In 2023, global plug-in electric car sales soared to over 13.6 million units, constituting approximately 16% of total global car sales. A comprehensive analysis of the market’s landscape reveals key insights into the dominance of leading manufacturers in this rapidly evolving sector.
According to data from EV-Volumes, five prominent Original Equipment Manufacturers (OEMs) continue to exert significant influence, collectively accounting for more than half of all plug-in car sales worldwide. These OEMs include BYD Group, Tesla, Volkswagen Group, Geely-Volvo, and SAIC.
The top five OEMs collectively registered over 7.5 million rechargeable car units in 2023, marking a notable 41% year-over-year increase and expanding their combined market share to 55%, up from 52.8% in the preceding year. This leaves the remaining industry players with over 6.1 million registrations, reflecting a 29% increase and a 45% market share.
Leading the pack, BYD Group emerged as the largest OEM, registering over 3 million units and capturing a 22% market share, a notable uptick from 18.4% in 2022. Tesla maintained its second-place position, selling more than 1.8 million all-electric cars, contributing to a 13.2% market share, up marginally from 13.0% in the previous year.
The combined market share of BYD and Tesla surged to 35.2%, underscoring their significant presence in the plug-in car market. Notably, the Volkswagen Group, occupying the third position, experienced a slight decrease in market share to 7.3%, despite registering 994,403 new plug-in car units.
In the battery-electric vehicle (BEV) segment, Tesla maintained its dominance, with over 1.8 million registrations, representing 19.1% of the market. BYD Group followed closely, witnessing substantial growth and securing a 16.5% market share, signaling a potential challenge to Tesla’s lead in the near future.
The analysis reveals a trend of consolidation among major OEMs, with the top five players accounting for a significant portion of all BEV sales, amounting to 57.5% in 2023. Notably, GAC emerged as the first outside the top five, capturing a 5.3% market share, up from 4.0% in the previous year.
Overall, the data underscores the evolving dynamics of the plug-in electric car market, with leading manufacturers exerting considerable influence and shaping the trajectory of the industry’s growth.
