EV-a2zEV-a2z
Notification Show More
Aa
  • News
    • EV Type
      • BEV
      • HEV
      • PHEV
      • FCEV
    • System
      • EV
      • Battery
      • Charging Infra
    • Veh. Type
      • Bike
      • 3 Wheeler
      • Car
      • Bus
      • Truck
      • Aircraft
    • Country
      • United States
      • United Kingdom
      • Australia
      • India
      • China
      • Germany
      • Japan
      • Canada
    • Company
      • Tesla
      • BYD
      • General Motors
      • Ford
      • Toyota
      • Volkswagen
      • Hyundai
      • Stellantis
    • Energy
      • Solar Energy
      • Wind Energy
  • Reviews
  • FAQ
  • Listicles
  • Sales Report
  • Guidance
    • Policy
    • Standards
    • Regulations
  • Books
  • Expo
  • Glossary
Search
© EV-a2z. All Rights Reserved.
Reading: Global EV sales surged 31% in 2023, market researcher says
Share
Aa
EV-a2zEV-a2z
Search
  • News
    • EV Type
    • System
    • Veh. Type
    • Country
    • Company
    • Energy
  • Reviews
  • FAQ
  • Listicles
  • Sales Report
  • Guidance
    • Policy
    • Standards
    • Regulations
  • Books
  • Expo
  • Glossary
Follow US
EV-a2z > News > Global EV sales surged 31% in 2023, market researcher says
News

Global EV sales surged 31% in 2023, market researcher says

EV-a2zm
Last updated: 2024/01/13 at 2:33 PM
EV-a2zm Published January 12, 2024 3 Min Read
Share
3 Min Read
Front view electric car silhouette with green glowing on dark background. EV concept. Vector illustration
Front view electric car silhouette with green glowing on dark background. EV concept. Vector illustration.
SHARE

Battery electric and plug-in hybrid vehicles’ global sales grew by a whopping 31% year-on-year in 2023, Reuters reports, citing UK-based market research firm Rho Motion’s data. However, this growth rate indicates a decline from 60% in the prior year.

Contents
EV sales growth in 2023Major markets’ performanceDemand concerns

“The pace of growth is slowing, but that’s what’s expected in growing markets like this. You can’t double every year.”

Rho Motion Data Manager Charles Lester (via Reuters)

Global electric car sales rose 31% in 2023, says Rho Motion reporthttps://t.co/g9gpGzHjI7 pic.twitter.com/8eM5APoyXy

— Hindustan Times (@htTweets) January 11, 2024

EV sales growth in 2023

Plug-in electric vehicles, including BEVs and PHEVs, reported a 31% YoY sales growth to 13.6 million units last year after hitting a monthly record of 1.5 million units in December 2023. 

Of that total, BEVs accounted for an astounding 9.5 million units. It indicates a YoY growth of 27%, accounting for 70% of the market. Meanwhile, PHEVs took the remaining 4.1 million units. 

In December alone, global plug-in vehicle sales hit a new high of 1.5 million units.

According to Data Manager Lester, the 2023 growth rate aligned with Rho Motion’s prediction of 30%. As for this new year, the research firm expects global EV sales to grow by 25%-30%.

Major markets’ performance

Interestingly, Europe’s all-electric vehicle market surged by an impressive 27% in sales. However, PHEV sales dropped by a notable 5% from the prior year.

The world’s largest auto market also increased its BEV by 15% sales, Green Car Congress reported. On the other hand, North America’s key markets, the US and Canada, surged by over 50%.

In addition, BEV sales nearly doubled in the rest of the world, particularly in Southeast Asia, India, and Latin America.

Demand concerns

Despite the continuous growth of the plug-in electric vehicle market worldwide, several players worry that sales in Europe and other key markets might suffer from slowing demand. 

It is unsurprising, considering that most drivers tend to wait for the availability of more affordable and compact EV options.

#Germany Ends Electric Vehicle Subsidies Immediately! #NewZealand EV purchase-subsidy program, the "Clean Car Rebate" stops at the end of 2023. #France limits its #EV #carcoachreports #car #laurenfix @nactoy #video #youtube pic.twitter.com/DJi9czJHnK

— laurenfix (@laurenfix) January 2, 2024

However, the German government’s move to drop its electric vehicle subsidies may significantly reduce sales figures this year.

Likewise, France also narrowed down its Ecological Bonus as it seeks to exclude Made-in-China models. It is apparently part of its strategy to ensure that its local players remain competitive against their Chinese rivals.

All these said, there might really be a slowdown in electric vehicle sales in these markets this year.

