In the first half of 2023, global sales of electric vehicles saw a growth of more than 35% compared to the 4.2 million electric cars sold during the same period in the previous year. The EV market is undergoing rapid development, with sales of electric vehicles surpassing 10 million in 2022. This accounts for 14% of all new vehicle sales, a significant increase from 9% in 2021 and less than 5% in 2020.
In the first quarter of 2023, more than 2.3 million electric vehicles were sold, reflecting a 25% increase compared to the same period in the previous year. It is projected that by the end of 2023, sales will reach 14 million, marking a 35% increase over the prior year, with a significant boost in new purchases expected in the second half of 2023. By the close of 2023, electric vehicle sales could potentially represent 18% of all auto sales, up from 14% in 2022.
Globally, there are now over 26 million electric automobiles on the road as of 2022, marking a 60% growth from 2021. Mainland China, the largest EV market, saw its EV sales more than double in the first half of 2022, accounting for 57% of all global EV sales.
Top selling EV companies in 2023
The top five companies leading the electric car market, encompassing both battery electric vehicles (BEV) and plug-in hybrid vehicles (PHEV), are BYD Group, Tesla, Volkswagen Group, Geely-Volvo, and SAIC.
- BYD Group: Registered more than 1.2 million units.
- Tesla: Registered more than 0.8 million units.
- Volkswagen Group: Registered more than 0.4 million units.
- Geely-Volvo: Registered more than 0.3 million units.
- SAIC: Also, registered more than 0.3 units.
These companies collectively registered more than 3.2 million units during the first half of 2023, commanding around 55% of the market. Among the leading EV manufacturers, BYD is at the forefront with a market share of around 20%. Tesla follows closely in the second position with a market share of 16%, while Volkswagen and Geely hold market shares of 7% and 6%, respectively.
In the first half of 2023, there was a surge in new automobile registrations across Europe, marking the highest levels since the pandemic. The demand for electric vehicles (EVs) was particularly noteworthy. Tesla emerged as the top-selling BEV brand in both June and the first six months of 2023. Tesla’s performance in June contributed significantly to its increased market share. MG, another brand, witnessed the second-highest growth in market share.
Top Selling Electric Car Models
In the data for January to July 2023, Tesla’s Model Y and Model 3 stand out as the leading electric vehicle models, occupying the first and second positions. The Model Y holds a substantial 9.5% market share, while the Model 3 commands a 4.6% share of total electric vehicle sales in the first half of 2023. These two Tesla models dominate the market, outperforming all other brands during this period. The Model 3, introduced in 2017 as Tesla’s second mass-market vehicle, is a four-door sedan, while the Model Y is a five-door crossover, essentially a larger version of the Model 3. They share many common features, including electric drivetrains and both exterior and interior designs. The Model Y caters to a more affordable and specialized market segment and is available in Rear-Wheel Drive, Long Range AWD, and Performance versions.
Top 10 Selling EV Models
Following Tesla’s Model Y and Model 3, the next three positions are occupied by vehicles from the BYD Group. Their top-selling models are the BYD Song, Qin Plus, and Yuan Plus, with market shares of 4.5%, 3.6%, and 3.4%, respectively, in total electric vehicle sales in H1 2023.
The BYD Song series comprises a range of compact SUVs, offering both fully electric (BEV) and plug-in hybrid (PHEV) variants. On the other hand, the BYD Qin Plus is a compact sedan catering to various customer preferences with both PHEV and BEV versions. The plug-in hybrid Qin Plus offers the flexibility of electric-only driving as well as an extended range in hybrid mode. Lastly, to meet the growing demand for electric SUVs, BYD introduced the Yuan Plus, a compact crossover SUV exclusively available as a BEV.
