Synopsis
A recent report forecasts that by 2035, 50% of all cars sold globally will be battery electric vehicles (BEVs). This growth is driven by increasing demand in key markets, with 48% market share anticipated. Automakers are ramping up production and partnerships to meet this surge, despite potential challenges in profitability.Key Takeaways
- 50% of cars sold globally projected to be BEVs by 2035.
- BEVs to capture 48% of market share by 2035.
- 22% increase in global BEV sales in 2023.
- Annual growth of 17% expected for BEVs from 2025 to 2030.
- US may restrict Chinese EV manufacturers.
New Delhi, Jan 29 (NationPress) A remarkable 50% of all cars sold worldwide are expected to be battery electric vehicles (BEV) by the year 2035, according to a report released on Wednesday.
Sales of these vehicles are anticipated to account for 48% of the global market share, a significant increase from just 16% in 2025.
The report from Counterpoint Research highlights that global BEV sales surged by 22% in 2023, demonstrating impressive year-over-year growth, even with a temporary dip expected in 2024.
Automakers are enhancing their operations to improve production efficiency, cut costs, and collaborate with battery producers to satisfy the rising demand, the report indicates.
Consequently, BEVs are projected to continue their upward sales trajectory, with an annual growth rate of 17% expected between 2025 and 2030.
The global passenger vehicle sector is forecasted to expand steadily, with sales predicted to exceed 105 million units by 2035.
This dramatic transformation in the automotive landscape is fueled by a rapidly increasing demand for electric vehicles (EVs), particularly in significant markets such as South Korea and Europe, as noted in the report.
Regions like Southeast Asia, Latin America, India, and Japan are also set to experience swift growth in EV sales, with local manufacturers accelerating the adoption in these markets.
Conversely, the United States is expected to implement protective measures for its domestic automakers, which may include restrictions on Chinese EV manufacturers entering the market.
Meanwhile, plug-in hybrid electric vehicles (PHEV), which combine electric and gasoline engines, are likely to face a decline post-2030 as BEV acceptance continues to rise.
“Major Western automakers are grappling with profitability from their BEV divisions. In response, they are redirecting their focus toward PHEVs for the time being,” stated Abhik Mukherjee, research analyst at Counterpoint.
