Global EV Market Thrives: Over 10 Million Registrations in 2023

In October 2023 the electric vehicle (EV) market continued its impressive growth with nearly 1.3 million plug-in electric cars registered globally. This figure, just slightly below September's record, indicates a robust 37% increase compared to the previous year. The overall market share of rechargeable cars now stands at 17%, with all-electric vehicles (BEVs) accounting for 12% and plug-in hybrids (PHEVs) 5%. This surge in registrations is a significant indicator of the accelerating pace of world EV sales.

The surge in EV registrations is driven by significant growth rates in both segments, with all-electric cars seeing a 33% year-over-year increase and plug-in hybrids even higher at 46%. Analysts predict that by the end of the year, monthly registrations could surpass 1.4 million units.

Year-to-date, the global market has witnessed over 10.7 million new plug-in electric car registrations, representing about 16% of total car sales. Among these, approximately 7.5 million are BEVs, and around 3.2 million are PHEVs.

Tesla's Model Y leads the pack as the best-selling plug-in model in October, followed by five models from BYD and Tesla's Model 3. Chinese manufacturers dominate the top ranks, reflecting the country's strong push towards electrification.

In brand rankings, BYD outshines Tesla, particularly in the all-electric segment, suggesting a potential shift in market leadership in the near future. This trend is complemented by significant progress from other players like the SAIC-GM-Wuling joint venture and Volkswagen. The notable achievements of these brands are contributing to a dynamic change in world EV sales, reflecting a diverse and competitive market landscape.

As the year progresses, the gap between BYD and Tesla widens, with BYD registering 2.26 million units to Tesla's 1.43 million. This shift indicates a rapidly evolving EV landscape, with Chinese manufacturers playing an increasingly dominant role.

Considering that all over the world every year society is thinking more and more about the best ways of protecting nature - using environmentally friendly materials, sorting waste and avoiding plastic, it's not surprising that the demand for electric cars is gradually growing. In addition, the further we go, the more reliable and comfortable the EVs themselves and all the necessary service elements become - charging points are expanding, companies are actively conducting test drives for new models and offering leases for purchases with additional bonuses, making electric vehicles more desirable and accessible.

Speaking of good deals and bonuses, this November Tesla introduced a promotional offer aimed at increasing its vehicle deliveries before the end of the year, providing an attractive incentive for potential buyers, which included six months of complimentary Supercharging, specifically targeting customers who purchased a new Model 3 or Model Y.

If you already are a Tesla owner, discover our special guide, which will help you in any charging questions you could have with your vehicle.

Source: Cleantechnica