USD
GBP 
CNY 
EUR 
INR 
JPY 
MYR 
ZAR 
KRW 
THB 
OEMs Focus on Revising Electrification Strategies to Adjust to Changing Market Conditions
25-Jun-2025
Global
Market Outlook
MHB9-01-00-00-00
AU_2025_33594
This Frost & Sullivan analysis provides an outlook for the electric vehicle (EV) industry based on the latest industry data, an outline of current trends, an in-depth examination of future developments, and a breakdown of the main stakeholders in the sector and their performance.
Over 17.7 million units of EVs were sold worldwide in 2024, recording a 25% year-over-year (YoY) growth; Battery electric vehicles accounted for 63% of EV sales, and plug-in hybrid electric vehicles (PHEVs) the remaining 37%. The PHEV share rose by 7% in 2024. EV penetration in the global light-duty vehicle (LDV) segment increased from 17% in 2023 to 20% in 2024. Among regions, Asia-Pacific (APAC) has the highest EV penetration of 23% in the LDV segment. BYD remains the market leader, selling over 4 million units last year, followed by Tesla with 1.78 million units. Charging point installations reached the 5 million mark in 2024, with a ratio of 1 charging connector for 11 EVs.
Short-term trends covered include the introduction of affordable EVs, revision of EV strategies by original equipment manufacturers (OEMs), Chinese OEMs’ focus on global markets, future battery chemistries, EVs as a virtual power plant, and uptake of extended-range EVs (EREVs).
Frost & Sullivan forecasts that between 20 and 21 million EVs will be sold in 2025. However, a slowdown is expected. EV penetration in the LDV segment is likely to reach over 23%. BYD will retain its leadership position with a higher margin, with over 4.5 million unit sales. Emerging markets in APAC, such as South Korea, Japan, and Australia, will be at the forefront. Charging point installations are expected to reach 6 million, with a ratio of 1 connector for every 12 EVs; 55% of the total charging points will be in the 6 to 11 kW power band. ChargePoint will continue to be a leader, albeit with a slight decline in market share. The location-to-connector ratio is likely to reach 1:5, indicating that every location has 5 connectors. The connector-to-EV ratio is projected to reach 1:12, indicating there will be 1 connector for every 12 EVs.
Author: Prajyot Sathe
Analysis Highlights
The 2024 Electric Car Market: Forecast vs. Actual
Global Electric Car Market, 2024 and 2025e
Global LDV Powertrain Mix
Top Predictions for 2025
Why Is It Increasingly Difficult to Grow?
The Strategic Imperative 8
The Impact of the Top 3 Strategic Imperatives on the Electric Car Industry
Growth Opportunities Fuel the Growth Pipeline Engine
EV Segmentation
EV Growth and Penetration: Top 10 Markets
Vehicle Manufacturers’ Investment Comparison
Automakers’ Battery Consumption
Competitive Landscape: OEMs’ Powertrain Outlook
Global xEV Forecast
EV Charging Infrastructure Development: Top 6 Markets
EV Charging Infrastructure Development: Key APAC Markets
Top 10 Trends for 2025
Top 10 Growth Opportunities
Global GDP Growth
Inflation and Interest Rates
Currency Trajectory
Oil Markets
Labor Market
Critical Minerals Supplies
North America
Western Europe
Middle East
ASIA
List of Countries, 2024
Key EV Market Trends
Introduction of Affordable EVs
Revision of EV Strategies by OEMs
Chinese OEMs’ Focus on Global Markets
Future Battery Chemistries
EVs as a VPP
Uptake of EREVs
Highlights: 2024 and 2025e
Electric Car Market, 2024 and 2025e
Highlights: 2024 and 2025e
Electric Car Market, 2024 and 2025e
Electric Car Growth and Penetration: Key Countries
Electric Car Growth and Penetration: Key OEMs
Powertrain Mix in the Next Decade
Highlights: 2024 and 2025e
Electric Car Market, 2024 and 2025e
Electric Car Growth and Penetration: Key OEMs
Powertrain Mix in the Next Decade
Highlights: 2024 and 2025e
Electric Car Market, 2024 and 2025e
Electric Car Growth and Penetration: Key Countries
Electric Car Growth and Penetration: Key OEMs
Powertrain Mix in the Next Decade
Highlights: 2024 and 2025e
Electric Car Market, 2024 and 2025e
Electric Car Growth and Penetration: Key Countries
Electric Car Growth and Penetration: Key OEMs
Growth Opportunity 1: Align with Shifting Market Conditions
Growth Opportunity 2: Form Partnerships to Enable Localization
Growth Opportunity 3: Leverage Opportunities Arising from First-generation EVs
Conclusions and Outlook
Benefits and Impacts of Growth Opportunities
Next Steps
List of Exhibits
Legal Disclaimer
Speak directly with our analytics experts for tailored recommendations.
