Elementary Mr. Watson: Running the Signal Gauntlet
The Shaughnessy Report: Winning the Signal Integrity Battle
Connect the Dots: How to Avoid Five Common Causes of Board Failure
Global NEV Sales Expected to Grow 18% in 2025, with US Market Facing Uncertainty
February 20, 2025 | TrendForceEstimated reading time: 2 minutes
TrendForce’s latest investigations find that global sales of NEVs—including BEVs, PHEVs, and FCVs—reached 16.29 million units in 2024, marking a 25% YoY increase. The Chinese market expanded its share to 67%, further solidifying its dominance. Looking ahead, global NEV sales are projected to grow by 18% in 2025, with China expected to maintain its upward trend. Meanwhile, policy changes in the US could introduce uncertainties.
Tesla retained its top position in BEV sales in 2024, with BYD closely following in second place. SAIC-GM-Wuling saw an impressive 44% YoY growth, reclaiming its spot as the third-largest BEV manufacturer. In contrast, Volkswagen and GAC Aion, ranking fourth and fifth, both experienced negative sales growth.
Meanwhile, ZEEKR and Leapmotor nearly doubled their annual sales, making their debut in the global top 10 BEV rankings. Hyundai slipped to ninth place—suffering a 21% sales decline—with lackluster performance across key markets, including the US, South Korea, and Europe.
BYD dominated the PHEV segment, securing a 38% market share, which exceeded 40% when including its other sub-brands. Li Auto, AITO, and Changan (including Qiyuan) followed in second to fourth place, respectively. Notably, AITO’s strong performance, driven by the success of the M9 model, propelled it into the top 10 PHEV rankings.
BMW’s PHEV sales dipped slightly by 3%, placing it seventh, while the sales gap between BMW’s BEV and PHEV models continued to widen. Additionally, Geely Group saw Lynk & Co and Galaxy enter the top 10 at eighth and tenth place, respectively. In 2024, Geely integrated its brands by merging Geome into Galaxy and Lynk & Co with ZEEKR, forming ZEEKR Technology Group while retaining both brands.
TrendForce projects that global NEV sales will reach 19.2 million units in 2025. China is expected to sustain growth, benefiting from the extension of its vehicle trade-in subsidy policy. However, Chinese automakers face three key challenges: intensifying domestic competition, high investment demands for overseas expansion, and increasing technological rivalry.
Consequently, once fragmented multi-brand strategies are now undergoing restructuring, and industry consolidation is expected to continue in 2025, with a growing likelihood of mergers among major automotive groups.
The US NEV market remains highly uncertain. TrendForce warns that if President Trump successfully overturns the US$7,500 EV tax credit with congressional approval, the 2025 global NEV sales growth rate could decline from 18% to 16%. However, the actual impact will depend on several factors, including the timing of policy implementation, state-level incentives, and automakers’ strategic response to the EV market shift.
Share on:
Testimonial
"Advertising in PCB007 Magazine has been a great way to showcase our bare board testers to the right audience. The I-Connect007 team makes the process smooth and professional. We’re proud to be featured in such a trusted publication."
Klaus Koziol - atgSuggested Items
EV Group Achieves Breakthrough in Hybrid Bonding Overlay Control for Chiplet Integration
09/12/2025 | EV GroupEV Group (EVG), a leading provider of innovative process solutions and expertise serving leading-edge and future semiconductor designs and chip integration schemes, today unveiled the EVG®40 D2W—the first dedicated die-to-wafer overlay metrology platform to deliver 100 percent die overlay measurement on 300-mm wafers at high precision and speeds needed for production environments. With up to 15X higher throughput than EVG’s industry benchmark EVG®40 NT2 system designed for hybrid wafer bonding metrology, the new EVG40 D2W enables chipmakers to verify die placement accuracy and take rapid corrective action, improving process control and yield in high-volume manufacturing (HVM).
ROHM Develops Ultra-Compact CMOS Op Amp: Delivering Industry-Leading Ultra-Low Circuit Current
09/11/2025 | ROHMROHM’s ultra-compact CMOS Operational Amplifier (op amp) TLR1901GXZ achieves the industry’s lowest operating circuit current.
I-Connect007 Launches New Podcast Series on Ultra High Density Interconnect (UHDI)
09/12/2025 | I-Connect007I-Connect007 is excited to announce the debut of its latest On the Line With... podcast series, which shines a spotlight on one of the most important emerging innovations in electronics manufacturing: Ultra-High-Density Interconnect (UHDI).
I-Connect007 Launches New Podcast Series on Ultra High Density Interconnect (UHDI)
09/10/2025 | I-Connect007I-Connect007 is excited to announce the debut of its latest podcast series, which shines a spotlight on one of the most important emerging innovations in electronics manufacturing: Ultra-High-Density Interconnect (UHDI). The series kicks off with Episode One, “Ultra HDI: What does it mean to people? Why would they want it?” Host Nolan Johnson is joined by guest expert John Johnson, Director of Quality and Advanced Technology at American Standard Circuits (ASC).
KYZEN to Feature High-Reliability MICRONOX Chemistries at IMAPS Symposium
09/10/2025 | KYZEN'KYZEN, the global leader in innovative environmentally responsible cleaning chemistries, is pleased to announce its participation at the International Symposium on Microelectronics or IMAPS Symposium, taking place September 29-October 3 at Town & Country Resort in San Diego, CA.