More than 1 in 4 cars sold around the world in 2025 are expected to be EVs, according to a new report from the International Energy Agency (IEA). And if EVs stay on track, they could make up over 40% of global car sales by 2030.

The IEA’s Global EV Outlook 2025 report, released today, shows the electric car market is still charging ahead, even with some bumps in the road. Despite economic pressures on the auto sector, EV sales hit a record 17 million in 2024, pushing their global market share past 20% for the first time. That momentum carried into early 2025, with EV sales jumping 35% in Q1 year-over-year. All major markets saw record-breaking Q1 numbers.

China continues to lead the EV race by a wide margin. Nearly half the cars sold there in 2024 were electric. That’s over 11 million EVs – more than the entire world sold just two years earlier. EV adoption is also booming in emerging markets across Asia and Latin America, where sales shot up by more than 60% last year.

In the US, EV sales grew about 10% year over year, with electric vehicles now making up over 10% of all new car sales. Meanwhile, Europe’s EV sales hit a plateau. As government incentives started to taper off, the continent’s market share held steady at around 20%.

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“Our data shows that, despite significant uncertainties, electric cars remain on a strong growth trajectory globally,” said IEA executive director Fatih Birol. “Sales continue to set new records, with major implications for the international auto industry.”

One of the main drivers is lower prices. The average cost of a battery electric car dropped in 2024, thanks to increased competition and falling battery prices. In China, two-thirds of EVs sold last year were cheaper than their gas-powered counterparts, and that’s without subsidies. But in markets like the US and Germany, EVs are still pricier up front: around 30% more in the US, and 20% more in Germany.

Still, EVs win when it comes to operating costs. Even if oil drops to $40 per barrel, it’s still about half as expensive to charge and run an EV at home in Europe than to drive a gas car.

The report also notes the growing role of Chinese EV exports. About 20% of all EVs sold globally last year were imported. China, which produces over 70% of the world’s EVs, exported 1.25 million of them in 2024. These exports have helped push down prices in emerging markets.

And it’s not just electric cars that are on the rise. Electric truck sales jumped 80% globally last year, now making up nearly 2% of the truck market. Most of that growth came from China, where some heavy-duty electric trucks are already cheaper to run than diesel, even if the upfront cost is higher.

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Global research firm Rho Motion has shared its monthly global EV sales report for April, which details continued long-term growth. While global EV sales are down compared to March 2025, the year-over-year tally remains strong, despite uncertainty amid the threat of tariffs and trade wars.

Since merging with Benchmark Mineral Intelligence last June, Rho Motion has become one of the go-to platforms for data surrounding critical mineral and energy transition supply chains. Its monthly updates on market intelligence, including prices and sales data, are must-see research every time they’re published.

This month’s report is no different.

In March 2025, we reported that EV sales worldwide had surged to 1.7 million units, bringing the total to 4.1 million units for Q1. March marked a 40% increase compared to February 2025, and a 29% increase year-over-year.

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For April 2025, Global EV sales stumbled slightly compared to the prior month, but held steady in YoY growth.

April global EV sales fall MoM but rise YoY

According to Rho Motion’s latest report, global EV sales for April 2025 were 1.5 million units, bringing the year-to-date tally to 5.6 million NEVs (BEVs, PHEVs, and LDVs). April sales fell 12% compared to March 2025, but matched the previous month’s year-over-year growth at 29%.

Here’s how those 2025 global EV sales breakdown by region, compared to January to April 2024:

• Global: 5.6 million, +29%
• China: 3.3 million, +35%
• Europe: 1.2 million, +25%
• North America: 0.6 million, +5%
• Rest of World: 0.5 million, +37%

As has been the case with every Rho Motion report we cover, China continues to lead the world in EV adoption despite sales dropping 9% month-over-month. Having recently visited the Shanghai Auto Show alongside some OEM visits in Hangzhou, I can see why adoption is moving more quickly. The number of available makes and models at affordable prices is incredible, and the technology you get for your money is downright staggering.

Even amongst ongoing talks of tariffs between global superpowers, including EV powerhouse China, EV sales continue to grow. Per Rho Motion data manager, Charles Lester:

Ongoing tariff negotiations are dominating talk in the electric vehicle industry but quietly, domestic manufacturers in China and the EU continue to perform well and grow market share. The EU is certainly the success story for EV sales in 2025 so far, with emissions targets lighting a fire under the industry to accelerate the switch to electric, they have grown the market by a quarter in the first third of the year. In China, that year on year sales increase is even greater at 35%, spurred on by the vehicle trade in scheme.

Europe, whose adoption numbers stumbled in 2024, has seen steady growth in EV adoption in 2025, landing second to China in sales growth last month (a 25% increase). This increase has been fueled by the increasing number of BEV and PHEV imports to the region from China from brands like BYD, ZEEKR, NIO, and XPeng.

North American sales have only grown by 5% in 2025, with Mexico leading the pack. The rest of the global EV market saw a 37% increase in sales, but those numbers only accounted for about half a million units.

Next time anyone tells you EV adoption is slowing down, you can just send them this data, because it is quite the contrary. Global EV sales continued to grow in April, and that trend should continue through 2025 and beyond.