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Electric vehicles' global market share projected to reach 29% by 2025

- Covid-19 relief packages resulted in new policy support for EVs, making them more affordable compared to ICEs, expert says

home > Electricity, World 21.10.2021 12:13 Ebru Şengül

Electric vehicles' global market share projected to reach 29% by 2025

The global market share of electric vehicles (EVs) is expected to reach as much as 29% by 2025, driven by demand from China and Europe, according to Marius Kluge Foss, senior vice president at Rystad Energy on Thursday.

With fuel supply issues and surging oil and gas prices dominating the news globally, the public interest in electric vehicles has witnessed a massive surge last month, increasing site searches by as much as 1,600% in September.

New models entering the market and decreasing costs have also caused extensive market growth in the past year. According to the International Energy Agency's Global EV Outlook 2021, worldwide 368 electric car models were available in 2020, marking an increase of 328% compared to 2015 when there were only 86.

China has the widest choice as the world’s largest EV market. But in 2020, the biggest increase in the number of models was in Europe where it more than doubled, the IEA noted.

These numbers were also reflected in the recent EV uptakes in Europe, where EVs and plug-in hybrid cars outsold diesel in August 2021 for the first time, according to data released by auto industry analyst JATO Dynamics.


- Race for battery investments

Over the past year, automakers have become keen to invest heavily in EV battery production to meet the projected demand growth in the coming years.

Japanese automotive giant Toyota announced a $13.5 billion investment in battery development and production across the world by 2030, while US automaker Ford and its South Korean battery partner SK Innovation will invest $11.4 billion to build an electric F-150 assembly plant and three battery plants in the US.

Formed in 2021 as a result of a merger between Italian-American Fiat Chrysler and France’s PSA Group, Stellantis also entered the battery race with its South Korean battery maker partner, LG Energy Solution to form a joint venture to produce battery cells and modules for North America as part of a $35.3 billion investment plan by 2025.

With plans of eight global gigafactories, including four in Europe, Mercedes-Benz joined Stellantis and Total in taking 33% shares in Automotive Cells Company, with plans to further expand battery cell production and regional supply chains in Europe.

General Motors recently announced similar investments, including the expenditure of $35 billion through 2025 to bring 30 new EVs to the global market and to build additional assembly capacity for electric models. As part of this investment, the company is preparing to spend $4.6 billion on two battery factories in the US with its partner LG Solutions.


- Technology companies enter the scene

Meanwhile, technology firms have also started to enter the race for a share of the EV market, including Apple, Sony, Xiaomi and Foxconn. Xiaomi recently confirmed that it would start mass-producing EVs in the first half of 2024 and invest up to $10 billion in its EV division by the turn of the decade.

Known for building consumer electronics for Apple, Taiwan tech giant Foxconn also exhibited three electric vehicle prototypes on Oct. 18, confirming company plans to invest $35 billion for EVs in the next five years.

While Japanese electronics company Sony introduced its Vision-S electric vehicle last year, it revealed that Sony has no plans to mass-produce EVs. Apple is working on an autonomous EV venture called 'Project Titan' and is expected to introduce its EV in 2024.


- "Public perception improving"

Foss told Anadolu Agency in an interview of the many factors playing out in recent EV sector developments that are making EVs a viable alternative to conventional vehicles. "Continued cost decline in lithium-ion batteries over the past decade has made EVs more and more affordable, and certain models are already at cost parity with internal combustion engine (ICE) vehicles," he said.

He noted that the steady increase in available and attractive EV models continues to expand the addressable market for EVs. "At the same time, as new models enter the market, the overall specs of all EV models continue to improve, with increased range and improved charging speed probably being the most important."

These developments improve public perception of EVs in general, as price, range and charging have been the main barriers preventing people from switching to EVs, according to Foss.

"The last 1-2 years have also demonstrated a massive shift in the communication from the legacy auto manufacturers, with all basically trying to outcompete each other with ambitious EV sales targets, and most have also set a target year for when they plan to phase out ICE vehicles completely, ranging from the mid-2020s to mid-2030s. Lastly, Covid-19 relief packages, particularly in Europe, resulted in new policy support for EVs, making them more affordable compared to ICEs," Foss explained.

With the EV market share at 9% globally in the second quarter of 2021, Foss projected that this would surpass 10% in the third quarter of the year, driven largely by Europe and China, while the US still lags.

