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Global Electric Car Market Outlook, 2025

Publisher Frost & Sullivan
Published Jun 25, 2025
SKU # MC20146676

Description

This Frost & Sullivan analysis provides an outlook for the electric vehicle (EV) industry based on the latest industry data, an outline of current trends, an in-depth examination of future developments, and a breakdown of the main stakeholders in the sector and their performance.

Over 17.7 million units of EVs were sold worldwide in 2024, recording a 25% year-over-year (YoY) growth; Battery electric vehicles accounted for 63% of EV sales, and plug-in hybrid electric vehicles (PHEVs) the remaining 37%. The PHEV share rose by 7% in 2024. EV penetration in the global light-duty vehicle (LDV) segment increased from 17% in 2023 to 20% in 2024. Among regions, Asia-Pacific (APAC) has the highest EV penetration of 23% in the LDV segment. BYD remains the market leader, selling over 4 million units last year, followed by Tesla with 1.78 million units. Charging point installations reached the 5 million mark in 2024, with a ratio of 1 charging connector for 11 EVs.

Short-term trends covered include the introduction of affordable EVs, revision of EV strategies by original equipment manufacturers (OEMs), Chinese OEMs’ focus on global markets, future battery chemistries, EVs as a virtual power plant, and uptake of extended-range EVs (EREVs).

Frost & Sullivan forecasts that between 20 and 21 million EVs will be sold in 2025. However, a slowdown is expected. EV penetration in the LDV segment is likely to reach over 23%. BYD will retain its leadership position with a higher margin, with over 4.5 million unit sales. Emerging markets in APAC, such as South Korea, Japan, and Australia, will be at the forefront. Charging point installations are expected to reach 6 million, with a ratio of 1 connector for every 12 EVs; 55% of the total charging points will be in the 6 to 11 kW power band. ChargePoint will continue to be a leader, albeit with a slight decline in market share. The location-to-connector ratio is likely to reach 1:5, indicating that every location has 5 connectors. The connector-to-EV ratio is projected to reach 1:12, indicating there will be 1 connector for every 12 EVs.

Table of Contents

    • The 2024 Electric Car Market: Forecast vs. Actual
    • Global Electric Car Market, 2024 and 2025e
    • Global LDV Powertrain Mix
    • Top Predictions for 2025
    • Why Is It Increasingly Difficult to Grow?
    • The Strategic Imperative 8
    • The Impact of the Top 3 Strategic Imperatives on the Electric Car Industry
    • Growth Opportunities Fuel the Growth Pipeline Engine
    • EV Segmentation
    • EV Growth and Penetration: Top 10 Markets
    • Vehicle Manufacturers’ Investment Comparison
    • Automakers’ Battery Consumption
    • Competitive Landscape: OEMs’ Powertrain Outlook
    • Global xEV Forecast
    • EV Charging Infrastructure Development: Top 6 Markets
    • EV Charging Infrastructure Development: Key APAC Markets
    • Top 10 Trends for 2025
    • Top 10 Growth Opportunities
    • Global GDP Growth
    • Inflation and Interest Rates
    • Currency Trajectory
    • Oil Markets
    • Labor Market
    • Critical Minerals Supplies
    • North America
    • Western Europe
    • Middle East
    • ASIA
    • List of Countries, 2024
    • Key EV Market Trends
    • Introduction of Affordable EVs
    • Revision of EV Strategies by OEMs
    • Chinese OEMs’ Focus on Global Markets
    • Future Battery Chemistries
    • EVs as a VPP
    • Uptake of EREVs
    • Highlights: 2024 and 2025e
    • Electric Car Market, 2024 and 2025e
    • Electric Car Growth and Penetration: Key Countries
    • Electric Car Growth and Penetration: Key OEMs
    • Powertrain Mix in the Next Decade
    • Highlights: 2024 and 2025e
    • Electric Car Market, 2024 and 2025e
    • Electric Car Growth and Penetration: Key Countries
    • Electric Car Growth and Penetration: Key OEMs
    • Powertrain Mix in the Next Decade
    • Highlights: 2024 and 2025e
    • Electric Car Market, 2024 and 2025e
    • Electric Car Growth and Penetration: Key OEMs
    • Powertrain Mix in the Next Decade
    • Highlights: 2024 and 2025e
    • Electric Car Market, 2024 and 2025e
    • Electric Car Growth and Penetration: Key Countries
    • Electric Car Growth and Penetration: Key OEMs
    • Powertrain Mix in the Next Decade
    • Highlights: 2024 and 2025e
    • Electric Car Market, 2024 and 2025e
    • Electric Car Growth and Penetration: Key Countries
    • Electric Car Growth and Penetration: Key OEMs
    • Growth Opportunity 1: Align with Shifting Market Conditions
    • Growth Opportunity 2: Form Partnerships to Enable Localization
    • Growth Opportunity 3: Leverage Opportunities Arising from First-generation EVs
    • Conclusions and Outlook
    • Benefits and Impacts of Growth Opportunities
    • Next Steps

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