How is the Electric Vehicle Market on a Global Scale?

The Solar and Hydrogen Research Center (ZSW) released a report detailing that the global stock reached approximately 42 million electric vehicles by the end of 2023, which is 50% more than the previous year.

This counter included not only 100% electric vehicles (BEVs), but also plug-in hybrids (PHEVs) and those with a range extender, often a small internally fueled machine.

China holds the undisputed lead with 23.4 million vehicles, representing more than 50% of the global stock. In 2023, the stock in China showed significantly stronger growth than in Germany, the United States and most major markets.

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The Rest of the Map

The United States is in second place with 4.8 million vehicles. Germany ranks third with 2.3 million, followed by France and the United Kingdom with 1.6 and 1.5 million, respectively.

According to the report, in the specific case of Germany, it needs new impulses for electric mobility. To achieve the German targets for electric mobility, the market needs new impulses.

Andreas Puettner, representative of ZSW, explained that the German government’s growth initiative for strengthening the promotion of BEVs may be just the first step.

The leading manufacturers of BEVs and PHEVs in 2023 were the Chinese brand BYD with approximately 3 million new registrations, Tesla with 1.8 million and VW with 1 million.

Meanwhile, BMW managed to rank sixth with around 570,000 vehicles, and Mercedes in tenth place with around 400,000.

The ranking among the first three positions should look similar in terms of the manufacturers’ cumulative registrations. However, actual stock figures may differ because cars break down or are withdrawn for other reasons. The ZSW did not provide specific stock numbers by brand.