2024-07-28 08:44:44
Global electric vehicle ownership has reached 42 million – China leads the market
The global electric vehicle ownership continues to grow rapidly. More than half of them travel in China. However, Tesla’s Model Y is the most frequently newly registered.
Leader: Visitors crowded around the stand of BYD, the largest electric car manufacturer, at the Geneva Motor Show on Sunday, March 3, 2024.
Photo: Maartial Trezzini (Keystone)
According to the German Center for Solar Energy and Hydrogen Research (ZSW), there will be around 42 million electric cars on the road by the end of 2023. This is 50 percent more than a year ago. This includes not only pure electric cars, but also plug-in hybrids and electric cars with so-called range extenders, which usually use a small combustion engine.
Clearly, China is the birthplace of electric cars: According to ZSW, as of the reporting date, China had 23.4 million electric cars, more than half of the global population. The United States is second, but with 4.8 million cars, it is far behind. Germany is third with 2.3 million, ahead of France and the United Kingdom (1.6 and 1.5 million, respectively).
Dominance is likely to continue
China’s dominance is unlikely to change any time soon. Stock growth in the region is clearly stronger through 2023, up 60% from the US and most other relevant markets.
It is also popular in Europe: the car freighter “BYD Explorer One” is anchored in the Port of Bremerhaven with 3,000 new cars on board for the local market.
Photo: Lars Penning (Keystone)
The largest manufacturer of pure electric and plug-in hybrid vehicles in 2023 is the Chinese brand BYD with 3 million new registrations, Tesla with 1.8 million and Volkswagen with 1 million. BMW is in sixth place with almost 570,000 cars, while Mercedes is in tenth place with around 400,000 cars. In terms of inventory, the ranking is likely to be similar, at least in the top three: at least this applies to the new registrations accumulated by the manufacturers. However, the inventory may differ due to car failures or shutdowns for other reasons. ZSW does not provide any real inventory data by brand.
Tesla Model Y is the most common electric car in the world
According to these cumulative new registrations, the two most common electric vehicles are from Tesla: Model Y with sales of nearly 2.5 and Model 3 with sales of up to 2.3 million. However, the manufacturer also benefits from the fact that purchases are concentrated on a small number of models due to its rather narrow product range.
Experts say that in order to achieve Europe’s climate protection goals, it is urgently necessary to launch a range of attractive products in the mid- and low-end car segments to attract a wider group of buyers. If European manufacturers do not fill this gap, other manufacturers (especially Chinese manufacturers) will likely seize the opportunity, even if the introduction of punitive tariffs at the European level is currently trying to prevent this from happening.
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