New Delhi [India], January 29 (ANI): One in each two automobiles might be an electrical car by 2035, with quickest progress anticipated from India, Latin America, Japan, and Southeast Asia, as per a report from Counterpoint Technology Market Research.
Counterpoint Research is a world analysis agency specializing in merchandise within the expertise, media and telecom business.
The vehicle business, notably the EV phase, is at an inflection level with its adoption more and more rising by the day.
While the general passenger car market struggled in 2024, the EV phase advised a unique story – due to booming demand. Global passenger car (PV) gross sales in 2024 remained stagnant, rising by simply 1 per cent year-on-year, in line with Counterpoint Research’s newest Global Passenger Vehicle Forecast. Geopolitical tensions, concern of looming recession and diminished client spending in key markets have all contributed to this non permanent slowdown within the international automotive market.
Global EV gross sales (gross sales right here confer with wholesale figures — deliveries out of factories by respective manufacturers) jumped by 22 per cent year-on-year in comparison with final 12 months. Global gross sales of battery electrical autos (BEVs) and plug-in hybrids (PHEVs) skilled 10 per cent and 49 per cent year-on-year progress, respectively.
Discussing regional tendencies, Soumen Mandal, Senior Analyst at Counterpoint, mentioned, by 2035, battery electrical autos gross sales penetration in China is predicted to succeed in over 60 per cent.
The quickest progress, in line with Mandal, although, is predicted from India, Latin America, Japan and Southeast Asia.
“In India and Japan, local brands are likely to lead the charge, while Chinese brands are expected to dominate the markets in Southeast Asia and Latin America. BEV penetration in China, Europe and South Korea is expected to remain over the global average,” Mandal continued.
Mandal added, “Meanwhile, the US is determined to protect its domestic automotive industry and will likely block Chinese OEMs from entering its market. Europe has already imposed additional tariffs to restrict the sales of Chinese brands and is expected to continue this approach in the future unless Chinese automakers invest in establishing manufacturing plants for vehicles and components within the region.”According to the forecast, the PV market is predicted to develop at a CAGR of three per cent between 2025 and 2030 and a CAGR of two per cent between 2030 and 2035, surpassing 105 million gross sales by 2035.
Counterpoint expects to see passenger battery EV gross sales attain over 16 per cent share in 2025.
Abhik Mukherjee, a Research Analyst at Counterpoint, mentioned, “Automakers are working hard to solve their profitability challenges by improving production methods, teaming up with battery manufacturers and establishing localized supply chains. These efforts aim to cut costs, make BEVs more affordable and strengthen the supply chain for the future.” (ANI)