Rapid Increase in Electric Vehicle Sales Globally by 49% During the First Half of 2023
In the rapidly evolving world of electric vehicles (EVs), 2023 has proven to be a significant year for growth and transformation. The global EV market is forecasted to make up 18% of the total market this year, with sales expected to surpass 14 million units, marking a 39% increase from 2022 (Canalys).
Leading the charge is Tesla, which has sold over 935,000 units of Battery Electric Vehicles (BEVs) in the first half of 2023, maintaining its dominance in the global BEV market. The Model Y continues to be a standout performer, holding a 13% market share.
Europe, with a 24% market share in global EV sales, has shipped 1.5 million units. Despite Tesla leading the European EV market, the entrance of several Chinese EV brands has yielded mixed results.
China, the world's largest EV market, accounts for 55% of global EV sales in the first half of 2023, selling 3.4 million units. Remarkably, EVs represented 31% of all light vehicle shipments in China, doubling from 15% in 2021.
Across the Pacific, Hyundai continues to hold a strong presence in North America, particularly in Canada and the United States. The United States, with a 13% market share in global EV sales, has experienced a 97% year-on-year growth, selling 815,000 units.
Meanwhile, in other regions, MG ranks among the top three EV manufacturers in Australia, India, and the United Kingdom. BYD's global EV sales have seen a staggering 104% increase, totalling over 1.3 million units. The Yuan PLUS, Dolphin, and Song Pro models from BYD collectively hold a 9% share of the global EV market.
In the Indian market, Tata Motors reigns supreme. The global EV market is indeed undergoing a transformative trajectory in the latter half of 2023 and beyond, with the industry poised for continued growth and competition.
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