Global EV Outlook is the most comprehensive report on the market for electric vehicles (EVs) and explores the key trends shaping the market today and over the coming decade. It includes analysis of current and future policy, preferences, and purchase decisions from more than 200,000 consumers in 27 markets.

Key findings from the report include:

The global EV market is forecast to reach 7.2 million sales in 2025

China will remain the largest EV market, with sales forecast to reach 3.8 million in 2025

US EV sales are forecast to grow to 1.6 million in 2025

Norway will remain the EV market with the highest penetration, with sales forecast to reach nearly one in four new car sales by 2025

Plug-in hybrids (PHEVs) are forecast to make up 43% of global EV sales in 2025

The global market for EVs is forecast to reach 7.2 million sales in 2025, up from 2.1 million in 2019. The majority of this growth will come from China, which is forecast to remain the largest EV market, with sales reaching 3.8 million in 2025. This reflects continued supportive policies, as well as strong growth in the Chinese economy and rising consumer awareness of the benefits of EVs.

The US is forecast to be the second largest EV market, with sales reaching 1.6 million in 2025. This growth will be driven by a range of factors, including continued reductions in battery prices, increasing consumer awareness of EVs, and the rollout of new charging infrastructure.

Norway will remain the EV market with the highest penetration, with sales forecast to reach nearly one in four new car sales by 2025. This is despite a recent decrease in EV incentives, as the high upfront cost of EVs is offset by the low running costs.

Plug-in hybrids (PHEVs) are forecast to make up 43% of global EV sales in 2025, due to their appeal as a transitional technology for consumers who are reluctant to switch to a purely electric vehicle.