According to an analysis by the Center for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW), the number of battery-electric vehicles (BEVs) and plug-in hybrids (PHEVs) worldwide reached approximately 42 million by the end of 2023. Despite slower growth in some markets, the overall momentum for electric mobility remains strong.
The ZSW reports that there were 41,993,140 electric vehicles on the road globally by year-end 2023, a significant increase from 7.8 million in 2019 and 27.85 million at the end of 2022.
China leads the global electric vehicle market with 23.4 million vehicles, followed by the US with 4.84 million, and Germany with 2.33 million. France and the United Kingdom follow with 1.59 million and 1.54 million electric vehicles, respectively.
China also leads in new electric vehicle registrations, with 14.8 million units in 2023, accounting for nearly 61% of all new registrations. The US saw a rise to 1.45 million new registrations, making it the second-largest market in terms of new electric vehicles.
Germany experienced a decline, with new registrations falling to 699,940 units from just under 833,000 in 2022. The EU combined saw 2.5 million new registrations in 2023.
ZSW attributes the slowdown in Germany’s electric vehicle market to several factors, including the expiration of subsidies for plug-in hybrids and a relatively weak economic environment.
Andreas Püttner from ZSW noted, “To achieve the German electric mobility targets – 15 million electric vehicles in the fleet by 2030 – and to develop a new dynamic in climate protection in the transport sector, the market needs new impulses.” He suggested that the removal of privileges for conventional vehicles, such as tax concessions for diesel fuels, could help level the playing field.
Despite slower market growth in Germany, German automakers remain significant players globally. Volkswagen, BMW, and Mercedes are among the top ten manufacturers. Volkswagen ranks third in new registrations with just over 1 million units.
However, BYD of China leads with 3 million electric cars sold, followed by Tesla with 1.8 million. In cumulative registrations, BYD also leads with 6.33 million vehicles, ahead of Tesla’s 5.44 million and Volkswagen’s 3.31 million. Tesla’s Model Y was the best-selling electric car globally with 1,211,600 units, surpassing the Model 3. BYD’s Song plug-in hybrid and Atto 3 also ranked among the top sellers.
