<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">One out of every two cars sold globally is projected to be a battery electric vehicle (BEV) by 2035, a report said on Wednesday.&nbsp;
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">Their sales are predicted to make up 48% of the global market share, up from just 16% in 2025.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">According to the Counterpoint Research report, global BEV sales jumped by 22% in 2023, a strong year-over-year growth despite a temporary slowdown in 2024.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">In fact, automakers are increasing efforts to improve production processes, reduce costs, and partner with battery manufacturers to meet growing demand, the report added.<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">&nbsp;
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">As a result, BEVs are expected to keep climbing in sales, with growth projected at 17% annually between 2025 and 2030.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">The global passenger vehicle market is expected to grow at a steady pace, with sales projected to reach over 105 million units by 2035.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">This significant shift in the automotive market is driven by rapidly growing demand for electric vehicles (EVs), especially in key markets like South Korea, and Europe, the report noted.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">Regions like Southeast Asia, Latin America, India and Japan are also expected to see rapid growth in EV sales, with local brands driving adoption in these areas.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">In contrast, the US is likely to take steps to protect its domestic automakers, potentially blocking Chinese EV manufacturers from entering the market.<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">&nbsp;
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">However, plug-in hybrid electric vehicles (PHEVs), which combine electric and gasoline-powered engines, are expected to experience a slowdown after 2030 as BEV adoption continues to gain traction.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">&ldquo;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,&rdquo; said Abhik Mukherjee, research analyst at Counterpoint.
<span style="font-family: 'Arial',sans-serif; mso-fareast-font-family: 'Times New Roman'; mso-bidi-font-family: 'Times New Roman'; color: #001e2f; background: white; mso-font-kerning: 0pt; mso-ligatures: none; mso-fareast-language: EN-GB;">&mdash;IANS

BEV cars at charging station (File Photo)

BEV vehicles sales are expected to grow 17% annually between 2025 to 2030

BEV Vehicle to be in High Demand by 2035

BEV vehicles sales are expected to grow 17% annually between 2025 to 2030

January 29, 2025 | 15:04 IST