Top Five Trends in the Electric Vehicle Market

You might remember BlackBerry – a once-strong player in the smartphone market with its secure email and physical keyboards - and Polaroid – a pioneer in instant photography.

What do they have in common?

Both brands added exclusive and innovative features to their products. But BlackBerry ignored the evolution of touchscreens and consumer-focused ecosystems achieved by Apple and Android, while Polaroid failed to shift to digital cameras and declared bankruptcy in 2001.

Even though vehicles fall into a different commodity category, the global auto industry is poised to undergo a major technical shift as electric powertrains, the core driving systems in electric vehicles, become more affordable and efficient.

This is forcing many traditional car manufacturers to adapt and keep pace with the changes, as well as with the start-ups that are focusing on new technologies in the automotive industry.

Are electric vehicles (EVs) poised to dominate the roads of the future, or are we experiencing a period of hype that will soon end? Let’s seek the answer to this question by examining EV market trends.

How electric mobility transformed the global auto sector in 2025

Based on the latest data from the International Energy Agency’s Global EV Outlook 2025, on a global scale, electric car sales exceeded 17 million units.

China continues to be the leader in this field, with EV sales on the rise:

• Over 11 million electric cars were sold in 2024.
• 1 in 10 cars in the country today is electric.
• EV sales rose by about 40%.

EV sales in Europe stalled in 2024:

• 1 in 5 new cars sold was an EV, around the same figure as in 2023.
• 14 out of 27 EU member states saw an increase in the share of EV sales.
• The remaining half of the EU member states, including France and Germany, saw a decrease in EV sales due to subsidies being either phased out or cut.
• In the UK – Europe’s second-biggest automobile market – EV sales increased from 24% in 2023 to around 30%.

The United States saw growth in EV sales:

• 1.6 million EVs were sold in 2024, representing a growth of 10% year-on-year.
• In 2024, growth slowed down compared to 2023, when it was 40%.
• More than 1 in 10 cars sold were EVs.

Emerging markets: a new frontier for electric vehicle growth

Emerging and developing nations in Asia, Latin America, and Africa saw significant growth in EV sales:

• In 2024, EV sales increased by over 60% year on year.
• The share of EV sales increased from 2.5% of all car sales to 4%.
• This growth was the result of strong policy incentives and the increasing number of affordable EVs produced by Chinese manufacturers.

In Asia:

Indonesia and Vietnam tripled and doubled their sales figures, respectively, and achieved sale shares equivalent to Spain and Canada.

In Latin America:

Brazil outperformed other countries in the region, selling about 125,000 EVs – nearly double the 2023 figure, thus increasing the sales share to 6.5%

Costa Rica, Uruguay, and Colombia also had significant sales shares of 15%, 13%, and 7.5%, respectively.

The growing sales were fueled by government incentives such as tax exemptions, lower registration fees, relaxed traffic regulations for EVs, and comparatively high fossil fuel prices.

In Africa:

EV sales increased by over 200%, hitting almost 11,000 units in 2024. However, at under 1%, sale shares were low despite growth in certain nations such as Morocco and Egypt, where new EV sales increased by over 2,000 units.

Now let’s examine the trends that are worth following in this evolving market:

Trend #1: EV sales will continue to grow, with China maintaining the top position

As mentioned, global EV sales in 2024 hit 17 million, which is around 3 million more than in 2023, with 95% of all EVs being sold in China, Europe, and the U.S.

Over 4 million EVs were sold in the world in the first three months of 2025, with around 60% of sales being in China.

The Middle Kingdom’s impressive sales of electric vehicles are the result of policy support and competitive pricing, which are expected to push this share toward around 80% of global EV sales by 2030.

Other notable predictions include:

• The share of electric cars of total car sales is expected to approach 40% by 2030, according to the IEA report.
• The U.S.'s EV sales share is expected to reach 20% by 2030, which is less than 50% predicted for one year earlier.
• In Southeast Asia, by 2030, it is expected that 1 in 4 cars sold will be electric. In addition, 1 in 3 two/three-wheelers sold in the region will be electric.
• Economic and policy uncertainties, such as trade and industrial policies, economic risks, and lower oil prices could impact EV adoption.
• Higher tariffs may increase prices for EV components, which in turn could result in lower sales.
• Lower oil prices reduce fuel cost savings from EVs, potentially affecting the attractiveness of EVs.

Trend #2: Emerging markets become key growth engines

Emerging economies in Asia, Latin America, and beyond are progressively driving EV adoption.

In 2024, EV sales in these regions increased by more than 60%, with considerable growth in Southeast Asia, Brazil, and several African regions.

Sales in developing economies in Asia (excluding China) hit almost 400,000 in 2024, 40% more than in 2023.

In India, EV sales did not show a significant increase, reaching 100,000 (or 2% of total car sales) in 2024. Thailand remains Southeast Asia's top EV market although it experienced a 10% reduction in EV sales.

Trend #3: Affordability trends: price improvements and persistent gaps

The adoption of EVs is still largely influenced by affordability. The IEA notes that in 2024, prices for lithium-ion battery packs dropped by 20%, greatly lowering the cost of EV manufacturing.

This drop is the result of low prices for essential materials and battery margins being pressured by competition, mainly in China.

The graph below shows the price changes for battery electric cars and battery systems in China, the United States, and Germany from 2023 to 2024.

Thus, we are witnessing a shift toward affordability, which, according to the IEA report, is expected to continue.

