TrendForce Reports Record Global NEV Sales in 2024, Predicts Continued Growth in 2025
TrendForce’s latest investigations reveal that the global sales of New Energy Vehicles (NEVs) reached a record 16.29 million units in 2024, marking a significant 25% year-over-year increase. The Chinese market maintained its stronghold, accounting for 67% of the total sales. Looking ahead, TrendForce projects a further 18% growth in global NEV sales for 2025, with China expected to continue driving this upward trend. However, uncertainties loom in the US market due to potential policy changes.
Tesla Leads BEV Sales, BYD Follows Close Behind
In the BEV segment, Tesla retained its top position in 2024, with BYD coming in a close second. SAIC-GM-Wuling experienced a remarkable 44% growth, securing the third spot in BEV sales rankings. On the flip side, Volkswagen and GAC Aion faced negative sales growth, landing in fourth and fifth place, respectively.
Newcomers ZEEKR and Leapmotor made a strong impression by almost doubling their annual sales, breaking into the global top 10 BEV rankings. Hyundai, however, slipped to ninth place with a 21% decline in sales, attributed to lackluster performance in key markets like the US, South Korea, and Europe.
BYD Dominates PHEV Segment, AITO Makes Strides
BYD maintained its dominance in the Plug-in Hybrid Electric Vehicle (PHEV) segment, capturing a 38% market share, which rose above 40% when including its sub-brands. Li Auto, AITO, and Changan (including Qiyuan) followed closely in second to fourth place. AITO’s success with the M9 model propelled it into the top 10 PHEV rankings.
BMW saw a slight dip of 3% in PHEV sales, placing it seventh, while the sales gap between its BEV and PHEV models continued to widen. Geely Group welcomed Lynk & Co and Galaxy into the top 10 at eighth and tenth place, respectively. In a strategic move, Geely integrated its brands by merging Geome into Galaxy and Lynk & Co with ZEEKR, forming ZEEKR Technology Group.
Future Outlook and Challenges for NEV Market
TrendForce predicts that global NEV sales will reach 19.2 million units in 2025, with China poised to sustain growth due to extended vehicle trade-in subsidies. However, Chinese automakers face challenges such as intense domestic competition, high investment requirements for global expansion, and technological rivalry.
The industry is witnessing a shift towards restructuring multi-brand strategies and ongoing consolidation, with mergers among major automotive groups becoming more likely in 2025.
Uncertainties in the US Market
The US NEV market is clouded with uncertainty, particularly if President Trump successfully overturns the $7,500 EV tax credit with congressional approval. This could potentially lower the global NEV sales growth rate from 18% to 16% in 2025. The impact will depend on factors like policy implementation timing, state-level incentives, and automakers’ response to the evolving EV market landscape.
