Electric vehicles are on track to make up over 25% of global car sales in 2025 and could surpass 40% by 2030, according to the IEA’s latest Global EV Outlook report, which shows EV sales hit a record 17 million in 2024 despite economic headwinds.

China remains the EV leader, accounting for nearly half of global sales in 2024, while emerging markets in Asia and Latin America saw over 60% growth; the US hit a 10% EV share, though Europe’s market has plateaued around 20%.

Falling battery prices and growing Chinese exports have made EVs more affordable, especially in China, while electric trucks also surged 80% in sales last year.