Electric Vehicle Market Share 15% Globally 2023 Top Vehicles Companies Dominating Growing Sector

author: FutureCar Staff    

Electric vehicle companies are optimistic about the increased adoption of electric vehicles in the automotive industry. Tesla Inc, for example, has seen significant market share gains for electric vehicles in regions like the United States.

Looking at the global electric vehicle sector in July, there were notable developments in terms of top vehicles and companies.

The rise of electric vehicles is an ongoing trend, with many parts of the world offering discounts to encourage the switch to battery-powered or hybrid vehicles. Both new and existing automotive companies are scaling up production of electric vehicles.

According to the July report on global electric vehicles, there was a 41% year-over-year surge, with 1,104,000 units registered. CleanTechnica reported that electric vehicles accounted for a 16% market share in July, with battery-powered electric vehicles holding an 11% market share for the month. Year-to-date through July, electric vehicles had a 15% market share globally, with battery-powered vehicles reaching 10%.

The top 10 selling electric vehicles in the world for July were:

1. Tesla Model Y: 77,289 units
2. BYD Song (BEV+PHEV): 50,956 (7,609+43,347) units
3. BYD Qin Plus (BEV+PHEV): 43,167 (11,462+30,705) units
4. Tesla Model 3: 36,231 units
5. BYD Dolphin: 31,968 units
6. BYD Yuan Plus: 30,192 units
7. BYD Seagull: 28,001 units
8. BYD Han (BEV+PHEV): 22,943 (11,794+11,149) units
9. GAC Aion S: 22,437 units
10. Wuling Bingo: 19,782 units

The top 10 selling electric vehicles in the world year-to-date (January-July 2023) were:

1. Tesla Model Y: 656,800 units
2. Tesla Model 3: 315,738 units
3. BYD Song (BEV+PHEV): 310,668 (38,071+272,617) units
4. BYD Qin Plus (BEV+PHEV): 246,426 (66,276+180,150) units
5. BYD Yuan Plus: 232,931 units
6. BYD Dolphin: 190,537 units
7. GAC Aion S: 138,043 units
8. Wuling HongGuang Mini EV: 137,537 units
9. BYD Han (BEV+PHEV): 119,387 (59,881+59,506) units
10. GAC Aion Y: 107,443 units

The top companies by registrations in July were:

1. BYD
2. Tesla Inc
3. SGMW (joint venture of SAIC Motor, Liuzhuo Wuling Motors, and General Motors)
4. Volkswagen
5. GAC Aion
6. BMW
7. Li Auto
8. Mercedes-Benz
9. Changan
10. Kia (a unit of Hyundai Motor)

The top 10 companies by electric vehicles registered year-to-date were:

1. BYD
2. Tesla
3. BMW
4. GAC Aion
5. Volkswagen
6. SGMW
7. Mercedes-Benz
8. Li Auto
9. Changan
10. Volvo

The Tesla Model Y, which was among the top 10 bestselling vehicles in the United States in 2022, has now become one of the bestselling vehicle models globally, encompassing both electric vehicles and traditional automotives.

While BYD maintains its lead in July and year-to-date rankings, it's important to note that this includes both battery-powered vehicles and hybrid vehicles. However, when considering only battery electric vehicles (BEVs), Tesla holds a lead with a 20.9% market share compared to BYD's 15.6%.

In July, a Twitter poll conducted by CarDealershipGuy asked about the future of the automotive industry. The poll asked what percentage of new cars sold in the US would be electric vehicles by the year 2030. The results showed that 28.1% of respondents believed the market share would be over 50%, while 49% believed EVs would reach a market share of 30% or more by 2030.

The poll also indicated that 74.5% of people expected the EV market share to be over 15% in 2030. CarDealershipGuy mentioned in the comments that the current EV market share for new vehicles in the US is between 7% and 8%.

In 2022, electric vehicles accounted for 13% of new vehicle sales worldwide. In Europe, the market share for electric vehicles included 22.6% for hybrid vehicles, 9.4% for plug-in hybrids, and 12.1% for battery-powered EVs. The US lagged behind other markets, with electric vehicles representing 5.8% of all new vehicles sold in 2022, although this was an improvement from 3.1% in 2021.

The new global electric vehicle reservation data suggests that the world is approaching the 15% market share level and may continue on the path to achieving a 30% or higher share.

Source: Shutterstock

FutureCar Staff