As the world is apparently moving to electronic vehicles replacing traditional fuel, the latest reports have revealed the pace at which the transition has been taking place.

A report by Counterpoint Technology Market Research has stated that by 2035, half of the cars sold across the world will be electric. Notably, the sale of electric cars has been increasing exponentially in countries such as India for the past few years exponentially.

Read Also: India’s EV Industry Seeks Visa Relaxation To Bring In Chinese Talent

The report pointed out that India, Latin America, Japan, and Southeast Asia are the leading nations in the swift transition, with these countries likely to experience the faster growth.

Notably, battery electric vehicles (BEVs) and plug-in hybrids (PHEVs) saw growth rates of 10% and 49%, respectively. However, the overall automotive market faced slowdowns due to various reasons, including geopolitical tensions, recession fears, and reduced consumer expenditure.

Read Also: Top 10 Technology Trends Of 2024: A Year Of Innovations, Controversies & Debates

Expert from Counterpoint Soumen Mandal said BEV sales in China are expected to exceed 60% by 2035. India, Japan, Latin America, and Southeast Asia are predicted to experience the fastest growth in the sector. He added that the local brands in India and Japan are leading the market, while Chinese brands are likely to dominate Southeast Asia and Latin America. However, the BEV prevalence in China, Europe, and South Korea is projected to remain above the global average. The US, according to the Counterpoint expert, is likely to block Chinese OEMs from entering its market, while Europe has imposed tariffs on Chinese brands.

The global automotive market, especially the electric vehicle (EV) sector, is seeing considerable growth. While the total passenger vehicle sales grew by 1% in 2024, electric vehicle sales surged by 22%.

According to a report by Precedence Research, the global electric vehicle market size was estimated at USD 317.26 billion in 2024 and is anticipated to reach around USD 2,453.48 billion by 2034, expanding at a CAGR of 22.69% from 2025 to 2034. The research has attributed the growth of EVs to the increased investments by key market players in the electric vehicle market.

Counterpoint anticipates that battery EVs will increase their market share further in 2025, noting that the automakers are collaborating with battery manufacturers to cut costs to make the EVs more affordable.