Electric Vehicle | Global EV Registration Accumulated to 42 Million Units by 2023, Led by Tesla and BYD

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Electric Vehicle | Global EV Registration Accumulated to 42 Million Units by 2023, Led by Tesla and BYD

Date：2024-07-29

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Keyword tags： Opinion Global Data

According to statistics from the Center for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW) in Germany, by the end of 2023, there were nearly 42 million battery electric vehicles and plug-in hybrid electric vehicles on the road worldwide, and the growth momentum of electric vehicles continues.

By the end of 2023, the market ownership of pure battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV) worldwide had reached 41,993,140 units, a growth of more than four times compared to 7,832,960 units in 2019. The Asia-Pacific region continues to be the leading market for electric vehicle growth, with China's ownership of pure electric and plug-in hybrid electric vehicles accounting for more than half of the global total (55.7%), followed by Europe and North America, with 24.1% and 14.5% respectively. When looking at individual countries, China (23.4 million units) still leads the world, followed by the United States (4.84 million units), Germany (2.33 million units), France (1.59 million units), and the United Kingdom (1.54 million units), all of which had exceeded 1 million units of pure electric and plug-in hybrid electric vehicles by the end of 2023.

Looking at the data in 2023, China also leads the world in new registrations of electric vehicles. According to ZSW statistics, the registered sales of pure electric and plug-in hybrid electric vehicles in China in 2023 reached 9.05 million units, a year-on-year increase of 38.2%, accounting for nearly 61% of all new electric vehicle registrations worldwide in 2023. The United States has surpassed Germany since 2022 to rank second, with 1.45 million units of electric vehicle registrations in 2023, a year-on-year increase of 45%, accounting for 10% of the global new electric vehicle registrations in 2023. The German electric vehicle market showed weak growth in 2023, with registrations falling by 15.9% from 830,000 units in 2022 to 700,000 units, accounting for 5% of the global electric vehicle market. France (490,000 units) and the United Kingdom (456,000 units) follow, with year-on-year increases of 41.8% and 23.7% respectively.

In terms of the global electric vehicle OEMs:

By the end of 2023, BYD and Tesla have both exceeded 5 million units in cumulative sales of battery electric vehicles and plug-in hybrid electric vehicles worldwide, with BYD reaching 6.33 million units and Tesla 5.44 million units, accounting for 15% and 13% of the global electric vehicle ownership respectively. Other top ten electric vehicle manufacturers include Germany's Volkswagen (3.31 million units), BMW (1.85 million units), and Mercedes-Benz (1.26 million units), China's SAIC (3.17 million units), Geely (2.015 million units), and GAC (1.01 million units), as well as South Korea's Hyundai (1.58 million units) and the French-Italian joint venture Stellantis (1.35 million units) respectively.

The top ten car manufacturers in terms of registered sales of electric vehicles in 2023 are the same as the above ten car companies, but the rankings have changed. BYD and Tesla's new registrations of electric vehicles in 2023 reached 3.02 million units and 1.8 million units respectively, accounting for 20.4% and 12.2% of the total global electric vehicle sales in 2023.

In terms of EV Models:

Tesla Model Y and Model 3 are still the best-selling electric vehicle models worldwide. By the end of 2023, the cumulative sales of these two models reached 2.456 million units and 2.334 million units respectively, accounting for, collectively, 11.4% of the global electric vehicle ownership, indicating that Tesla's market position in the pure electric vehicle market remains solid. The second to tenth ranked models, except for the Nissan Leaf, are all Chinese electric vehicle models, among which the ownership of Wuling Hongguang Mini EV and BYD Song PHEV also exceeded 1 million units, reaching 1.31 million units and 1.17 million units respectively.

The best-selling models in 2023, Tesla Model Y still ranked first, with new registrations reaching 1.21 million units, a year-on-year increase of 61%, accounting for 8.2% of the global electric vehicle registrations in 2023. However, the registration volume of Tesla Model 3 was surpassed by BYD Song PHEV. In addition to Tesla Model Y and Model 3, the other top registered electric vehicles in 2023 are all Chinese electric vehicle models, including five models from BYD (BYD Song PHEV, BYD Yuan, BYD Dolphin, BYD Qin PHEV, and BYD Seagull), two models from GAC (Aion Y, Aion S), and SAIC MG 4. What is worth mentioning is that BYD Yuan's registration volume in 2023 reached 420,000 units, and the newly launched Seagull reached 280,000 units.

Overall, China remains the largest electric vehicle market in the world and is still on an upward trend, the United States and Europe are striving to catch up, while the potential of the electric vehicle market in the rest of the world regions is also being released.

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