EV Sales Are Surging Worldwide — Here’s What That Means

Electric vehicles (EVs) are having a big year. According to BloombergNEF’s latest Electric Vehicle Outlook, global sales of plug-in vehicles are set to hit a new record in 2025. Almost one in every four new cars sold this year will be an EV — a huge leap from just a few years ago.

EVs Are Going Mainstream

BloombergNEF expects nearly 22 million electric and plug-in hybrid cars to be sold globally in 2025. That’s a 25% jump compared to last year. The main reasons? Cheaper batteries, more affordable models, and growing support for cleaner transport.

China leads the way, making up nearly two-thirds of all EV sales. Europe follows, and in particular, the UK is now the top EV market in the region, ahead of Germany. Even some emerging markets, like Thailand and Brazil, are seeing faster EV growth than the U.S.

Long-Term Growth Still Looks Strong

It’s not just a short-term trend. EV sales are expected to keep rising in the years ahead. By 2035, more than half of all new cars sold globally could be electric, and by 2040, EVs could make up 70% of new car sales.

Some countries are moving even faster. Norway is expected to have more EVs than petrol or diesel cars by 2030. China could get there by 2033, followed by California and Germany later in the decade.

Battery Progress Is Making EVs More Affordable

Battery prices have been falling, which is helping bring EV prices closer to petrol cars — and in China, EVs are already cheaper on average. Over the next few years, new battery tech, like solid-state batteries, will improve range and safety even more.

With battery supply outpacing demand right now, prices are dropping further. That’s good news for drivers — and it also pushes carmakers to stay competitive.

EVs Are Starting to Have a Bigger Impact on Energy and Emissions

EVs are already changing energy use. In China, they now use more electricity than some countries. And by 2030, EVs could avoid over 5 million barrels of oil use per day — more than double the savings seen today.

The Bottom Line

EVs are no longer just for early adopters — they’re becoming a normal choice for drivers around the world. Prices are coming down, the tech is improving, and the benefits — for your wallet and the environment — are adding up.