Electric cars will 'explode' in 2025?

In recent times, some opinions have said that the “electric car fever” of the market seems to have ended when many countries suspend electric car subsidies and manufacturers gradually reduce investment in the smokeless car manufacturing industry. However, leading experts in the field have expressed great optimism when making many predictions that 2025 could be a boom year for global electric cars.

Carscoops cited a report from experts at S&P Global Mobility that said that in 2025, pure electric vehicle sales will reach 15.1 million units, bringing the market share of this new type of vehicle to 16.7% of global car sales. Currently, according to preliminary estimates, electric vehicle sales in 2024 will reach about 11.6 million units, accounting for 13.2% of the market share.

2025 will be the first year of the new term of US President Donald Trump, a famous “anti-EV” who has repeatedly criticized EV development funding policies under current President Joe Biden. However, analysts still assess that the growth of the US electric vehicle market is still very large, possibly up to 36% compared to 2024, leading to an increase in electric vehicle market share to 11.2%. However, the US auto market is still one of the few developed countries with an electric vehicle market share lower than the global average.

In China, 2025 will mark the year when electric vehicles will account for approximately 30% of the entire new car market, meaning that out of every 10 new cars sold, 3 will be fully electric. However, after many years of continuous strong growth, China's electric vehicle market share has reached the highest rate in the world, so the growth rate in 2025 will only reach 19.7%, significantly lower than in Europe or the US.

However, although the development of electric vehicles in China is “unstoppable”, the situation of oversupply, fierce competition between brands and the price war initiated by Tesla in this market since 2023 has led to the bankruptcy or disappearance of many domestic Chinese electric vehicle companies.

Despite some bad news from Europe such as the gloomy electric vehicle market in Germany, or the removal of subsidies from some governments for electric vehicles, causing consumer demand for electric vehicles in this market to decline. However, experts say that 2025 will be the year marking the "stormy" development of electric vehicles in Europe when this is the developing market with the strongest growth rate of electric vehicle consumption, up to 43%, bringing the market share of electric vehicles to 20% of total new vehicles sold.

Thus, it can be seen that all three leading electric vehicle consumption markets in the world are expected to grow extremely strongly in 2025 with double-digit growth rates. This shows a hopeful optimism when the era of electrification boom in the global automobile industry is still on track to continue to develop brilliantly.