Global EV sales surge by almost 14m, dominated by China, Europe, and the United States, spearheaded by Tesla & BYD

In 2023, the global electric car market witnessed a remarkable surge, with almost 14 million new electric cars hitting the roads, propelling the total count to 40 million. This figure marks a significant increase of 3.5 million from the previous year, reflecting a staggering 35% year-on-year growth. Notably, this total is more than six times higher than the count recorded five years earlier in 2018.

The pace of adoption is striking. Weekly new registrations surpassed 250,000 in 2023, exceeding the annual tally a decade prior in 2013. Electric cars captured approximately 18% of all car sales in 2023, a notable rise from 14% in 2022 and a mere 2% in 2018. Such trends underscore the robust growth of electric car markets as they mature, with battery electric cars constituting 70% of the electric car stock in 2023.

Despite the global surge, electric car sales remain concentrated in select major markets. China led the charge, accounting for nearly 60% of new electric car registrations, followed by Europe at just under 25% and the United States at 10%. The regions combined represented close to 95% of global electric car sales. Electric cars command a significant share of new car registrations in these critical markets, indicating a shift towards electrification.