only market where electric cars are, on average, cheaper than similar petrol- and diesel-powered cars.
Furthermore, the East Asian market also dwarfs other markets in EV production and manufactured 69% of all the electric cars sold worldwide in 2024. Many Chinese EV makers also enjoy increasing popularity in emerging markets like Brazil and Thailand, BloombergNEF states, enabling less affluent countries to adopt electric cars at higher rates than the U.S.
The projected growth of electric vehicle adoption around the world could attract additional investor attention to firms like SolarBank Corp. (NASDAQ: SUUN) (Cboe CA: SUNN) (FSE: GY2) that are working to deepen their battery production deals with EV makers around the world.
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