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Counterpoint Research is a global research organization that specializes in product research in the technology, media, and telecommunications sector.
The automobile industry, especially the electric vehicle segment, is at a crucial turning point with its adoption growing steadily on a daily basis.
The global passenger vehicle market experienced a decline in 2024, despite a notable surge in electric vehicle demand. According to Counterpoint Research, the global passenger vehicle sales reported a slight increase of 1% year-over-year in 2024. The overall market faced headwinds, including increased geopolitical tensions, concern over an impending recession, and reduced consumer spending in key markets, resulting in a temporary slowdown.
Battery electric vehicles (BEVs) and plug-in hybrids (PHEVs) showed a 10 percenT and 49 percent year-on-year increase in sales, respectively.
Sales penetration in China is projected to surpass 60 percent.
The fastest growth, according to Mandal, is projected to occur in India, Latin America, Japan and Southeast Asia.
"In India and Japan, domestic brands are expected to be at the forefront, whereas Chinese brands are anticipated to dominate market trends in Southeast Asia and Latin America. Market penetration of Battery Electric Vehicles in China, Europe and South Korea is forecasted to exceed the global average," Mandal stated.
Mandal stated, "In the meantime, the US is committed to safeguarding its domestic automotive industry and is likely to bar Chinese original equipment manufacturers from entering its market. Europe has already implemented additional tariffs to limit the sales of Chinese brands and is expected to persist with this approach unless Chinese automakers invest in setting up manufacturing facilities in the region for vehicles and their components."
According to the forecast, the photovoltaic (PV) market is anticipated to experience growth at an annual rate of 3 per cent between 2025 and 2030, and at an annual rate of 2 per cent between 2030 and 2035, surpassing 105 million sales by 2035.
attain a market share exceeding sixteen percent by 2025.
Abhik Mukherjee, a Research Analyst at Counterpoint, stated, "Automakers are putting in significant efforts to resolve their profitability issues by enhancing production processes, partnering with battery manufacturers, and establishing localized supply networks. The objective of these endeavors is to reduce costs, make BEVs more affordable and fortify the supply chain for the future."