The Strategist

Gartner expects global electric vehicle sales to grow above 20 million in 2025

03/13/2024 - 02:08

According to research firm Gartner, shipments of electric vehicles worldwide would rise to 18.4 million units in 2024 and 20.6 million in 2025.

public domain pictures
public domain pictures
Global sales of electric vehicles exceeded 15 million in 2023.

15% of electric car startups that were established in the last ten years are expected to be purchased or file for bankruptcy by 2027.

"This does not imply that the market for electric vehicles is imploding," Pedro Pacheco, research vice president of Gartner, said, "We are just entering a new phase where the companies with the best products and services will beat the rest."

"Electric vehicle incentives are being phased out across countries, making the market more challenging for incumbent players," he added.

By 2027, the average cost of making next-generation battery electric vehicles (BEVs) would be lower than that of creating automobiles with equivalent internal combustion engines, the researchers note.