Electric Vehicles Are on the Road to Mass Adoption

This report by RMI analyzes the global trajectory of electric vehicle (EV) adoption, noting that many markets have passed critical tipping points. It highlights that in the United States, the total cost of ownership for light-duty EVs is now lower than for gas-powered cars, while medium- and heavy-duty (MHD) electric trucks are trending toward cost parity with diesel. The document also discusses the role of battery recycling in potentially eliminating the need for additional mining by 2040.

• 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 currently transitioning into the late majority adoption phase.
• In the United States, owning a light-duty EV is now cheaper over its lifespan than owning a gas-powered car due to lower maintenance and electricity costs, which offset higher initial purchase prices. However, the report notes a slowdown in US growth, with year-on-year growth dropping from 40 percent in 2023 to 10 percent in 2024.
• Electric medium- and heavy-duty (MHD) trucks are moving toward cost parity with diesel, with some segments expected to reach this point as early as 2028. There are currently over 100 electric MHD truck models available across the United States, China, and Europe.
• Battery recycling is advancing, with current recovery rates exceeding 90 percent for lithium and 95 percent for nickel and cobalt. RMI estimates that the global transportation system will require approximately 125 million tons of battery minerals by 2040, after which recycling could 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} }