20250817 LEADERS? & FOLLOWERS? – Global Move to Electric Vehicles
Global Electric Vehicle Market Performance: A Half-Year Review (H1 2025 vs. H1 2024)
The global electric vehicle (EV) market expanded 28% to 9.1 million units in H1 2025.
China and Europe drove this growth, while North America slowed.
Emerging markets (Rest of World) showed the highest percentage increase, signaling a diverse global transition.
Overall, New EU car registrations dropped by 1.9% in the first half of 2025 compared to the same period last year.
Note: H1 2024 figures for Global, Europe, North America, and Rest of World are derived based on H1 2025 sales and reported year-over-year growth percentages.
Europe (+26%): Navigating Policy Shifts and Diverse Growth
Europe’s EV market grew 26% to 2.0 million units in H1 2025.1 Spain (85% growth) and Germany (40%) led, while France declined 13% due to subsidy cuts.1 Chinese PHEVs are gaining traction amid new tariffs.1 Tesla sales fell 43.7%, while SAIC grew 33.3%.4
- Europe Total EV Sales: H1 2024: 1.59 million; H1 2025: 2.0 million (+26%)
- EU BEV Registrations: H1 2024: 0.71 million; H1 2025: 0.87 million (+22%)
North America(+3%): Slowdown Amidst Policy Uncertainty
North America’s EV sales grew only 3% to 0.9 million units in H1 2025.
- US EV Sales: H1 2024: ~0.57 million; H1 2025: ~0.61 million (+6%) (Derived from Q1 2025 US sales of ~0.3M and Q2 2025 US sales of ~0.31M)
- Canada EV Sales: H1 2024: ~0.08 million; H1 2025: ~0.06 million (-23%)
- Mexico EV Sales: H1 2024: ~0.02 million; H1 2025: ~0.024 million (+20%)
Rest of World(+40%) (Including Asia, Excluding China): Emerging Markets Accelerate
The “Rest of World” (including Asia ex-China) grew 40% to 0.7 million units.
India’s electric PVs surged 43.5% .
Malaysia’s EV sales nearly doubled (91.4%) .
Japan’s EV sales, however, declined 11.5%.
Africa: Nascent Market with High Growth Potential
Africa, part of “Rest of World,” showed high growth potential.1 South Africa’s BEV sales fell 24% to 570 units in H1 2025, but PHEV sales surged 162% to 788 units .
Overall NEV sales slightly decreased by 0.7% . Government initiatives aim to boost local production .
Conclusions
H1 2025 saw global EV sales grow 28% to 9.1 million units, confirming an irreversible shift towards Electric Vehicles.
China and Europe lead, North America lags due to policy shifts, whilst emerging markets show significant percentage growth, driven by affordable Chinese EVs and local initiatives.