In a groundbreaking year for the electric vehicle (EV) industry, the Global EV market soared to new heights in 2023, reporting a substantial 33.4% year-on-year increase in deliveries. According to the latest data from the Global EV and Battery Monthly Tracker for January 2024 by SNE Research, the total number of electric vehicles registered worldwide from January to December 2023 reached an impressive 14.061 million units.
BYD Reigns Supreme:
Leading the charge in the global EV market, Chinese automaker BYD posted a phenomenal 58.3% year-on-year growth, securing its position as the top player. BYD’s diverse lineup, including popular models like Song, Yuan Plus (Atto3), Dolphin, and Qin, contributed to its dominant market share. The company’s vertically integrated system and strategic focus on new-energy cars propelled BYD to sell approximately 2.771 million units in China alone.
Tesla’s Electric Triumph:
Not far behind, Tesla maintained its stronghold, finishing 2023 with over 1.8 million units delivered and a notable 37.7% year-on-year growth. Tesla’s flagship models, Model 3 and Y, witnessed significant success, with Model Y alone accounting for over 1.2 million units sold, marking a remarkable 60.8% year-on-year growth.
Volkswagen’s Acceleration:
Securing the third position globally, the Volkswagen Group showcased a robust performance with a 20.7% growth, delivering around 990,000 units. The ID series, Audi Q4, Q8 E-Tron, and Skoda ENYAQ models played a pivotal role in the group’s success.
Hyundai-KIA’s Eco-Friendly Milestone:
The Hyundai-KIA Group celebrated a 10.4% year-on-year growth, selling over 560,000 units of IONIQ 5/6, EV6, Niro, and Kona. Breaking records in both sales and operating profit, the group emphasized its commitment to eco-friendly vehicles, announcing plans to enhance its hybrid lineup and promote its dedicated EV brand, ‘IONIQ.’
China’s Dominance Continues:
China maintained its status as the world’s largest EV market, claiming an impressive 59.8% of the entire market share. BYD’s significant contribution played a pivotal role in China’s growth, with the company accounting for one in three new-energy cars sold in the country in 2023.
2024 Outlook: Challenges and Opportunities:
Despite global uncertainties and the end of EV subsidy programs in major countries, the EV market concluded 2023 with a resilient 33.4% yearly growth. Looking ahead to 2024, challenges loom with potential slowdowns in demand and a shifting focus from vehicle performance to price. As subsidies and regulations tighten, the industry must adapt by expanding affordable EV lineups to meet the evolving needs of consumers.
