Updated 17:38 IST, January 30th 2025

By 2035, Half of World's Cars Will Be Electric: Report

Battery Electric Vehicles (BEVs) are forecast to make up 48 percent of the global market share, a significant jump from just 16 percent in 2025.

Reported by: Business Desk
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Electric Vehicle
Electric Vehicle | Image: Pixabay

By 2035, half of all cars sold worldwide are expected to be Battery Electric Vehicles (BEVs), according to a report released on Wednesday. Furthermore, Battery Electric Vehicles (BEVs) are forecast to make up 48 percent of the global market share, a significant jump from just 16 percent in 2025.

The Counterpoint Research report reveals a 22 percent increase in global BEV sales in 2023, marking strong year-over-year growth despite a projected slowdown in 2024. Automakers are ramping up efforts to streamline production, cut costs, and form partnerships with battery manufacturers to meet the rising demand.

With an annual growth rate of 17 percent expected from 2025 to 2030, BEV sales are on track to continue their upward trajectory. The global passenger vehicle market as a whole is set to expand steadily, with sales projected to exceed 105 million units by 2035.

This transformation in the automotive sector is being fueled by surging demand for electric vehicles (EVs), particularly in key markets such as South Korea and Europe. Additionally, regions like Southeast Asia, Latin America, India, and Japan are poised for rapid EV adoption, with local manufacturers driving much of the growth.

Meanwhile, the U.S. may take steps to protect domestic automakers, potentially limiting Chinese EV manufacturers from entering its market. As BEV adoption continues to rise, plug-in hybrid electric vehicles (PHEVs), which combine electric and gasoline engines, are expected to see a decline in sales after 2030.

Published 17:38 IST, January 30th 2025