EVs on the rise

Electric vehicles are sweeping the market.

- MARY ANN LL. REYES

Reuters has reported that global sales of fully electric and plug-in hybrid electric vehicles (PHEVs) rose by a quarter last year to over 17 million cars as China continued to grow and Europe stabilized.

Statista, meanwhile, predicts that this year, revenues in the EV market are projected to reach a staggering $784.2 billion worldwide. It expects the market to demonstrate a steady annual growth rate from 2025 to 2029 of 6.01 percent, leading to a projected market volume of $990.4 billion by 2029.

According to Statista, one of the reasons for the growing popularity of EVs is the increasing concern for the environment and the need to reduce carbon emissions, as customers are becoming more conscious of their ecological footprint and are opting for greener transportation options.

BYD led the global EV market in 2024, with combined deliveries of battery electric vehicles (BEVs) and PHEVs reaching over 3.84 million units, up by 33.6 percent year on year. It accounted for 22.2 percent of all EV sales worldwide. US brand Tesla came in second, with half of the deliveries and market share of Chinese carmaker BYD, but Tesla only produced all-electric cars. It sold 1.78 million units in 2024, with a market share of 10.3 percent.

In third place was Wuling, followed by BMW, Li Auto, Geely, Volkswagen, Mercedes Benz, and another Chinese brand Aion at 10th place.

According to Virta Global, the global EV market share has taken a tremendous leap forward in the past decade and that it expects the trend to only accelerate in the coming years. "In a number of countries, electric vehicles are on the path to become a mass-market product," it said.