Electric vehicle sales in 2024 may not have met the expectations set a year prior; however, despite a slower growth rate compared to previous years, there are promising signs that 2025 could enhance the outlook for this market.

According to S&P Global Mobility, battery electric vehicle (BEV) sales in 2025 are projected to reach as high as 15.1 million units. For context, global BEV sales in 2023 totalled 14.2 million, as indicated in their report, with figures for 2024 still pending. Should the 2025 forecasts materialize, it would signify an increase in BEVs' market share within the automotive sector to approximately 16.7 per cent of global sales, up from the current figure of around 13 per cent.

How does the Indian EV movement stack up against others?

The Indian electric vehicle (EV) sector has made significant progress, particularly in the realm of electric two-wheelers and three-wheelers. However, in the passenger vehicle (PV) segment, there are only a few manufacturers offering models priced below ₹20 lakh. Anticipate a substantial increase in options by January 2025.

Maruti Suzuki, the leading automobile manufacturer in India, is preparing to introduce its e Vitara. This will mark the company's inaugural electric vehicle, which is projected to deliver a range exceeding 500 kilometres on a single charge and will feature all-wheel drive functionality.

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Kia India has recently unveiled its Syros sub-compact SUV, which is set to launch in January. Company representatives have indicated that the Syros EV is being considered, which could heighten the competitive landscape.

JSW MG Motor India has already expressed a strong commitment to expanding its all-electric and hybrid vehicle offerings, currently featuring models such as the Comet EV, ZS EV, and Windsor EV.

It is evident that the Indian electric vehicle market will witness significant activity from various automakers. In this context, S&P Global Mobility forecasts that the EV market share in India will reach approximately 7.5 per cent by 2025, with an impressive year-on-year growth rate of 117 per cent when comparing 2025 to 2024.

The primary emphasis remains on China, recognized as the largest electric vehicle (EV) market globally. The sheer scale of this market suggests that the growth rate may not be as pronounced moving forward. However, various analyses indicate that 2025 could mark a significant milestone, potentially being the first year in which EV sales in China surpass those of internal combustion engine (ICE) vehicles.

In the United States, the situation is somewhat uncertain. The incoming president has expressed strong opposition to the EV-friendly policies of the previous administration. While Donald Trump is anticipated to reverse several initiatives aimed at promoting EVs that were established by Joe Biden, he also enjoys the support of Elon Musk, the CEO of the leading EV manufacturer. The decisions made by Trump will likely influence EV sales in the U.S., leading many to adopt a cautious stance for the time being.

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