Data released by consultancy Benchmark Mineral Intelligence (BMI) on Wednesday indicates that global registrations for electric vehicles, encompassing both battery electric and plug-in hybrid models, grew by 20% in 2025, reaching 20.7 million units, although growth is projected to slow in 2026. In December, global EV registrations saw a 6% year-on-year increase, climbing to nearly 2.1 million vehicles, marking the slowest growth rate since February 2024. The Chinese market experienced a 17% growth in EV sales for the full year 2025, totaling 12.9 million units. Specifically, December sales rose by 2% compared to the same period last year, exceeding 1.3 million units, which also represented the smallest increase since February 2024. BMI noted that following the conclusion of the U.S. electric vehicle tax credit program in October, monthly registrations for EVs, including both battery electric and plug-in hybrid vehicles, declined further in North America. North American registrations in December fell by 39% year-on-year, reaching just over 100,000 units, while full-year registrations for the region dropped by 4%. European registrations in December surged by 34%, surpassing 450,000 units, with the full-year figure growing by 33%; meanwhile, sales in the rest of the world increased by 41% in December, exceeding 160,000 units, culminating in a 48% growth for the entirety of 2025. BMI anticipates global EV sales will reach 23.9 million units this year, representing a 15.7% year-on-year increase. Sales in China are projected to grow by 21%, but the U.S. market is expected to see a significant 29% decline, dragging down the entire North American region's sales by 23%. Growth rates in Europe and the rest of the world are forecast to moderate to 15% and 26%, respectively.
Comments