Recent related Autonomous Vehicles research
31 Aug 2026 | Global | Market Outlook
Off-Highway Equipment Market Predictions and Growth Opportunities, Global, 2026
The global off-highway (OHW) equipment industry enters 2026 amid a complex and evolving macroeconomic environment characterized by geopolitical uncertainty, energy price volatility, and shifting trade dynamics. While the baseline outlook suggests moderate global GDP growth of about 3%, downside scen...
27 Aug 2026 | Global | Market Outlook
Global EV Charging Infrastructure, 2026: Growth Trajectory and Emerging Opportunities
The rapid rise of electric vehicles (EVs) is intensifying the need for a robust, accessible charging infrastructure. Enabled by IoT integration, EVs are becoming a smarter alternative to conventional ICE vehicles. Expanding fast-charging stations along highways and at key destinations is critical to...
21 Aug 2026 | South Asia, Middle East & North Africa | Market Research
High-Traffic Truck Charging Infrastructure Revenue Opportunities, India, 2026–2041
India’s electric truck charging ecosystem is entering a critical phase of commercialization, with revenue generation and investment returns emerging as key focus areas alongside infrastructure deployment. As medium- and heavy-duty electric trucks scale up, charging infrastructure development across ...
21 Aug 2026 | Global | Technology Research
Growth Opportunities in Next-Gen Audio Processor, LiDAR, Radar, Air Mobility, ADAS and Battery
The Mobility Technology Opportunity Engine (TOE) covers innovations pertaining to Next-Gen Audio Processor, LiDAR, Radar, Air Mobility, ADAS and Battery among others.The purpose of the Mobility Technology TOE is to raise awareness of global technology innovations in self-propelled ground-based mobil...
20 Aug 2026 | Global | Market Outlook
2026 Prediction of Global Electric Vehicle Market
Over 21.6 million units of light-duty electric vehicles (EVs) were sold worldwide in 2025, representing a 23.5% year-over-year (YoY) growth. Battery electric vehicles (BEVs) accounted for 66.8% of all EVs sold, while plug-in hybrid electric vehicles (PHEVs) accounted for 33.2%. The PHEV share declin...
Purchase includes:
- Report download
- Growth Dialog™ with our experts
Growth Dialog™
A tailored session with you where we identify the:- Strategic Imperatives
- Growth Opportunities
- Best Practices
- Companies to Action
Impacting your company's future growth potential.
Over 17.7 million units of EVs were sold worldwide in 2024, recording a 25% year-over-year (YoY) growth; Battery electric vehicles accounted for 63% of EV sales, and plug-in hybrid electric vehicles (PHEVs) the remaining 37%. The PHEV share rose by 7% in 2024. EV penetration in the global light-duty vehicle (LDV) segment increased from 17% in 2023 to 20% in 2024. Among regions, Asia-Pacific (APAC) has the highest EV penetration of 23% in the LDV segment. BYD remains the market leader, selling over 4 million units last year, followed by Tesla with 1.78 million units. Charging point installations reached the 5 million mark in 2024, with a ratio of 1 charging connector for 11 EVs.
Short-term trends covered include the introduction of affordable EVs, revision of EV strategies by original equipment manufacturers (OEMs), Chinese OEMs’ focus on global markets, future battery chemistries, EVs as a virtual power plant, and uptake of extended-range EVs (EREVs).
Frost & Sullivan forecasts that between 20 and 21 million EVs will be sold in 2025. However, a slowdown is expected. EV penetration in the LDV segment is likely to reach over 23%. BYD will retain its leadership position with a higher margin, with over 4.5 million unit sales. Emerging markets in APAC, such as South Korea, Japan, and Australia, will be at the forefront. Charging point installations are expected to reach 6 million, with a ratio of 1 connector for every 12 EVs; 55% of the total charging points will be in the 6 to 11 kW power band. ChargePoint will continue to be a leader, albeit with a slight decline in market share. The location-to-connector ratio is likely to reach 1:5, indicating that every location has 5 connectors. The connector-to-EV ratio is projected to reach 1:12, indicating there will be 1 connector for every 12 EVs.
Author: Prajyot Sathe
| Deliverable Type | Market Outlook |
|---|---|
| Industries | Automotive |
| No Index | No |
| Is Prebook | No |
| Keyword 1 | electric car market 2025 |
| Keyword 2 | EV adoption forecast |
| Keyword 3 | automotive electrification strategy |
| Podcast | No |
| Predecessor | None |
| WIP Number | MHB9-01-00-00-00 |