Asia Tech Wire (July 5) -- Battery electric vehicle (BEV) sales will hit 10 million units in 2024, marking a major achievement for the global passenger car market, market research firm Counterpoint said in its latest report.

Meanwhile, Counterpoint stated that the market share of internal combustion engine (ICE) vehicles is expected to fall below 50% within four years, marking a resumption of the long-term downward trend for such vehicles.

China remains the dominant force in the BEV market, with its BEV sales in 2024 expected to be four times that of North America, the report said.

In addition, China will maintain more than 50% of the global share of pure EV sales through 2027 and is expected to sell more than North America and Europe combined in 2030.

Counterpoint expects Chinese automaker BYD's share of the BEV market to soar in 2024 and is on track to surpass Tesla's BEV sales that year.