85 Million EVs are Expected on Roads Globally by 2025; India is to See 5 Lakh EVs

16 Oct 2024

According to a report released on Tuesday, it's anticipated that by the end of 2025, over 85 million electric vehicles (EVs) will be on roads worldwide, with India expected to contribute 5,00,000 EVs during this period, fuelled by a range of government incentives. Despite the many hurdles that have impacted the EV market over the past few months, Gartner estimates that the number of EVs in use globally will total 64 million units in 2024 and grow by 33% in 2025.

"Numerous companies overestimated the speed of the transition to electric vehicles, leading them to postpone the release of new EV models," stated Jonathan Davenport from Gartner. The total number of battery electric vehicles (BEVs) is expected to reach approximately 62 million units globally by the end of next year, marking a 35% increase from 2024.

Plug-in hybrid electric vehicles (PHEVs) are projected to experience modest growth, reaching 23 million units by 2025, which represents a 28% increase from 2024. According to the report, India is projected to have 5,00,000 electric vehicles on the roads by the end of 2025. This total includes an estimated 3,70,000 battery electric vehicles (BEVs) and approximately 1,29,500 plug-in hybrid electric vehicles (PHEVs).

The number of electric vehicles (EVs) on Indian roads is expected to grow significantly, reaching 51% by 2025. "Economic incentives such as the Faster Adoption and Manufacturing of Electric Vehicles (FAME) scheme are helping to make electric vehicles more cost-effective compared to petrol or diesel cars," Davenport stated. "Customers in India are becoming more open to making purchasing choices that contribute to better air quality."