EV sales may hit 10 million in 2024; China likely to remain dominant force until 2027: Report
At present, China is the dominant force in the 'battery electric vehicle' market, with sales projected to be 4 times that of the US market in 2024,
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Despite a temporary slowdown, the Battery Electric Vehicles (EVs) sales are likely to hit the 10 million milestone this year, according to a report by Counterpoint.
The report, "Global Passenger Vehicle Forecast" mentioned that growth in battery EVs will be supported by the revamping of the production process, partnerships with the manufacturers, and bolstering the supply chain.
At present, China is the dominant force in the 'battery electric vehicle' market, with sales projected to be 4 times that of the US market in 2024, the research projected.
Besides, China will maintain more than 50% share of global EV sales until 2027 and is expected to register more sales than the US and Europe combined in 2030.
"The EU’s new tariff rates for Chinese EVs aim to level the playing field for European EV manufacturers, which are struggling to compete with lower-priced Chinese imports. These tariffs might push Chinese automakers towards emerging markets like the Middle East and Africa, Latin America, Southeast Asia, Australia, and New Zealand. The outcome of EU-China talks, especially with Germany’s opposition, will shape future EV market dynamics, with Europe and the US driving growth from 2025 onwards," Liz Lee, Associate Director at Counterpoint said.
However, from 2025 onwards, Europe and the US will start emerging as a major growth driver in this segment, the research added.
The Counterpoint report predicted that China's BYD market share would overtake Tesla's EVs in 2024.
However, research analyst Abhik Mukherjee said that automakers like Volkswagen, Ford, and General Motors are positioning themselves to compete with the market leaders by revamping supply chains and producing affordable EV prices below $35,000.
The research also predicted that hybrid vehicles, including plug-in hybrid electric vehicles and hybrid electric vehicles, will continue to dominate the electrified segment in the near term.
