S&P Global Mobility sees notable EV sales growth for 2025
01/01/2025 02:32 AM
S&P Global Mobility is estimating a 30% increase in global battery electric vehicle (BEV) sales for 2025.
Provided that the firm's estimates prove accurate, this could result in 15.1 million battery electric passenger vehicles being sold in 2025. This would account for 16.7% of global light vehicle sales.
Why It Matters:
- Despite challenges in consumer demand and policy support, the growth in EV sales signals a strong push towards electrification, particularly as key markets adjust to new economic and regulatory landscapes.
- For context, in 2024, global BEV sales were estimated at 11.6 million units, a 13.2% market share.
S&P's Regional Insights:
- United States – S&P Global Mobility expects the BEVs to see an 11.2% Share in 2025. That's a YoY change of 36%.
- China – S&P Global Mobility expects the BEVs to see an 29.7% Share in 2025. That's a YoY change of 19.7%.
- Central/Western Europe – S&P Global Mobility expects the BEVs to see an 20.4% Share in 2025. That's a YoY change of 43.4%.
NEWS: S&P Global Mobility predicts global EV sales will go up 30% in 2025 compared to 2024.
— Sawyer Merritt (@SawyerMerritt) December 31, 2024
"S&P Global Mobility projects global sales for battery electric passenger vehicles to post 15.1 million units for 2025, up by 30% compared to 2024 levels, accounting for an estimated… pic.twitter.com/ocUMrBrXuU
Challenges:
- S&P Global Mobility cited some challenges for the global EV sector in 2025. These include uncertainties regarding the "pace of electrification, especially regarding charging infrastructure, grid power, battery supply chains, global sourcing trends, tariff trade barriers, the rate of technological advancements, and the necessary level of support from policymakers to facilitate the shift from fossil fuels to electric alternatives."
- The political strategies of leaders such as U.S. President-elect Donald Trump could also affect the EV sector.
Key Quotes:
- “2025 is shaping up to be ultra-challenging for the auto industry, as key regional demand factors limit demand potential and the new US administration adds fresh uncertainty from day one. A key concern is how ‘natural’ EV demand fares as governments rethink policy support,” Colin Couchman, executive director of global light vehicle forecasting for S&P Global Mobility for S&P Global Mobility, stated.
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