Global plug-in car registrations continued their upward trend, marking a robust 23% year-on-year growth to more than 1.3 million units in May 2024. This consistent growth is a positive sign for the industry’s future.
Plug-in car registrations – May 2024
Plug-in car sales, including battery-electric and plug-in hybrid vehicles, have surged 23% YoY globally to a total of 1,324,141 units in May 2024, EV-Volumes data showed. This figure enabled them to claim a notable 20% market share.
Presented below is the breakdown of the global plug-in car registrations in May 2024:
| Sales (Est.) | YoY Growth | Market Share | |
| BEVs | 874,000 | +17% | 13% |
| PHEVs | 450,000 | +37% | 7% |
| Total | 1,324,141 | +23% | 20% |
Interestingly, the Chinese market reportedly accounted for more than 60% of the total plug-in car sales globally (up 33% YoY). While the European market faced a 10% YoY decline, the US and Canada grew by 18% YoY. EV adoption is surging almost everywhere across the world, with Mexico, Chile, and Malaysia more than doubling their figures in May 2024. However, the process is certainly not smooth. There will also be periods of sales decline in some local markets.
YTD results
As for the year-to-date results, global plug-in electric cars grew 25% YoY to over 5.6 million units. They accounted for 17% of the global market.
| Sales (Est.) | YoY Change | Market Share | |
| BEVs | 3.6 million | – | 11% |
| PHEVs | 2.0 million | – | 6% |
| Total | 5,683,483 | +25% | 17% |
In hindsight, global plug-in electric car registrations hit nearly 13.7 million units in 2023. They accounted for a notable 16% of the overall volume.
Top models
As expected, the Tesla Model Y continued to lead the sales ranking in May 2024. The Tesla Model 3 landed the 4th spot.
It is interesting to note that Chinese-made electric vehicle models from BYD and Aion dominated the top 10. Even the two Tesla EVs are produced in high volume in China.
Refer to the table below:
| Rank | Model | Total Sales | BEV Sales | PHEV Sales |
| 1 | Tesla Model Y | 89,120 | 89,120 | – |
| 2 | BYD Song | 63,371 | 15,409 | 47,962 |
| 3 | BYD Qin Plus | 49,294 | 17,113 | 32,181 |
| 4 | Tesla Model 3 | 45,051 | 45,051 | – |
| 5 | BYD Seagull (Dolphin Mini) | 36,323 | 36,323 | – |
| 6 | BYD Yuan Plus (Atto 3) | 32,806 | 32,806 | – |
| 7 | BYD Destroyer 05 | 25,140 | – | 25,140 |
| 8 | BYD Han | 18,048 | 10,145 | 7,903 |
| 9 | Aion Y | 17,506 | 17,506 | – |
| 10 | Aito M9 | 16,462 | 1,738 | 14,724 |
Top brands
Considering that BYD sells both battery electric and plug-in hybrids, it is no longer surprising that it claimed the first spot in the brand ranking. Tesla trailed behind BYD in the plug-in car ranking. Nonetheless, the Musk-led company remains the leader in the all-electric vehicle ranking.
Here are the top 10 brands in May 2024:
| Rank | Brand | Sales |
| 1 | BYD | 314,760 |
| 2 | Tesla | 140,683 |
| 3 | BMW | 45,615 |
| 4 | SAIC-GM-Wuling | 39,849 |
| 5 | Volkswagen | 38,210 |
| 6 | Li Auto | 37,017 |
| 7 | Aito | 32,507 |
| 8 | Volvo | 32,166 |
| 9 | Aion | 30,759 |
| 10 | Geely | 29,663 |
While some media reports might suggest a decline in electric vehicles, the actual figures tell a different story. Plug-in car sales are experiencing consistent growth, even exceeding 20% year-over-year (YoY). With all that said, it would be interesting to see how the EV race would fare in the coming quarters, with BYD aiming at Tesla to be in the top spot in the BEV segment.
