The year 2023 has proven to be a pivotal moment for the electric cars and vehcile market, marking a historic milestone with a record-breaking 9 million global registrations.
This figure represents a remarkable 29% increase compared to the 7 million registrations in 2022, as disclosed in the latest “Electromobility Report” from the Center of Automotive Management (CAM) in Bergisch Gladbach, Germany. This substantial leap occurred despite economic challenges and a climate of heightened inflation.
China’s Triumph? No
The global landscape of electric vehicles continues to evolve, with China maintaining its dominance by contributing a staggering 57% to the global registrations, totaling 5.14 million vehicles. Europe follows suit with a commendable 22% share (2 million units), while the United States has experienced exponential growth, witnessing a 50% increase compared to the previous year. This upward trend is evident internationally, with significant market share increases across major markets.
The expansion of electric cars is apparent worldwide. In China, the market share has risen from 20.7% to 23.7%, in Europe from 12.2% to 15.4%, and in the USA from 5.8% to 7.7%. When considering plug-in hybrids, the electrified vehicle percentage in China has reached 35.7%. Germany stands out as the leading European market for Battery Electric Vehicles (BEVs), with approximately 525,000 units delivered. However, Norway boasts the highest market penetration, with 82% of new registrations consisting of zero-emission vehicles in 2022.
Top 10 Electric Cars Players
Within this expansive landscape, only ten manufacturers account for 80% of the global market, with Tesla and BYD at the forefront, representing almost 38% of the total market share. Volkswagen secures the third position among major manufacturers, with 770,000 units (+35%).
Beyond the top three, Chinese companies SAIC (700,000), Geely (510,000, +34%), and GAC (480,000, +77%) hold notable positions. Hyundai/Kia claim the seventh spot with 475,000 units, followed by BMW (376,000, +74%), Stellantis (370,000, +28%), and Mercedes-Benz (250,000, +88%). Emerging brands like Nio and Xpeng, though not in the top 10, have recorded significant growth at 30% and 17%, respectively.
Future Outlook for 2024
Forecasts for 2024 project the sale of an additional 11 million electric vehicles, indicating an unstoppable growth trend for the electric automobile.
As observed, the development is primarily propelled by China and its manufacturers, but with increasing global involvement, signaling an increasingly electric future for the automotive industry. The electric revolution is well underway, with 2023 serving as a groundbreaking year, setting the stage for an electrifying road ahead.
