Electric vehicles - global market size 2017 & 2025

Between 2017 and 2025, the size of the global electric vehicle market is expected to increase almost five-fold to reach an estimated global market size of 567 billion U.S. dollars by 2025. This translates to a notable compound annual growth rate (CAGR) of around 22 percent.

Driving for electrification

Electric vehicles (EVs) have become a much more attractive choice to consumers in recent years thanks to increased range, battery life, efficiency, and affordability. EVs have taken over the automotive market in northern European states. Furthermore, almost 1.7 million electric vehicles are projected to be sold in China through 2019, and sales figures are expected to double to reach about 3.7 million in 2021. Electric vehicles are seen as the future in China, with market size and demand continuously growing, and it is expected that electric vehicles will make up between 25 and 50 percent of the country’s passenger vehicle market by 2025.

Widespread adoption in Norway

Today however, it is Norway that has the largest share of electric vehicles in its fleet: such automobiles accounted for almost 50 percent of new registrations and roughly seven percent of the nation’s car parc in 2018. This number will continue to grow - 58 percent of all new vehicles sold in March 2018 were battery-powered. Electric vehicles are so popular in Norway in part because of strong incentives put forward by the government, but also because of the availability of charging ports. The widespread availability of charging outlets is paramount in making electric vehicles a viable option for car users.

Size of the global market for electric vehicles in 2017 and 2025

Revenue in billion U.S. dollars
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Sources

Release date

July 2018

Region

Worldwide

Survey time period

2017

Supplementary notes

The 2025 figure is a forecast.

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Statistics on "Electric vehicles worldwide"

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