BEV Sales To Achieve 10-Million-Milestone In 2024

- Advertisement -

Report says, global passenger vehicle will see a significant EV shift in the next few years as ICE vehicles demand will continue to decline.

Battery electric vehicles (BEVs) are poised to reach 10 million units by 2024, achieving a milestone in the global passenger vehicle market.

According to a report published by Counterpoint, this achievement will align with the continued decline of internal combustion engine (ICE) vehicles, which are expected to fall below a 50% market share within the next four years.

- Advertisement -

The report has highlighted that despite a brief downturn in 2024, BEV sales are anticipated to sustain their upward trajectory as established automakers address profitability hurdles.

Redesigning manufacturing methods and forming strategic alliances with battery producers will foster growth. These initiatives aim to reduce production costs, create more accessible EVs, and strengthen supply networks.

Furthermore, as traditional automakers transition to EVs, hybrid vehicles like PHEVs and HEVs will remain prominent due to stringent emission standards worldwide.

Automakers are prioritising hybrids until achieving cost-effective BEV production and stable supply chains, supporting industry goals of transitioning to electric mobility, necessitating investments in charging infrastructure and grid improvements.

As per Counterpoint, China continues to dominate the BEV market, with projected sales in 2024 expected to be four times higher than those in North America. China will also maintain a majority share of over 50% in global BEV sales until 2027.

By 2030, it is forecasted to surpass North America and Europe combined in BEV sales. Starting from 2025, Europe and the US will increasingly contribute to market growth.

The Chinese company BYD is poised to increase its BEV market share in 2024, potentially surpassing Tesla in BEV sales. This transition, as the report says, highlights the dynamic evolution of the global EV market.

Liz Lee, Associate Director at Counterpoint, noted that the EU’s new tariffs on Chinese EVs aim to support European manufacturers against cheaper imports. She suggested these tariffs might redirect Chinese automakers to emerging markets, while future EV market dynamics hinge on EU-China negotiations, with growth expected in Europe and the US from 2025.

Commenting on the global shift to EVs, research Analyst Abhik Mukherjee mentioned that automakers such as Ford, GM, Stellantis, and Volkswagen are restructuring supply chains and preparing to manufacture affordable EVs priced below $35,000.

Mukherjee emphasised that these changes aim to rival market leaders, comply with rules, and capitalise on subsidies and demand, revitalising the global BEV market by late 2025.

- Advertisement -

Most Popular Articles

LEAVE A REPLY

Please enter your comment!
Please enter your name here
Captcha verification failed!
CAPTCHA user score failed. Please contact us!

Exclusive

Saurav Kumar Singh, the Founder of Elecbits

“We Aim To Attract Companies From The US And UK To Manufacture In India...

0
In a discussion with EFY’s Nitisha, Saurav Kumar Singh, the Founder of Elecbits, elaborates on its design and manufacturing procedures. Additionally, he highlights a...

NITI Aayog Report Urges To Boost Electronics Global Value Chain

0
Aiming for the country to become a global hub for electronics manufacturing, the recent report by NITI Aayog called for interventions, analysing India’s position...

Global PC Market Up 3.1% YoY, AI Boom Ahead

0
Predicting an upcoming AI PC demand surge in the year's second half, the global PC market warms up with a 3.1% year-on-year increase in...

Buzz

Toshiba Increases Transformer Capacity, Invests $5 Billion

0
Toshiba increases transformer capacity by 1.5 times and invests $5 billion in India to expand its operations and meet growing demand. On Thursday, Toshiba Group...

BMW Advocates For Open-Source Software, Joins Eclipse SDV Group

0
The German car manufacturer has joined the Eclipse SDV Working Group as a strategic member, enhancing international cooperation on open-source software technologies for contemporary...

TATA POWER RENEWABLE ENERGY & NHPC Partner To Solarise Government Building

0
Tata Power and NHPC partner to install rooftop solar on government buildings, aiming for 100% solarisation by 2025 under PM Surya Ghar Yojana. On Thursday,...

Important Sectors

Toshiba Increases Transformer Capacity, Invests $5 Billion

0
Toshiba increases transformer capacity by 1.5 times and invests $5 billion in India to expand its operations and meet growing demand. On Thursday, Toshiba Group...

NITI Aayog Report Urges To Boost Electronics Global Value Chain

0
Aiming for the country to become a global hub for electronics manufacturing, the recent report by NITI Aayog called for interventions, analysing India’s position...

BMW Advocates For Open-Source Software, Joins Eclipse SDV Group

0
The German car manufacturer has joined the Eclipse SDV Working Group as a strategic member, enhancing international cooperation on open-source software technologies for contemporary...

TATA POWER RENEWABLE ENERGY & NHPC Partner To Solarise Government Building

0
Tata Power and NHPC partner to install rooftop solar on government buildings, aiming for 100% solarisation by 2025 under PM Surya Ghar Yojana. On Thursday,...

Budget Hydrogen Cell Startup Protonas Secures Funding From Transition VC

0
The company intends to implement its solutions to provide affordable backup power options in North American markets. It also plans to supply fuel cell...

Manufacturing

NITI Aayog Report Urges To Boost Electronics Global Value Chain

0
Aiming for the country to become a global hub for electronics manufacturing, the recent report by NITI Aayog called for interventions, analysing India’s position...

HPL Electric Teams with G Ramway To Make Relay Switches

0
Eyeing India’s self-sufficiency goals, smart meter manufacturer HPL Electric has inked a deal with China-based G-Ramway Technology to boost local manufacturing off switches. Last week,...

Sparsh CCTV Invests $3 Billion To Boost Manufacturing

0
Sparsh CCTV invested $3 billion to enhance production capacity, aligning with 'Make in India' for surveillance equipment, focusing on scaling operations in Kashipur. Sparsh CCTV ...

Cooper Standard Launches Ecoflow For Electric Vehicles

0
This scalable fluid control technology, which can be used across various powertrains, is particularly effective for managing the intricate glycol thermal needs of fully...

Economic Ties Strengthens Between Taiwan And India

0
According to the trade body Chairman, James Huang, Taiwanese firms relocate supply chains from China to India, boosting India’s manufacturing and bilateral trade. As global...