The global electric vehicle (EV) market is accelerating at an unprecedented pace, and according to a recent Counterpoint Technology Market Research report, half of all cars sold globally by 2035 will be electric. India, along with Latin America, Japan, and Southeast Asia, is expected to experience the fastest EV growth in the coming years.
EV Market Growth Defies Economic Challenges
Despite broader economic and geopolitical challenges, the EV sector continues to expand rapidly. While global passenger vehicle sales grew by just 1% in 2024, EV sales surged by 22%, proving that consumer demand for cleaner and more sustainable transportation is on the rise.
Here’s a closer look at the growth trends in 2024:
✔️ Battery Electric Vehicles (BEVs) grew by 10%
✔️ Plug-in Hybrid Electric Vehicles (PHEVs) saw a 49% increase
While traditional car sales slowed due to recession fears, reduced consumer spending, and geopolitical uncertainties, EVs have emerged as a bright spot in the industry.
India & Other Emerging Markets to Drive EV Expansion
Counterpoint analyst Soumen Mandal emphasized that by 2035, BEV sales in China will exceed 60%. However, it is India, Japan, Latin America, and Southeast Asia that will see the most rapid EV adoption.
• India & Japan: Local automakers are expected to dominate the EV market.
• Southeast Asia & Latin America: Chinese brands will likely lead the EV revolution.
• China, Europe & South Korea: BEV penetration will remain above the global average.
What This Means for India’s EV Industry
With government incentives, increasing investment in EV infrastructure, and a growing demand for clean energy solutions, India is poised to be a major player in the global EV transformation. Local brands such as Tata Motors, Mahindra, and Ola Electric are expected to lead the domestic market, making electric mobility more accessible to Indian consumers.
Final Thoughts
The global shift toward sustainable transportation is no longer a distant future—it’s happening now. With half of all cars projected to be electric by 2035, the EV revolution is well underway. India and other fast-growing markets are set to play a crucial role in this transformation, shaping the future of mobility for years to come.
