Despite several hurdles affecting the EV market over the past few months, Gartner projects the number of EVs in use globally to total 64 million units in 2024 and increase 33 % in 2025.
"Many companies overestimated how quickly the switch to EVs would occur. This caused those companies to delay launching new EV models," said Jonathan Davenport from Gartner.
Globally, battery electric vehicles (BEVs) in use are forecast to total almost 62 million units by the end of next year, an increase of 35 % from 2024.
Plug-in hybrid electric vehicles (PHEVs) are expected to grow at a slightly slower rate and reach an installed base of 23 million units in 2025, up 28 % from 2024.
"In India, 500,000 EVs are expected to be on the road by the end of 2025. BEVs in use are expected to total 370,000 units, while 129,500 PHEVs are forecast to be on the road by the end of 2025," the report mentioned.
The number of EVs on the road in India will achieve a high growth, increasing 51 % in 2025.
"Economic incentives like the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme are making EVs more affordable than petrol or diesel cars," said Davenport. "Indian customers are increasingly willing to make procurement decisions that will result in improving air quality levels."
By 2030, Automakers Will enable the recycling of 95 % of batteries from EVs to mitigate the risk from raw material shortage.
With EV sales expected to rise year-over-year, a shortage of raw materials will not be easy to resolve.
"A robust recycling effort to take advantage of materials in spent batteries and scrap from the manufacturing production process, which, together with EU efforts to mandate battery recycling, could reduce the need for more mineral excavation," said Davenport.
To learn more about the electric vehicle ecosystem and meet the key industry leaders, click here.
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