A report on Wednesday said one out of every two cars sold worldwide will be a battery electric vehicle by 2035. Their sales are projected to account for 48 per cent of the global market share, up from just 16 per cent in 2025.
According to the Counterpoint Research report, global BEV sales leap 22 per cent in 2023, which were robust year-on-year, despite a slowdown in 2024.
Automakers, in fact, are increasing efforts to improve production processes and cut costs while partnering with battery manufacturers for growing demand, the report added.
As such, BEVs are expected to continue rising in sales, with the growth rate standing at 17 per cent every year between 2025 and 2030.
The world passenger vehicle market is expected to grow steadily as sales are estimated to stand at more than 105 million units by 2035.
The reason behind this dramatic shift in the automobile market is because of growing electric vehicle (EV) demand in key markets like South Korea and Europe, said a report.
Regional players in Southeast Asia, Latin America, India and Japan will see EV sales jump fast, while local brands take center stage for such growth in their markets.
But the US is going to take measures to protect its in-house automobile manufacturers. So, the entry of China-based electric vehicle manufacturers would be blocked.
But there would be a slowdown in the sale of PHEVs when the sales of BEVs increase beyond the 2030 mark.
"Major Western automakers are struggling to make profits from their BEV units. To tackle this, they are shifting gears and focusing more on PHEVs for now," said Abhik Mukherjee, research analyst at Counterpoint.
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