Electric Vehicles Are on the Road to Mass Adoption

Electric vehicle adoption is accelerating globally, with many markets passing critical tipping points. In the United States, the total cost of ownership for light-duty EVs is now lower than for gas-powered cars, despite a projected reduction in savings after September 30, 2025, due to the removal of the federal tax credit. Electric medium- and heavy-duty (MHD) trucks are trending toward cost parity with diesel, with some segments expected to reach it by 2028. Furthermore, advancements in battery recycling could potentially eliminate the need for additional mining by 2040 as minerals enter a circular supply chain.

• Global EV adoption is following an S-curve trajectory, with over 17 million electric cars sold worldwide in 2024, representing 20 percent of all new car purchases. China is the largest market, accounting for 11 million of those sales and being the only country currently transitioning into the 'late majority' adoption phase.
• In the United States, light-duty EVs have a lower total cost of ownership than gas-powered vehicles due to reduced maintenance and lower electricity costs. While the removal of the federal EV tax credit on September 30, 2025, is expected to reduce annual savings starting in 2026, EVs will still provide overall savings compared to combustion engine vehicles.
• Electric medium- and heavy-duty (MHD) trucks are moving toward price parity with diesel vehicles, with some segments potentially achieving this by 2028. There are currently over 100 electric MHD truck models available across the United States, China, and Europe.
• The global transportation system will require approximately 125 million tons of battery minerals by 2040. Due to improving recycling technology—where over 90 percent of lithium and 95 percent of nickel and cobalt are already recovered—it is estimated that by 2040, enough minerals will be in circulation to significantly reduce or eliminate the need for new mining.

APA

RMI (2025). Electric Vehicles Are on the Road to Mass Adoption. https://rmi.org/resources/electric-vehicles-are-on-the-road-to-mass-adoption/

Chicago

RMI. Electric Vehicles Are on the Road to Mass Adoption. 2025. https://rmi.org/resources/electric-vehicles-are-on-the-road-to-mass-adoption/.

Wikipedia

{{cite report |author=RMI |title=Electric Vehicles Are on the Road to Mass Adoption |date=27 June 2025 |url=https://rmi.org/resources/electric-vehicles-are-on-the-road-to-mass-adoption/ |access-date=17 August 2026 |via=Climate Insights Directory}}

BibTeX

@techreport{rmi2025electric, author = {{RMI}}, title = {{Electric Vehicles Are on the Road to Mass Adoption}}, institution = {RMI}, year = {2025}, month = jun, url = {https://rmi.org/resources/electric-vehicles-are-on-the-road-to-mass-adoption/}, urldate = {2026-08-17}, note = {Indexed by Climate Insights Directory} }