Analysis of the Future Development of the Global BEV Market and the Competition Between BYD and Tesla

TapTechNews July 3rd news, the market research organization CounterpointResearch issued a report today, estimating that the global sales of Battery Electric Vehicles (BEV) will exceed 10 million units in 2024, and BYD will exceed Tesla in BEV sales.

Global New Energy Vehicle Market is Booming

The agency believes that driven by the strong rise of BEVs, the sales of new energy vehicles grow rapidly and their market share continues to expand, and it estimates that the market share of Internal Combustion Engine vehicles (ICE) will fall below 50% in the next four years.

China Leads the Global BEV Market

China remains the leading force in the BEV market. The agency expects that by 2024, the BEV sales in China will be four times that of North America.

In addition, before 2027, the BEV sales in China will remain above 50% of the global share. It is expected that by 2030, the BEV sales in China will exceed the sum of North America and Europe.

BYD vs. Tesla in BEV

TapTechNews quoted the agency's estimate that the BEV vehicle share of BYD will surge in 2024, and its annual BEV sales will exceed that of Tesla.

Hybrid Power

Hybrid vehicles, including Plug-in Hybrid Electric Vehicles (PHEV) and Hybrid Electric Vehicles (HEV), will continue to dominate the electrification segment market in the short term.