China and Europe to dominate global electric vehicle market！

Global Electric Vehicle Market Outlook

The global market share of electric vehicle has made huge leaps in the past decade, and we expect this trend to only accelerate in the coming years. In some countries, electric vehicles are moving toward being mass-market products. While some have expressed concern about the speed at which the industry is moving, global sales figures prove that we’ve only just scratched the surface.

According to a recent study by Gartner, a leading international consultancy, global electric vehicle (EV) ownership is projected to grow by a staggering 33% to 85 million units by 2025. This prediction has galvanized the entire automotive industry, and has also sparked heated discussions about the future development of new energy vehicles.

Market dominance of China and Europe

The Chinese market is projected to own 58% of global EVs, while the European market is expected to hold 24%.

China is the dominant force in the global EV market, leading the world in processing and refining battery minerals, as well as creating capacity through the manufacture of affordable EVs.

This trend suggests that China, the world’s largest EV market, continues to climb in sales and will continue to lead global electrification in the future. And in Europe, the push for electrification policies will accelerate market transformation in the face of increasingly stringent environmental regulations. This is undoubtedly the best time for tram manufacturers to scramble to launch new models and invest more in research and development.

Economic Pressure and Opportunities for Electric Vehicles

At the same time, we cannot ignore the impact of the global economic situation on the market. For example, U.S. household debt has soared to a record $17.94 trillion in the third quarter of this year, bringing greater financial pressure to low-income families. With rising fuel prices and budgetary constraints, more and more consumers are considering switching to more economical and environmentally friendly electric vehicles. This shift in consumer habits has actually opened up new opportunities for the electric vehicle market. However, due to Donald Trump’s return to the White House, he strongly opposes the so-called “electric vehicle mandate”.The U.S. transition to electrification will face obstacles.

The hidden worry of Germany’s weak economic growth

In contrast to the wave of electrification in the Chinese and European markets, the economic forecasts revealed by Germany are not optimistic. According to the forecast of the German Council of Economic Advisors, the German economy will only grow by 0.4% in 2025, showing its continuous stagnation since the epidemic. This situation may decrease the demand for EVs in the German market, as the policy and economic environment must actively encourage consumers to buy cars.

The future of electric vehicles lies in the dual promotion of market and policy

To summarize, the prosperity of electric vehicles is undoubtedly inseparable from the dual promotion of market and policy. In the next few years, along with the expansion of the EV market, we may witness the emergence of more new technological innovations and consumption patterns. In this era of change, consumers also have reason to look forward to a more abundant choice of EVs and a friendlier environment for car purchasing. Electric vehicles are gradually becoming the new engine of the global automotive market, and their future development deserves everyone’s attention and anticipation.

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