A new wave is emerging
What makes this surge remarkable is that it is no longer confined to the established EV powerhouses. A new wave of fast-growing markets is emerging across Latin America, Southeast Asia and parts of Eastern Europe, showing that the energy transition is becoming truly global. From Colombia to Turkey, smaller and mid-sized economies are now among the fastest to electrify, proving that innovation and determination can outperform legacy systems and outdated business models.
The ten fastest growing EV markets
1. Colombia
Colombia leads the world in EV growth, more than tripling its BEV sales in H1 2025 with an increase of 203.3 percent. The country reached around seven percent market share, transforming from a small niche market into one of the most dynamic EV newcomers in Latin America.
2. Indonesia
With growth of 168.6 percent, Indonesia ranks second globally. Around 36,611 BEVs were sold, lifting its share from 3.9 percent to 12.5 percent of all new car sales. Strong government incentives and local manufacturing ambitions are rapidly reshaping the country’s mobility landscape.
3. Iceland
Although a small market with 2,283 BEVs, Iceland expanded by 138.6 percent year on year and reached an impressive 28.95 percent market share. After a dip in 2024, EV adoption has regained momentum, confirming Iceland’s leadership in sustainable transport.
4. Turkey
Turkey stands out as one of the biggest surprises of 2025. With 138 percent growth and 84,738 BEVs sold in H1, the EV share surged from 7.7 percent to 17.36 percent. Turkey also entered the global top 7 for total EV units sold, driven by strong domestic production and expanding infrastructure.
5. Ecuador
Ecuador’s EV market is still small in absolute volume, with 1,504 BEVs sold, but it grew by 122.8 percent and reached a three percent share of new car sales. This demonstrates the fast-growing appeal of electric vehicles in the Andean region.
6. Uruguay
Uruguay sold 4,929 BEVs, up 122.1 percent year on year, reaching about 15 percent market share. This strong performance highlights that even smaller nations can have an outsized role in the energy transition.
7. Peru
Peru remains an early-stage market with only 367 BEVs sold, but posted solid growth of 102.8 percent. Its EV share rose to one percent, signalling the start of genuine electrification efforts in South America.
8. El Salvador
El Salvador enters the ranking as a new contender with rapid year-on-year EV growth in 2025. While the overall volumes remain modest, sales momentum is accelerating thanks to tax incentives and early investment in fast-charging corridors connecting major cities.
9. Spain
Spain is Europe’s standout performer, achieving 83.9 percent growth with 46,235 BEVs sold. Market share climbed from 4.7 percent to 7.6 percent, supported by government subsidies and a strong push from fleet electrification programmes.
10. Czechia
Czechia closes the top 10, selling 6,910 BEVs, up 66.67 percent compared to last year. Market share increased from 3.5 percent to 5.6 percent, showing steady progress in Central Europe’s journey toward electrification.
Global movement
These ten markets show that the electric vehicle revolution is no longer concentrated in a handful of industrial economies. Rapid year-on-year growth across smaller and emerging markets signals the start of a broader global shift. More infrastructure, more consumer choice and stronger policy support are accelerating the move away from fossil-fuel cars. For investors, automakers and charge point operators, these are new zones of opportunity.
Among the fastest-growing countries, some are emerging markets with lower base volumes but extremely high growth rates, while others are established markets regaining momentum. The mix of large and small economies underlines the global nature of the EV transition.
Data reveals where the next wave is taking place
If these growth trajectories hold through the rest of 2025 and beyond, the countries listed will play a larger role in the global EV landscape. Policy frameworks, domestic production capacity and charging rollouts will be key success factors.
Source
All figures and growth rates are drawn from EV Wire’s Global EV Sales Report H1 2025. Check out the report for more information here.
