Gartner Inc., a research and consulting firm, has forecast that 85 million electric vehicles (EVs), including cars, buses, vans, and trucks, will be on the road globally by the end of 2025, despite recent challenges facing the EV market, such as delays in launching new models.
“We project the number of EVs worldwide to reach 64 million units in 2024, with a 33% increase to 85 million in 2025,” Jonathan Davenport, senior director analyst at Gartner, said in a media release. “Companies misjudged how quickly the shift to EVs would happen, leading to some delays, but we expect significant growth, particularly in China and Europe.”
He noted that China is expected to account for 58% of global EVs in 2025, followed by Europe with 24%.
The Gartner report also indicates that battery electric vehicles (BEVs) will make up the majority of these numbers, reaching nearly 62 million by 2025, while plug-in hybrid electric vehicles (PHEVs) will grow to 23 million.
As the demand for EVs grows, so does the need for battery recycling.
“A robust recycling program could help reduce the need for new materials,” Davenport said. “This initiative would also help lower battery prices and prevent improper disposal.”
Gartner said that by 2030, automakers aim to recycle 95% of EV batteries, reducing the risk of raw material shortages while also making EVs more affordable.