This analysis provides an overview of the electric vehicle (EV) industry based on the latest industry data, an outline of current megatrends, an in-depth examination of future developments, and a breakdown of the main stakeholders in the sector and their performance.

Over 17.7 million units of EVs were sold worldwide in 2024, recording a 25% year-over-year (YoY) growth; Battery electric vehicles accounted for 63% of EV sales, and plug-in hybrid electric vehicles (PHEVs) the remaining 37%. The PHEV share rose by 7% in 2024. EV penetration in the global light-duty vehicle (LDV) segment increased from 17% in 2023 to 20% in 2024. Among regions, Asia-Pacific (APAC) has the highest EV penetration of 23% in the LDV segment. BYD remains the market leader, selling over 4 million units last year, followed by Tesla with 1.78 million units. Charging point installations reached the 5 million mark in 2024, with a ratio of 1 charging connector for 11 EVs.

• Why are OEMs revising EV strategies and focusing on global segments to achieve growth?
  
• How will the introduction of affordable EVs and the uptake of extended-range EVs (EREVs) impact growth?
• Which futuristic battery chemistries will create new growth prospects, and what is the growth potential of EVs as a virtual power plant?