This report presents new car sales volumes (MarkLines aggregate data, excluding commercial vehicles; estimates are included) and analyzes sales trends of electric vehicles (BEV: battery electric vehicles / PHV: plug-in hybrid vehicles / FCV: fuel cell vehicles) in the global market in 15 countries, including 12 major countries, which account for approximately 83% of global car sales, and three Nordic countries (*Note).

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  12 major countries: China, U.S.A., Japan, India, Germany, France, Brazil, U.K., South Korea, Canada, Italy, Thailand

  3 Nordic countries: Norway, Sweden, Finland

  These 15 countries account for about 90% of global electric vehicle sales.

 (Note 1) Aggregated on March 21, 2025
              Some corrections have been made to past vehicle data.
              Some data includes estimates.
              The sales volume (shipment volume) for China are aggregate figures excluding exports.

 (Note 2) Reasons for high electrification rates in Nordic countries
              1. The population’s environmental awareness has always been high.
              2. A high percentage of electricity is generated from renewable energy sources such as hydroelectric power and wind power (awareness of the need to use abundant renewable energy for electric vehicles).
              3. Generous policies such as subsidies, tax incentives, and charging infrastructure development.
              4. A wide range of electric vehicle models is available.

  Sales of electric vehicles in the 12 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (15 countries in total) totaled 1.038 million units in February. Compared to the previous month, there was a decrease in sales of 3.4%, but compared to the same month a year ago, there was a significant 56.9% increase. February saw a month-over-month (m/m) decrease due in part to the Chinese New Year holidays in China, but last year there were fierce price wars in China, which led to a large drop in sales due to people refraining from purchasing, so sales actually increased significantly compared to the same month last year. The market share of electric vehicles in February was 22.7%, up 6.6 points year-over-year (y/y), but up by 0.1 points over the previous month. Cumulative sales of electric vehicles for the January to February period increased 36.9% y/y to 2.112 million units, accounting for 22.7% of total vehicle sales volume.

  HEV sales totaled 388,000 units in February. There was a 7.3% m/m decrease, but sales increased 14.3% y/y. The market share of electric vehicles in February was 8.5%, down 0.3 points m/m, but up by 0.3 points y/y. Cumulative HEV sales for January and February totaled 805,000 units, up 17.8% from the same period last year, and accounted for 8.6% of total vehicle sales.

  In the U.S., additional tariffs of 25% on steel and aluminum imports from all countries have been in effect since March 12, and other countries, including the EU and Canada, have announced retaliatory measures. The EU also announced measures to impose additional tariffs on U.S. industrial and agricultural products. Canada announced retaliatory tariffs on CAD 29.8 billion worth of U.S. products. Canada has also imposed CAD 30 billion worth of retaliatory tariffs in response to the additional 25% tariffs against Canada and Mexico imposed on March 4, which continue even after most of the tariffs were postponed for a month. Tariffs on Canada and Mexico are likely to have a ripple effect not only on the economies of those two countries but also on raising auto prices in the U.S., raising concerns about the impact on the entire North American auto market. With reciprocal tariffs with even more countries expected to take effect on April 2, it is best to continue to closely monitor the actions of President Trump and the U.S. government.