No match found
The global battery-electric vehicle (BEV) market has reached further symbolic landmarks, as sales continue to flourish in many countries. BEV sales in China exceeded the two million mark in Q4 2023, an unprecedented achievement in that country in any quarter. Meanwhile, annual BEV sales in the United States rose above 1 million for the first time in the year 2023.
Another major milestone has certainly been passed. Total BEV sales in 2023 in all twenty analyzed markets amounted to 9.97 million. Sales in markets not covered in our study will have undoubtedly brought the total to more than 10 million. Annual BEV growth across all analyzed markets was 28%, far in excess of the 5% increase in sales of internal combustion engine (ICE) vehicles.
While it seems certain that the global BEV market will continue to perform strongly in 2024, various factors add a dose of caution. For instance, factors like government protectionism, reduced incentives, supply chain challenges due to geopolitical conflict, and uncertainty about future US presidential administrations' commitment to road electrification, could potentially slow down the growth of the BEV market.
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide in the fourth quarter of 2023.
Steven van Arsdale also contributed to this report.