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.
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
Imec’s New GeSi Modulator Hits 400Gb/s, Paving the Way for Next-Gen Optical Interconnects
10/02/2025 | ImecImec – a world-leading research and innovation hub in nanoelectronics and digital technologies – today announced the successful demonstration of a beyond-110GHz C-band GeSi electro-absorption modulator, fabricated on its 300mm silicon photonics platform.
New Podcast Episode: How Does UHDI Benefit SWaP?
10/03/2025 | I-Connect007In podcast episode 4, “SWaP Considerations,” host Nolan Johnson welcomes back industry expert John Johnson, Director of Quality and Advanced Technology at American Standard Circuits (ASC). Together, they explore how UHDI delivers measurable advantages in size, weight, and power (SWaP)—unlocking new possibilities in speed, efficiency, and miniaturization.
October 2025 SMT007 Magazine: Upgrading Your Production Software
10/01/2025 | I-Connect007 Editorial TeamEMS companies need advanced software systems to thrive and compete. But these systems require significant effort to integrate and deploy. What is the reality, and how can we make it easier for everyone? The October 2025 issue of SMT007 Magazine investigates business operations software and how best to achieve the necessary integrations.
Federal Electronics Successfully Completes AS9100 and ISO 9001 Surveillance Audit at Cranston Headquarters
09/30/2025 | Federal ElectronicsFederal Electronics, a leader in providing advanced electronic manufacturing services, announced the successful completion of its annual AS9100 and ISO 9001 surveillance audit at its headquarters in Cranston, Rhode Island.
IEMI 2026 in Bengaluru: Shaping the Next Era of Electronics
10/01/2025 | Arpita Das, Global Electronics AssociationIntegrated Electronics Manufacturing & Interconnections (IEMI) 2026, Jan. 29–30, at Taj Yeshwantpur, Bengaluru, builds on the success of IEMI 2024, which took place in both Kuala Lumpur and Bengaluru and attracted over 1,200 participants. From smart factory showcases to IPC-certified soldering competitions, it was a platform for knowledge exchange and technical engagement.