Electric vehicles (EVs) have transitioned from niche innovation to mainstream technology much faster than analysts predicted. In 2025, global passenger-car EV sales are expected to exceed 20 million units, accounting for over 25% of worldwide car sales. This growth will generate approximately US$780 billion in annual revenue. Industry forecasts project the EV market to reach around US$990 billion by 2029, potentially soaring to US$2.5 trillion by 2034. This positions EVs among the most dynamic sectors in transportation, energy, and capital markets.
1. 2025 Market Snapshot
The passenger EV market—encompassing battery electric vehicles (BEVs), plug-in hybrid