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The global electric vehicle (EV) market is experiencing a significant surge, with both plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs) seeing impressive growth. According to recent data, over 20 million EVs (BEVs + PHEVs) are expected to be sold worldwide in 2025, making up over a quarter (25%) of all car sales globally. This represents a 35% year-on-year growth in Q1 2025.
In the first 10 months of 2024, nearly 8.5 million new BEVs took to the road, representing a year-on-year increase of 13.2%. Global PHEV sales soared by 66.8% year on year in October 2024, reaching 686,048 deliveries.
BEVs Leading the Charge
BEVs are generally leading the surge in electric vehicle sales. In China, the biggest EV market, combined BEV and PHEV sales reached about 11.3 million in 2024 (48% of new car sales), up significantly from 38% in 2023. BEVs dominate with 6.4 million units sold in 2024, but the PHEV segment is also growing.
In Europe, hybrid-electric vehicles, including PHEVs, now account for 34.8% of the market share in the first half of 2025, with PHEV registrations reaching nearly 470,000 units. Battery-electric car sales in Europe increased by 25% in the first half of 2025 despite a slight contraction in overall new car sales.
BYD Song's Dominance in the PHEV Market
Among the top performers in the PHEV market is the BYD Song, a Chinese automaker with strong sales in both PHEV and BEV segments. The BYD Song model line is among their top-selling SUVs in China and emerging markets. While the data does not specify individual models, it is reasonable to infer that the BYD Song is a key contributor to PHEV sales growth, particularly in China where PHEVs are a significant part of overall electric vehicle sales.
In October, the BYD Song led the global PHEV market with 74,353 deliveries and a market share of 10.8%. The BYD Qin L was the second best-selling PHEV model with 39,316 registrations and a market share of 5.7%. Remarkably, BYD models occupied seven spots in October's top 10 best-selling PHEV model list.
Chinese Market's Impact on Global PHEV Sales
The Chinese market plays a significant role in global PHEV sales, with 78.9% of the global PHEV sales in October being from China. The Tesla Model Y, while a global best-seller, had a market share of 11% between January and October 2024.
The Tesla Model Y's growth reached just 9.3% year on year, in contrast to the BYD Yuan Up, which took 1.9% of the global BEV market in October. Another notable BEV model is the Wuling Mini, which represented 3.2% of global BEV registrations in October and saw a 68.1% year-on-year growth in deliveries.
In conclusion, the electric vehicle market is witnessing a robust growth, with BEVs leading the charge but PHEVs also gaining ground, particularly in China and Europe. The BYD Song, a Chinese automaker's model, is a significant player in the PHEV market, benefiting from China's expanding EV incentives and consumer demand. The outlook for the electric vehicle market remains very positive, with scenarios projecting EVs could make up over 50% of new vehicle sales by 2030 under current or ambitious policy conditions.
- With China being the largest EV market, industry analysts predict that over 50% of new vehicle sales globally by 2030 could be electric vehicles.
- In the first half of 2025, European hybrid-electric vehicle (HEV) sales accounted for 34.8% of the market share, with battery-electric car sales increasing by 25%, despite a slight contraction in overall new car sales.
- The global housing-market and real-estate industry could experience significant changes as more individuals opt for electric vehicles, leading to altered financial considerations such as parking space demands and charging infrastructure costs.
- Investing in automotive technology companies, particularly those focused on electric vehicles, is gaining traction in the finance sector as the electric vehicle market shows no signs of slowing down.
- The transportation industry could undergo drastic transformations in the coming years with the rise of electric vehicles, including electric cars like the Tesla Model Y, and the growth of electric-vehicle alternatives such as the Wuling Mini.
