New Delhi, Jan 29 (IANS): One out of every two cars sold globally is projected to be a battery electric vehicle (BEV) by 2035, a report said on Wednesday.

Their sales are predicted to make up 48 per cent of the global market share, up from just 16 per cent in 2025.

According to the Counterpoint Research report, global BEV sales jumped by 22 per cent in 2023, a strong year-over-year growth despite a temporary slowdown in 2024.

In fact, automakers are increasing efforts to improve production processes, reduce costs, and partner with battery manufacturers to meet growing demand, the report added.

As a result, BEVs are expected to keep climbing in sales, with growth projected at 17 per cent annually between 2025 and 2030.

The global passenger vehicle market is expected to grow at a steady pace, with sales projected to reach over 105 million units by 2035.

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.

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.

In contrast, the US is likely to take steps to protect its domestic automakers, potentially blocking Chinese EV manufacturers from entering the market.

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.

“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,” said Abhik Mukherjee, research analyst at Counterpoint.