• Globally, about 60% of the EV models announced that had their prices disclosed are expected to be launched at a cost of under US$30,000.

This is mainly influenced by China, where, in 2024, around 40% of plug-in EVs cost under US$25,000.

In Europe, the affordability of EVs has stagnated because car manufacturers have prioritized higher-margin premium models, with only 5% of battery-electric models being priced under €30,000 (~US$35,000).

But stricter EU CO₂ emission standards are likely to drive the launch of more affordable EVs.

Trend #4: The future of charging infrastructures

As EV sales grow, it is wise to assume a similar trend for charging infrastructures, right? Not really, at least not at the rate required for widespread EV adoption.

1.3+ million public charging stations were built worldwide in 2024, a 30% increase from 2023, with the total number of charging points reaching more than 5 million, the IEA report outlines.

• China is currently home to 65% of all the charging stations in the world
• The U.S. saw a 20% increase, reaching 200,000 charging points
• India installed 40,000 charging points
• Europe registered a 35% rise and reached 1 million charging points, although data by country varies considerably:

○ Netherlands – 180,000 points

○ Germany – 160,000 points

○ France – 155,000 points

Between 2025 and 2030, it is expected that around 150 million new EV charging points will be installed:

• Nearly two-thirds will be home chargers (houses, apartments, etc.)
• About 30% will be private chargers (workplaces, commercial buildings, etc.)
• Around 8% will be public chargers (along roads, in parking lots, etc.).

Trend #5: Innovations in electric car technology

Global innovation in EVs is accelerating due to market expansion, policy changes, and technological breakthroughs.

At Expert Network Calls (ENC), we have decided to list the innovations we believe are among the most important in the EV industry, focusing on advances in batteries and charging.

Batteries: Technological shifts and global demand growth

In 2024, the demand for batteries in the energy sector, including EV batteries and storage applications, hit the 1 TWh landmark.

For the most part, this impressive result was due to increased EV sales, with over 85% of the demand for EV batteries coming from electric vehicles.

The demand for EV batteries varied considerably by region. For example:

• China registered a 30% increase
• The United States saw a 20% increase
• In the European Union, demand remained almost flat.

By 2030, it is anticipated that the demand for EV batteries will surpass 3 TWh, representing a threefold growth compared to 2024, and EVs will remain the primary driver of this growth.

In terms of battery innovation:

This is moving at a fast pace, going beyond chemistry, with some of the most advanced technologies being:

• Solid-state batteries
• Sodium-ion batteries
• Lithium-sulphur (Li-S) batteries
• Iron-air batteries
• Redox-flow batteries.

Sodium-ion batteries are a less expensive, less hazardous, and more abundant alternative to lithium and are gaining traction. Here are a few examples to back this claim:

• China’s Contemporary Amperex Technology Co., Limited (CATL), the world’s largest battery maker, is looking forward to deploying its sodium-ion battery technology at scale throughout several sectors in 2026.
• BYD, the largest EV manufacturer, is investing in production, having started the construction of a 30 GWh sodium-ion battery factory in Xuzhou City, China, in 2024.

The IEA report also mentions that in 2024, progress toward the commercialization of solid-state batteries was driven by new prototypes and manufacturing investments from companies such as Samsung SDI and Toyota, alongside a government-led Chinese battery alliance that includes CATL and BYD.

In terms of Li-S batteries:

Lyten, a San Jose-based American company that focuses on advanced materials and develops lithium-sulfur batteries, announced a US$1 billion investment in the first Li-S gigafactory in Reno, Nevada.

Charging infrastructure innovations

Between 2022 and 2024, the number of public charging points doubled, exceeding 5 million.

In 2024 alone, the world witnessed over 1.3 million new public charging points – an over 30% increase compared to 2023.

What should we expect in the near future?

1. Vehicle-to-Grid (V2G)

This tech makes it possible for EVs to return power back to the home or workplace, thus assisting grid stability and reducing dependence on fossil-fuel-based power sources.

2. Ultra-fast charging capabilities

Ultra-fast chargers deliver over 150kW and are great for long-distance drivers because they can juice up a car from 10% to 80% in less than 20 minutes.

3. Wireless charging

Wireless charging, which is already at the experimental stage in several regions, including Europe (in 2025 Volvo tested it) and the United States (an electric heavy-duty vehicle has been wirelessly charged), continues to gain popularity. This innovation allows EVs to charge without any cords.

How the wireless charging technology works:

https://www.youtube.com/embed/Ryka-SnREVY?showinfo=0

Diverse player landscape: key stakeholders and competitors

Supported by both domestic and international sales, the top five Chinese automakers accounted for 43% of the worldwide EV market in 2025.

• BYD holds the top spot globally with 2.6 million deliveries and 19.9% of the global market.
• Geely comes in second, boasting 1.3 million deliveries and a 68% growth over the same period last year.
• Tesla slides to third spot with 985,000 deliveries, an 11% yearly decline. Its U.S. market share fell to 38% in August 2024.

Final word

The EV market is no longer niche, and that’s because production volumes are increasing and vehicles are becoming more affordable and technically advanced.

For the last few years, China has managed to maintain and reinforce its position as the biggest player in the market.

By 2030, EVs are predicted to account for a sizable share of new car sales and make a significant contribution to changes in energy consumption and carbon reduction goals.

However, further transition to EVs will necessitate more charging networks, robust battery supply chains, and flexible policy frameworks.