He said Rystad Energy forecasts that the overall global market share of EVs for 2021 will reach 8% in the base case and 9% in the high case, and these shares are expected to be 23% and 29%, respectively by 2025.

"China and Europe are currently taking the lead on EV sales and are likely to continue to do so, with the US and Japan lagging behind. Japan is still focused on fuel cell electric vehicles [FCEVs] and does not seem to have decided on which technology to pursue. Consumers in the US typically favor large vehicles and they often require longer range than other regions, which results in a somewhat delayed adoption of EVs," he said.

Foss noted that other developed countries, especially in Asia, are also moving to electric, but developing countries are expected to lag behind, in part due to tough competition from very cheap ICE models in these countries that make the added battery cost still too much of a barrier for mass adoption.

Regardless, he said that this would likely change as battery costs continue to decline over the next decade.

Foss noted that from a policy perspective, EVs would need continued support to close the price gap to their ICE peers, with support alleviating over the coming years as the gap diminishes.

"Developed countries, where EVs must compete with cheaper ICE models, will likely need to maintain this support for a longer period. Facilitating investments in charging infrastructure is obviously also important to make the transition to EVs convenient for the population," Foss concluded.

By Ebru Sengul Cevrioglu

Anadolu Agency

energy@aa.com.tr




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- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.35 billion Turkish liras
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Türkiye's daily power consumption down 10.9% on Aug. 3

- Electricity exports totaled 12,502 megawatt-hours, while imports amounted to 5,129 megawatt-hours
04.08.2025 Electricity

Spot market electricity prices for Monday, Aug. 4

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.29 billion Turkish liras
03.08.2025 Electricity

Afghan admin seals $10B deal for 10k megawatts of electricity

- Within 7 to 10 years, Afghanistan will achieve self-sufficiency in electricity production, says official statement
03.08.2025 Electricity

Türkiye's daily power consumption down 5.6% on Aug. 2

- Electricity exports totaled 14,932 megawatt-hours, while imports amounted to 4,925 megawatt-hours
03.08.2025 Electricity

Spot market electricity prices for Sunday, Aug. 3

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 1.72 billion Turkish liras
02.08.2025 Electricity

Türkiye begins natural gas shipments to Syria

- -Annual exports could reach 2 billion cubic meters, Turkish energy minister says
03.08.2025 Electricity , Natural Gas

Natural gas from Türkiye to boost Syria's electricity to 10 hours daily

- In addition to supplying gas to Aleppo, Türkiye plans to boost electricity exports to northern Syria up to 900 MW by reactivating key transmission lines
04.08.2025 Electricity , Energy Diplomacy

Türkiye's daily power consumption down 1.3% on July 31

Electricity exports totaled 14,825 megawatt-hours, while imports amounted to 9,870 megawatt-hours.
01.08.2025 Electricity , Finance

Spot market electricity prices for Friday, Aug. 1

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.18 billion Turkish liras
31.07.2025 Electricity

Türkiye's daily power consumption down 0.5% on July 30

Electricity exports totaled 13,740 megawatt-hours, while imports amounted to 9,632 megawatt-hours.
31.07.2025 Electricity

Spot market electricity prices for Thursday, July 31

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.39 billion Turkish liras
30.07.2025 Electricity

First gas flow to Syria set for August 2: Turkish energy minister

- Azerbaijani gas to be delivered via Kilis to Aleppo to boost electricity generation in northern Syria
01.08.2025 Electricity , Natural Gas

Global electricity demand to soar as coal use falls: IEA

– IEA expects renewable electricity generation to overtake coal as early as 2025, or by 2026 at latest
31.07.2025 Electricity , General

Türkiye's daily power consumption up 2.1% on July 29

- Electricity exports totaled 14,417 megawatt-hours, while imports amounted to 8,662 megawatt-hours
30.07.2025 Electricity

Spot market electricity prices for Wednesday, July 30

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.49 billion Turkish liras
29.07.2025 Electricity

Türkiye's daily power consumption up 14% on July 28

- Electricity exports totaled 13,711 megawatt-hours, while imports amounted to 7,982 megawatt-hours
29.07.2025 Electricity

Spot market electricity prices for Tuesday, July 29

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.41 billion Turkish liras
29.07.2025 Electricity

Türkiye's daily power consumption down 8.5% on July 27

- Electricity exports totaled 16,863 megawatt-hours, while imports amounted to 7,423 megawatt-hours
29.07.2025 Electricity

