A new forecast by Gartner projects a significant rise in the number of electric vehicles (EVs) on the road by the end of 2025, with an estimated 85 million EVs, including cars, buses, vans, and heavy trucks.
Despite recent challenges in the EV market, Jonathan Davenport, Senior Director Analyst at Gartner, noted that the market will see a 33 percent increase from 64 million EVs in 2024.
The growth is expected to be driven by China and Europe, which together will account for 82 percent of global EV use by 2025. China alone is projected to have 49 million EVs, while Europe and North America are expected to have 20.6 million and 10.4 million EVs, respectively.
Battery electric vehicles (BEVs) will dominate, reaching nearly 62 million units by 2025, a 35 percent increase from 2024, while plug-in hybrid electric vehicles (PHEVs) will grow by 28 percent, reaching 23 million units.
India is also projected to experience rapid growth in EV adoption, with nearly 500,000 EVs expected on the road by the end of 2025, driven by government incentives like the FAME scheme.
In India, the number of BEV will reach 242,439 in 2024 and 370,043 in 2025 from 152,944 in 2023.
In India, the number of PHEV will reach 89,362 in 2024 and 129,459 in 2025 from 57,988 in 2023.
Globally, the number of BEV will reach 45,872,824 in 2024 and 61,860,183 in 2025 from 32,628,884 in 2023.
Globally, the number of PHEV will reach 18,159,560 in 2024 and 23,283,006 in 2025 from 13,402,907 in 2023.
Looking ahead, automakers are preparing to recycle up to 95 percent of EV batteries by 2030 to mitigate the risk of raw material shortages. This recycling effort will help reduce the need for more mineral extraction and lower battery costs, enhancing the commercial viability of EVs.