Electric vehicle energy storage 2025 sales

How did the EV market perform in 2024?

In Europe, the first quarter of 2024 saw year-on-year growth of over 5%, slightly above the growth in overall car sales and thereby stabilising the EV sales share at a similar level as last year. Electric car sales growth was particularly high in Belgium, where around 60 000 electric cars were sold, almost 35% more than the year before.

How will the EV battery market change in 2025?

As the composition of EV batteries change and the industry expands, the demand and price of certain commodities will be impacted. Mainly driven by China EV sales, global demand for lithium is expected to climb 20% by 2025, according to J.P. Morgan Research forecasts.

How many electric cars are there in 2025?

By 2025, J.P. Morgan estimates this will rise close to 8.4 million vehicles or a 7.7% market share. While this jump is significant, it doesn’t compare to the kind of growth expected in HEVs - cars that combine a fuel engine with electric elements.

How much electricity does the EV fleet use in 2023?

In 2023, the global EV fleet consumed about 130 TWh of electricity – roughly the same as Norway’s total electricity demand in the same year. Zooming out to the global scale, EVs accounted for about 0.5% of the world’s total final electricity consumption in 2023, and around 1% in China and Europe.

Will EV sales increase in China by 2025?

By 2020, the country is expected to account for a staggering 59% of global sales before easing slightly to 55% by 2025 according to J.P. Morgan data. The rise of mini-EVs with smaller battery packs designed for short-range driving (around 100-150 km) has helped boost the popularity of EVs in China.

What percentage of electric cars sold in 2023?

Electric cars accounted for around 18% of all cars sold in 2023, up from 14% in 2022 and only 2% 5 years earlier, in 2018. These trends indicate that growth remains robust as electric car markets mature. Battery electric cars accounted for 70% of the electric car stock in 2023.