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Pure electric vehicle sales are expected to reach 10 million units by 2024, while internal combustion engine vehicles are expected to decline
Counterpoint Research has released a report stating that sales of pure electric vehicles will reach 10 million units by 2024, while the market share of internal combustion engine vehicles is expected to drop below 50% within four years. Despite a temporary slowdown in growth in 2024, pure electric vehicle sales are expected to continue to grow, and traditional car manufacturers are addressing gross profit challenges. This change will be driven by the restructuring of the production process and strategic cooperation with battery manufacturers, with the aim of reducing manufacturing costs, manufacturing economical electric vehicles, and strengthening the supply chain.
China maintains a strong position in the pure electric vehicle market, and it is expected that by 2024, the sales of pure electric vehicles in China will be four times that of North America. By 2027, China's pure global electric vehicle sales will account for 50% of the market share, and it is expected to surpass the total sales of pure electric vehicles in North America and Europe by 2030. Starting from 2025, Europe and the United States will become the main growth drivers. In 2024, BYD's market share of pure electric vehicles will significantly increase and surpass Tesla's sales, highlighting the vitality and changes in the global electric vehicle market.
Abhik Mukherjee, an analyst at Counterpoint Research, stated that companies such as Ford, General Motors, Stellantis, and Volkswagen are actively responding to competition from market leaders by reshaping their supply chains and preparing to supply economy electric vehicles priced below $35000. This strategic reform, starting from the end of 2025, aims not only to meet stricter emission regulations but also to re stimulate the global electric vehicle market through changing subsidy policies and stable consumer demand.
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