Page last updated: 5 October 2024
The electric vehicle (EV) market is continuously expanding, with major automakers increasing production and sales to meet rising demand.
What Are the Top Electric Vehicle Brands Globally?
- Tesla: Held the largest global EV market share in 2023 at 19.9%. However, it’s expected to lose its leading position to BYD in 2024.
- BYD: The Chinese automaker closely followed Tesla in 2023 with a 17.1% market share. In Q4 2023, BYD outsold Tesla by delivering 526,000 units compared to Tesla’s 485,000 units. Analysts predict BYD will overtake Tesla in battery electric vehicle (BEV) sales by the end of 2024.
- Other Notable Brands:
- GAC Aion: 5.2% market share.
- SAIC-GM-Wuling: 4.9% market share.
- Volkswagen: 4.6% market share.
- BMW, Hyundai, Mercedes-Benz, MG, and KIA featured in the top ten with market shares ranging from 3.6% to 2%.
- The top ten BEV companies accounted for 65% of global market share in 2023.
- Sales of EVs in 2023, including BEVs, PHEVs, and fuel cell vehicles (FCVs), reached 13.1 million units, a 29.8% increase compared to 2022. This growth, while substantial, is a slowdown from the 54.2% increase between 2021 and 2022.
What were the top Electric Car Brands in 2022 and 2021?
In 2022, BYD overtook Tesla as the top producer of EVs when including PHEVs in the sales figures.
- BYD produced 1.8 million vehicles, a 211% increase from 2021, compared to Tesla’s 1.3 million units, which was a 40% increase over 2021.
- Tesla continued to dominate the BEV market, but BYD’s inclusion of PHEVs helped boost its overall numbers.
- Tesla continued to dominate the BEV market, but BYD’s inclusion of PHEVs helped boost its overall numbers.
- Although Tesla led in the BEV category, BYD’s range of electric models helped it achieve higher overall sales.
The EV industry reached a new high in 2022, with total production exceeding 10 million vehicles for the first time, up from 6.7 million in 2021.
- BYD‘s rapid growth positioned it at the forefront of the EV market.
- Tesla managed robust growth, despite intense competition from Chinese manufacturers such as Geely, which saw a 251% increase in production.
- Volkswagen (+10%), GM (+13%), and other well-known brands also saw growth but at a more moderate pace.
What are the Leading Electric Vehicle Models?
The Tesla Model Y topped the list with 1.2 million units delivered in 2023, marking a 57% increase from 771,000 in 2022.
- The BYD Song Pro/Plus PHEV followed with 543,000 units in 2023, up 32% from 410,000 in 2022.
- Another one from Tesla, the Tesla Model 3 deliveries reached 529,000 in 2023, an 11% rise from 476,000 in the previous year.
- Chinese carmakers produced more than half of all electric cars sold worldwide in 2023, despite accounting for just 10% of global car sales with internal combustion engines.
These models demonstrate the robust growth and expanding reach of electric vehicles (EVs) in the automotive market.
- Learn more about which countries lead in EV sales.
What are the future projections for the EV Industry?
The EV industry is set to expand considerably in 2024, driven by both technological advancements and strategic market expansions by leading automakers.
Market Trends, Challenges and Projections:
- Global EV sales are expected to hit around 17 million units by the end of 2024.
- BYD, the largest EV manufacturer in China, plans to expand its annual sales by 20%, aiming to reach 3.6 million EVs in 2024. This includes a substantial push to increase international sales to about 500,000 units.
- The market share for EVs in China could approach 45%, while in Europe and the United States, the market penetration is expected to be around 25% and 11%, respectively.
- Tesla aims to ramp up production, targeting annual production of 20 million cars by 2030. The company is setting up a multi-billion dollar factory in Mexico, with a production capacity of 1 million cars per year.
EV Sales Statistics Resources
- Australia EV Sales Statistics
- Canada EV Sales Statistics
- China EV Sales Statistics
- Germany EV Sales Statistics
- Japan EV Sales Statistics
- Norway EV Sales Statistics
- UK EV Sales Statistics
EV Sales Statistics By Manufacturer
Global Statistics Resources
- Automotive Industry Trends
- Global EV Sales by Country
- Global EV Sales By Type
- Global Car Sales 2024
- Global Car Sales by Brands
- Global Car Sales by Car Models
- Global Tourism Industry Trends
- Global Tourism Ranking
- Global Tourism 2024
- Global Overtourism
References
IEA: Global EV Data and Outlook 2024
