According to Cox Automotive’s 2025 Outlook, US electric vehicle (EV) gross sales are poised to continue their upward trajectory, accounting for one-quarter of all vehicles sold by the end of 2025.
Cox Automotive embarks on 2025 with an optimistic forecast for the automotive industry. The US automotive industry seems poised for continued momentum as 2024 draws to a close, despite lingering doubts about its future trajectory. Cox forecasts a stellar 12-month period ahead, anticipating an auto market performance rivaled only by the pre-pandemic heyday of 2019.
Almost all major automakers, excluding Stellantis and Tesla, saw a significant increase in their overall annual sales in 2024, outpacing previous year’s figures. General Motors held the title as the best-selling automaker in 2024, with Honda and Mazda making significant strides forward.
The US market has recorded impressive electric vehicle (EV) gross sales in both 2023 and 2024, with this trend expected to continue into 2025. By 2025, Cox Automotive forecasts that electric vehicles (EVs) will comprise approximately 10 per cent of the market share, a significant increase from around 7.5 per cent in 2024.
By 2025, electrified vehicles – including hybrids and plug-ins – are expected to capture around 15% of the global automotive market share, while internal combustion engine (ICE) vehicles’ gross sales will plummet to a historic low of approximately 75% of total volumes, marking a significant turning point in the industry’s trajectory.
Electric vehicle (EV) growth is poised for a boost as around 15 new EV models enter the market, with customers likely opting to buy before the Trump administration reduces the $7,500 tax credit, and state-level incentives mitigating potential federal cuts. The rapid expansion of the electric vehicle (EV) charging network is likely a key factor driving this advancement.
Cox maintains that customers’ sentiment is optimistic due to the swift resolution of the US election, decreasing interest rates below their peak levels, and a stabilised job market.
Electric vehicles now represent one of the most attractive options currently available in the market.