On the other hand, the US Inflation Reduction Act will continuously boost EV sales in the country with up to $7,500 tax credits.

It would be really interesting to see how the global electric vehicle market would fare this new year and beyond, considering the new model launches previously announced by several established OEMs and startups.

You Might Also Like

Hyundai reveals battery suppliers of its EV models amid fire concerns

Uber boss casts doubt on Tesla’s Robotaxi vision

Tesla secures direct sales license in Kentucky

CATL launches showroom of EV models powered by its batteries in China

Tesla Semi to hit European roads

TAGGED: Electric Vehicle, EV, EV Sales
EV-a2zm January 13, 2024 January 13, 2024
Share This Article
Facebook Twitter Flipboard Whatsapp Whatsapp LinkedIn Reddit Email Copy Link

Follow US

Find US on Social Medias
Facebook Linkedin Twitter

Weekly Newsletter

Subscribe to our newsletter to get our newest articles instantly!

Popular News
Pininfarina Battista
News

World’s fastest accelerating Electric Car debuts at Hyderabad E-Motor show

EV-a2zm By EV-a2zm February 11, 2023
Volkswagen mulls partnership with Renault for a €20K EV
Germany and Italy lead the charge in Europe’s transition to synthetic fuels for electric cars
Energy Department grants $74 million for battery reuse and recycling
North Texas Firefighters receive electric vehicle first responder training
- Advertisement -
Ad imageAd image

Tags

Australia (197) Autonomous Driving (110) Battery (805) BEV (71) BMW (105) BYD (319) Canada (74) CATL (84) Charging Infrastructures (360) China (749) Electric Truck (72) Electric Vehicle (4971) Elon Musk (324) Europe (466) EV (5090) EV Sales (169) Ford (180) Full Self-Driving (94) General Motors (118) Germany (134) Gigafactory (90) Honda (74) Hyundai (156) India (268) Japan (82) Kia (92) Lithium (74) Lithium-ion Battery (79) Mercedes Benz (83) NIO (101) Nissan (77) Renewable Energy (91) Rivian (76) Solar Power (99) Stellantis (117) Tesla (1564) Tesla Cybertruck (101) Tesla Model 3 (151) Tesla Model Y (178) Tesla Superchargers (90) Toyota (154) UK (150) USA (1518) Volkswagen (183) Volvo (76)

About Us

Your definitive guide to the electric vehicle and renewable energy transition, offering insights, news, and analysis on EVs and green energy trends.

Top Menu

  • News
  • Reviews
  • Listicle
  • EV Sales
  • FAQ

Resource

  • Policy/Standard/Regulation
  • Glossary
  • Books
  • Expo
Subscribe to Our Newsletter

Subscribe to our newsletter to get our newest articles instantly!

EV-a2zEV-a2z
© EV-a2z. All Rights Reserved.
  • About EV-a2z
  • Terms
  • Privacy
  • Cookie Policy
  • Contact
We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Do not sell my personal information.
Cookie SettingsAccept
Manage consent

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may affect your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. These cookies ensure basic functionalities and security features of the website, anonymously.
CookieDurationDescription
cookielawinfo-checkbox-analytics11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Analytics".
cookielawinfo-checkbox-functional11 monthsThe cookie is set by GDPR cookie consent to record the user consent for the cookies in the category "Functional".
cookielawinfo-checkbox-necessary11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-others11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Other.
cookielawinfo-checkbox-performance11 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookie is used to store the user consent for the cookies in the category "Performance".
viewed_cookie_policy11 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Functional
Functional cookies help to perform certain functionalities like sharing the content of the website on social media platforms, collect feedbacks, and other third-party features.
Performance
Performance cookies are used to understand and analyze the key performance indexes of the website which helps in delivering a better user experience for the visitors.
Analytics
Analytical cookies are used to understand how visitors interact with the website. These cookies help provide information on metrics the number of visitors, bounce rate, traffic source, etc.
Advertisement
Advertisement cookies are used to provide visitors with relevant ads and marketing campaigns. These cookies track visitors across websites and collect information to provide customized ads.
Others
Other uncategorized cookies are those that are being analyzed and have not been classified into a category as yet.
SAVE & ACCEPT
Newsletter Tesla red
Join Us!

Subscribe to our newsletter and never miss our latest news, podcasts etc..

Zero spam, Unsubscribe at any time.
Go to mobile version
adbanner
AdBlock Detected
Our site is an advertising supported site. Please whitelist to support our site.
Okay, I'll Whitelist
Welcome Back!

Sign in to your account

Lost your password?