Many lighting manufacturers now produce/sell EV chargers, so the EV market now impacts the lighting industry. Global EV sales are expected to continue their strong growth trajectory in 2025. According to Rho Motion, a leading EV research firm, over 20 million electric vehicles are projected to be sold globally in 2025, representing an 18% increase from 2024. This growth builds upon the record-breaking sales witnessed in 2024, where global EV sales reached 17.1 million units, marking a 25% surge compared to 2023.
The EV market in 2025 is expected to be characterized by regional variations and policy changes:
China: Continuing to dominate the global EV market, China is forecast to sell 12.9 million EVs in 2025, a 17% increase from 2024. The country’s popular trade-in scheme and expanding international footprint through new manufacturing plants are expected to contribute to this growth.
European Union, EFTA, and UK: Sales are projected to reach 3.5 million units, a 15% increase from 2024. The implementation of new emission targets in 2025 is expected to put pressure on car manufacturers to boost their EV offerings.
USA and Canada: The North American market is anticipated to see 2.1 million EV sales in 2025, representing 16% growth over 2024. However, potential changes in EV tax credits under the new Trump administration may impact long-term market dynamics.
Emerging markets: Countries outside the major EV markets are expected to see significant growth, with sales potentially exceeding 1 million units in 2024 and continuing to rise in 2025. This suggests that the global adoption of EVs is expanding beyond traditional strongholds.
The EV market in 2025 will likely be influenced by several factors:
- Government policies and legislation, including emission targets and incentives.
- Technological advancements in battery technology and charging infrastructure.
- Increased competition among established automakers and new entrants, potentially leading to more affordable EV options.
- Consumer preferences and growing awareness of environmental issues.
While the outlook for 2025 is generally positive, challenges remain, including:
- The need for expanded charging infrastructure to support the growing number of EVs on the road.
- Potential supply chain constraints for critical materials used in EV batteries.
- Economic factors such as interest rates and overall market conditions that may affect consumer purchasing power.
The global EV market is poised for continued growth in 2025, with China leading the way and other regions showing significant progress. The industry’s expansion reflects the ongoing shift towards sustainable transportation and the increasing competitiveness of electric vehicles in the global automotive market.
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