IEA: Global Electric Car Sales Topped 20 Million In 2025
Europe’s Arctic Oil Dilemma Deepens as Supply Fears Grow Alex Kimani is a veteran finance writer, investor, engineer and researcher for Safehaven.com.
Over the past five or so years, the global electric vehicle (EV) market has been rapidly transforming from a niche segment into a mainstream industry thanks to plunging battery costs, aggressive emissions standards and an influx of affordable models from major manufacturing hubs, most notably, China.Back in 2022, the EV sector achieved an important milestone after global sales crossed 10 million for the first time ever.
But now, the sector has crossed another milestone, with the International Energy Agency (IEA)reportingthat 20.7 million EVs were sold worldwide in 2025, good for a healthy 20% Y/Y growth.
EV sales accounted for a quarter of all automotive sales across the globe in 2025.
But China continues to dominate the EV market, accounting for roughly 60% of all EVs sold worldwide and 55% of total new car sales in the country in 2025.
China's domestic new energy vehicle (NEV) sales, which encompass Battery Electric Vehicles (BEVs) and Plug-in Hybrids (PHEVs), reached 12.86 million passenger cars, good for 19% Y/Y increase.
This marked the first time that new energy vehicles officially outsold traditional internal combustion engine cars.
Chinese automakers sold 34.35 million vehicles worldwide, accounting for a record 35.6% of the entire global automotive market and leapfrogging Japan as the world's leading automotive exporter.
The global export surge was mainly driven by high demand in South America and Southeast Asia, where total auto exports jumped 21% to over 7 million units.
Related: Trump’s Iran Signals Send Oil Markets Into Chaos Domestically,BYD Company(OTCPK:BYDDF) maintained its undisputed leadership by capturing 27% of the NEV market with 3.5 million registrations, whileGeely Automotive(OTCPK:GELYF) nearly doubled its EV sales to secure a 12.4% market share.
EV sales in the United States finally snapped a multi-year growth streak, with only 1.8 million units sold in 2025, good for a 4% Y/Y decline in part due to the removal of incentives by the Trump administration.
During the Biden administration, new EV purchases were eligible for $7,500 in federal tax credits under the Inflation Reduction Act (IRA); however, the landscape shifted dramatically after Congress passed OBBBA in 2025, with the legislation terminating the primary federal Clean Vehicle purchase and used EV tax credits entirely for vehicles acquired after September 30, 2025.
| Product | Price | Change |
|---|---|---|
| Brent Crude | $102.14/bbl | +0.34% |
| WTI Crude | $96.90/bbl | +0.21% |
| EN590 Diesel | $846/MT | +0.18% |
| Jet Fuel A-1 | $1090/MT | +0.55% |
| Mazut M100 | $450/MT | -0.15% |
| Bitumen 60/70 | $470/MT | +0.08% |
| Sulphur Gran 99.5% | $470/MT | -0.44% |
| Urea 46% Gran | $650/MT | +1.12% |
| NPK 16-16-16 | $460/MT | -0.28% |
| Nat Gas TTF | $15.42/MMBtu | +0.92% |
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