BYD's BEV market share is set to surge in 2024, the year it is expected to overtake Tesla in BEV sales. This shift underscores the dynamic nature of the global EV market, said Counterpoint.

Counterpoint expects global BEV sales to reach 10 million units in 2024, marking a significant achievement for the global passenger vehicle market.

China remains the dominant force in the BEV market and is expected to sell four times as many BEVs as North America by 2024, Counterpoint said.

In addition, China will maintain more than 50 percent of global BEV sales by 2027 and is expected to sell more BEVs than North America and Europe combined by 2030, according to the report.

Starting in 2025, Europe and the US will begin to be the main growth drivers, Counterpoint said.

China sold 7.75 million passenger NEVs in 2023, including 5.15 million BEVs and 2.6 million PEHVs, according to the China Passenger Car Association (CPCA).

Notably, in China, PHEV sales are growing at a significantly higher rate than BEVs, as they grow 83.08 percent and 21.29 percent year-on-year, respectively, in 2023.

In the first five months of the year, China sold about 3.25 million passenger NEVs, up 34.46 percent year-on-year, according to data compiled by CnEVPost.

BEVs sold 1.93 million units in the first five months, up 17.32 percent year-on-year, and PHEVs sold 1.32 million units, up 69.97 percent.

BYD sells record 341,658 NEVs in Jun, PHEVs hit another record high