• • • ELECTRICAL VEHICLES • • •
Global electric vehicle market: charging ahead into a new era of
electrified mobility The global electric vehicle (EV) market is undergoing a transformative shift. According to Persistence Market Research, it is projected to grow from USD 723.2 billion in 2025 to USD 1,870.7 billion by 2032, reflecting a strong CAGR of 14.5 per cent By Likhit Meshram, Senior Associate Consultant, Persistence Market Research Pvt Ltd
T
his growth marks a broader transformation in the transportation sector, with implications for climate policy, energy infrastructure and
industrial strategy. EV adoption is accelerating globally due to
regulatory mandates, fiscal incentives and technological advancements. Over 85 per cent of global vehicle sales are now governed by stringent CO2 or fuel efficiency norms. Leading regions such as the EU, China and California are enforcing zero-emission vehicle (ZEV) targets, offering subsidies, tax breaks and infrastructure support. Some governments are going further, requiring new construction to be EV-ready and implementing low-emission zones in cities. From a consumer standpoint, EVs offer a
compelling value proposition. Lower operating costs, thanks to cheaper energy and fewer maintenance needs, make them attractive. Electric drivetrains eliminate the need for oil changes, spark plugs and exhaust systems. Studies suggest maintenance costs for EVs are up to 50 per cent lower over their lifetime. Home charging, especially
during off-peak hours, adds further savings, helping EVs appeal to cost-sensitive users and early adopters alike. However, challenges remain. Uneven access to
charging infrastructure, particularly in rural and emerging regions, hampers growth. The limited deployment of DC fast chargers and reliance on slower AC options continue to exacerbate ‘range anxiety’. Additionally, EVs’ high upfront cost, still higher than their ICE counterparts in many markets, makes them reliant on subsidies, some of which are now being scaled back. China remains the largest EV market,
commanding over 60 per cent of global sales. In 2024, the country registered 11 million EVs, and in July, electric vehicles surpassed ICE sales for the first time. A government trade-in initiative launched in April 2024 significantly boosted adoption, with 60 per cent of replacements being EVs. India is also gaining momentum, recording 1.5 million EV sales in 2023 and targeting 30 per cent EV penetration by 2030, supported by rising local manufacturing and battery ecosystem development.
20 ELECTRICAL ENGINEERING • SEPTEMBER 2025 According to analysis by Likhit Meshram,
“Chinese EV makers lead the global market by 3–5 years in product integration, supply chain efficiency and innovation.” With domestic giants like CATL and BYD dominating battery technology and production, China is reshaping global EV supply chains. The launch of affordable, feature-rich models from Chinese firms is disrupting legacy markets, even as hybrids lose ground to fully electric alternatives. Japan and South Korea are adjusting strategies,
with Toyota, Hyundai and Kia prioritising localised production in China to stay competitive. Meanwhile, Europe saw a rebound in 2025 after a dip in 2024 when subsidies were trimmed. From January to April 2025, the EU and surrounding regions registered 2.2 million electrified vehicles, a 20 per cent year-on-year rise. BEVs led the recovery with a 26 per cent surge, especially in France, the UK, and Belgium. The UK bolstered its EV landscape with a £63
million investment on July 13, 2025, to expand charging infrastructure. This initiative targets
electricalengineeringmagazine.co.uk
Page 1 |
Page 2 |
Page 3 |
Page 4 |
Page 5 |
Page 6 |
Page 7 |
Page 8 |
Page 9 |
Page 10 |
Page 11 |
Page 12 |
Page 13 |
Page 14 |
Page 15 |
Page 16 |
Page 17 |
Page 18 |
Page 19 |
Page 20 |
Page 21 |
Page 22 |
Page 23 |
Page 24 |
Page 25 |
Page 26 |
Page 27 |
Page 28 |
Page 29 |
Page 30 |
Page 31 |
Page 32 |
Page 33 |
Page 34 |
Page 35 |
Page 36 |
Page 37 |
Page 38 |
Page 39 |
Page 40 |
Page 41 |
Page 42 |
Page 43 |
Page 44 |
Page 45 |
Page 46 |
Page 47 |
Page 48 |
Page 49 |
Page 50 |
Page 51 |
Page 52
