The world is witnessing an electric revolution on wheels. According to the International Energy Agency’s (IEA) Global EV Outlook, over 25% of all cars sold globally in 2025 are expected to be electric, as sales are on track to exceed 20 million units this year. In just the first quarter of 2025, global EV sales surged 35% year-on-year, confirming the momentum toward cleaner mobility.Global EV surge led by China, growth in India & Latin AmericaChina continues to dominate, accounting for nearly half of all EV sales worldwide in 2024—more than 11 million units, equal to the global total from 2022. But the real surprise? Emerging markets like India and Latin America are becoming hotbeds of growth.India saw its best-ever EV car sales in 2024, clocking 99,378 units, and is poised to break that record in 2025. The first quarter alone saw 34,568 electric cars, SUVs, and MPVs sold—a sharp 34% increase from Q1 2024. This surge is fueled by strong policy support and a competitive market, with Tata Motors, JSW MG Motor, Mahindra, Hyundai, Maruti Suzuki, and Toyota all launching or planning new electric models.In Latin America, countries like Brazil, Costa Rica, and Uruguay saw electric car market shares jump, thanks to government incentives and rising fuel costs. Brazil sold nearly 125,000 EVs in 2024—double its 2023 figure—with an EV share of 6.5%.Southeast Asia, Africa also see gainsThailand led the Southeast Asian EV market, even as sales dropped by 10%—but traditional car sales fell even more, pushing EV share up to 13%. Meanwhile, Indonesia and Vietnam saw sales surge, with market shares now comparable to Europe.Africa doubled its EV sales to around 11,000 units in 2024, with Morocco and Egypt leading adoption, though the region still has under 1% share overall.Mixed performance in the US and EuropeIn the United States, EV sales grew 10% in 2024 to 1.6 million units, but this marked a significant slowdown from the 40% growth seen in 2023. Tesla’s dominance also dropped to 38% of the market, down from 60% in 2020, due to increased competition.Europe saw stagnation in EV sales as subsidies waned, maintaining a 20% share. Countries like Germany and France saw dips, but others like the UK and Denmark posted strong gains. The UK’s new Vehicle Emissions Trading Scheme boosted EV share to 30%, while Denmark hit 56%, with nearly 100,000 EVs sold.EV prices drop globally, but gaps remainThanks to declining battery costs and growing competition, EV prices fell in many markets. In China, two-thirds of EVs in 2024 were cheaper than their ICE counterparts—even without subsidies. But in Germany, EVs still cost 20% more on average, and in the U.S., the gap remains at 30%.Still, operating costs are consistently lower. Even with oil prices at $40 per barrel, running an EV in Europe is half as expensive as driving a petrol or diesel vehicle.Future outlook: 40% of car sales to be electric by 2030IEA expects the EV market share to hit over 40% by 2030, driven by falling prices, stronger policies, and broader global adoption. Nearly one-fifth of EVs sold globally in 2024 were imports—most from China, which exported 1.25 million electric cars last year.Despite some uncertainties in economic policy and global trade, the EV revolution is well underway. And as Fatih Birol, Executive Director of the IEA, puts it:“Electric cars remain on a strong growth trajectory globally. Sales continue to set new records, with major implications for the international auto industry.”The road to a zero-emissions future is accelerating—and fast.