Spot market electricity prices for Monday, July 28

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.4 billion Turkish liras
27.07.2025 Electricity

Türkiye's daily power consumption down 5.5% on July 26

- Electricity exports amount to 17,101 megawatt-hours and imports total 7,476 megawatt-hours
28.07.2025 Electricity

Spot market electricity prices for Sunday, July 27

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.1 billion Turkish liras
26.07.2025 Electricity

Türkiye's daily power consumption down 0.2% on July 25

- Electricity exports amount to 14,705 megawatt-hours and imports total 7,707 megawatt-hours
27.07.2025 Electricity

Spot market electricity prices for Saturday, July 26

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.22 billion Turkish liras
25.07.2025 Electricity

Turkish firm to invest $520 million in high-efficiency solar equipment production

- With additional investments, production capacity is expected to reach 5 GW by 2028, solar tech company head says
29.07.2025 Electricity , Solar

Türkiye's daily power consumption up 2% on July 24

- Electricity exports amount to 15,045 megawatt-hours and imports total 7,924 megawatt-hours
25.07.2025 Electricity

Global coal demand to remain on a plateau in 2025 and 2026: IEA

- "We expect the world's coal consumption to remain broadly flat this year and next", says IEA director of energy markets and security
25.07.2025 Coal

Spot market electricity prices for Friday, July 25

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.34 billion Turkish liras
24.07.2025 Electricity

Türkiye's daily power consumption up 1.5% on July 23

- Electricity exports amount to 15,496 megawatt-hours and imports total 8,903 megawatt-hours
24.07.2025 Electricity

Spot market electricity prices for Thursday, July 24

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.31 billion Turkish liras
23.07.2025 Electricity

Türkiye's daily power consumption up 3.7% on July 22

- Electricity exports amount to 15,022 megawatt-hours and imports total 9,540 megawatt-hours
24.07.2025 Electricity

Zorlu Enerji completes sale of energy assets in Israel

- Company recently completed sale of its 25% stake in Dorad Energy Ltd., a process that began in March
23.07.2025 Electricity , Natural Gas , Energy Diplomacy

Spot market electricity prices for Wednesday, July 23

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.37 billion Turkish liras
22.07.2025 Electricity

France's electricity exports rise as nuclear and hydropower lead in 2024: EIA

- Country increases electricity generation and export in 2024, while import falls by 50%
24.07.2025 Electricity

Türkiye's daily power consumption up 18.12% on July 21

- Electricity exports amount to 14,875 megawatt-hours and imports total 9,869 megawatt-hours
22.07.2025 Electricity

Spot market electricity prices for Tuesday, July 22

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.3 billion Turkish liras
21.07.2025 Electricity

Spot market electricity prices for Monday, July 21

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.14 billion Turkish liras
21.07.2025 Electricity

Türkiye's daily power consumption down 7.6% on July 19

- Electricity exports amount to 14,069 megawatt-hours and imports total 9,686 megawatt-hours
21.07.2025 Electricity

Türkiye's daily power consumption down 0.45% on July 18

- Electricity exports amount to 13,902 megawatt-hours and imports total 2,321 megawatt-hours
19.07.2025 Electricity

Spot market electricity prices for Saturday, July 19

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.05 billion Turkish liras
18.07.2025 Electricity

Türkiye's daily power consumption up 1.8% on July 17

- Electricity exports amount to 14,753 megawatt-hours and imports total 2,364 megawatt-hours
18.07.2025 Electricity

Spot market electricity prices for Friday, July 18

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.34 billion Turkish liras
17.07.2025 Electricity

Türkiye's daily power consumption up 7.9% on July 16

- Electricity exports amount to 13,460 megawatt-hours and imports total 1,971 megawatt-hours
17.07.2025 Electricity

Spot market electricity prices for Thursday, July 17

- Energy Exchange Istanbul (EXIST) data shows electricity market trade volume amounts to 2.39 billion Turkish liras
16.07.2025 Electricity

Most wildfires caused by humans but weather makes them deadly: Expert on California fire risks

- Utility-sparked fires account for small share of ignitions but cause most severe damage during extreme weather, expert says
18.07.2025 Electricity , Energy Diplomacy , General

Türkiye's daily power consumption down 4.5% on July 15

- Electricity exports amount to 13,694 megawatt-hours and imports total 4,150 megawatt-hours
16.07.2025 Electricity
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