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The global electric vehicle (EV) market continues to grow at a rapid pace, with China and Europe leading the charge. In the first half of 2025, over 5.9 million BEVs and PHEVs were registered worldwide, marking a 37% year-on-year increase from the same period in 2024.
In February, the BYD Song Plus took the lead in the global PHEV market, with 22,441 deliveries and a 5.2% market share. Meanwhile, the Xpeng M03 posted 15,312 units, securing seventh place in its seventh month of deliveries.
Plug-in vehicles, including BEVs and PHEVs, reached 25% of total global vehicle registrations in May 2025. BEVs alone represented 16% market share, with approximately 1.6 million units registered globally. This indicates strong growth momentum for both powertrain types.
Advancements in battery technology and vehicle capabilities are driving this growth. Chinese automakers such as Li Auto and Seres are at the forefront of developing range extender technologies, allowing PHEVs to prioritize electric operation and switch to gasoline when needed. Solid-state batteries remain a longer-term goal, while improvements in lithium-ion battery technology, such as CATL’s advanced LFP battery with fast charging and 1,000 km range, are driving near-term advances.
In terms of top-selling models, Chinese brands dominate in volume and affordability in China, while European BEVs see strong demand in markets like Germany, France, and Scandinavia. The Tesla Model Y remains the most popular BEV worldwide, with 114,473 deliveries and a 7.2% market share in the first two months of the year. The Geely Panda Mini surged 148.6% year on year, with 12,899 units, giving it a 0.6pp increase in market share to 1.6%.
In the PHEV market, two of BYD's Song models hold their lead in the first two months of the year, with the Song Plus controlling the market and the Song Pro following behind. The Li Auto L6 is the first non-BYD model in the top 10 PHEVs, with 13,160 deliveries and a 3% market share. The BYD Seagull, also known as the Dolphin Mini in some markets, took third place with 30,062 deliveries, improving volumes by 119.6% compared to 12 months ago.
Looking ahead, these trends are expected to continue, with the EV market set to expand further as technology advances and policies continue to support the switch to electric vehicles.
- The growth of the electric vehicle (EV) market, fueled by advancements in technology, is anticipated to transform the business landscape of both China and Europe, potentially impacting the overall global finance industry.
- As eco-friendly lifestyles become increasingly popular, the rise of electric-vehicles (EVs) in the automotive business is contributing to a shift towards more sustainable & environmentally friendly transportation options worldwide.
- The impressive performances of electric vehicles (EVs), such as the Xpeng M03 and Tesla Model Y, demonstrate the potential for these vehicles to disrupt traditional car manufacturing and challenge established market leaders in the technology-driven business sector.
