- Electric Vehicles in Use to Grow 33% in 2025
- 73% of Electric Vehicles Will Be Battery Electric Vehicles in 2025
- By 2030, Automakers Will Enable the Recycling of 95% of Batteries from EVs
| 2023 Installed Base | 2024 Installed Base | 2025 Installed Base | |
| BEV | 32,628,884 | 45,872,824 | 61,860,183 |
| PHEV | 13,402,907 | 18,159,560 | 23,283,006 |
| Total | 46,031,791 | 64,032,383 | 85,143,189 |
Source: Gartner (October 2024)
Regionally, the ownership of EVs in China is projected to continue to dwarf the rest of the world’s combined installed base through 2025 and likely the next decade. Demand for EVs will steadily grow in Europe and North America, which is projected to account for 36% of global EVs in 2024. By 2025, Gartner estimates 49 million EVs will be on the road in China, compared to 20.6 million EVs in Europe and 10.4 million EVs in North America.
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.
“Because concentrations of rare metals in batteries are higher than in natural ores, spent batteries can be seen as highly enriched ore,” said Davenport. “If recovered at large scale, the spent batteries could support the overall commercial viability of EVs by bringing battery prices down. There would be the additional benefit of batteries not ending up being disposed of in unethical manners or put into landfill sites.”
