Record Global Growth: Five Takeaways from Recent Electric Vehicle Outlooks

With military action lifting the odds of oil price spikes, EVs are multiplying faster than ever around the world — particularly in emerging economies.

The risk of rising oil prices has grown amidst military action in the Middle East. And as oil prices attract heightened attention, EVs’ advantages in lower fuel and operating costs are lifting sales. New reports show electric vehicles (EVs) progressing faster than ever — particularly in emerging economies that are reducing their reliance on those costly oil imports. Here are five charts and takeaways from recent EV outlooks — IEA’s Global EV Outlook 2025 and BloombergNEF’s Electric Vehicle Outlook 2025.

1. EV sales are at a record high, while combustion vehicle sales continue to fall. More than one in four car sales will be electric this year, including more than half of sales in China — despite US projections being cut in half due to recent policy.

2. EVs are increasingly global, as annual sales more than doubled in Brazil and Africa. Thanks to affordable vehicle models and targeted incentives, EV sales shares are growing fast — with Vietnam outpacing Europe, Thailand eclipsing the United States, and Brazil outperforming Japan.

3. Low-cost charging is a key enabler. While charging is generally far cheaper than gasoline, public fast charging is more expensive in the United States and Europe. Smart policy is crucial for managing charging costs and providing broader access.

4. Battery innovation is making EVs increasingly desirable. Leading batteries can charge more than halfway in five minutes, and more progress could be on the horizon with safer long-range solid-state chemistries.

5. EVs are reducing oil demand at an exponential rate. Every time EVs save another million barrels of oil, it is set to happen in half the time. From early two-wheelers to current cars and future trucks, all vehicle segments can play a role in reducing pollution and increasing security.