The competition in the electric vehicle market is in full swing. Brands like Tesla, BYD, XPeng, Volkswagen, Lucid, and many others are fiercely competing to reach more customers and gain a larger market share. So, who do you think is leading in this race? If you think the answer is Tesla, you’re quite mistaken. A recent report published by Canalys revealed the state of global EV sales and how BYD has managed to maintain its top position. Here are the details…
Global EV sales up 49% in H1 2023, with 55% of vehicles sold in Mainland China
Competition isn’t the only thing growing in the electric vehicle market. The market itself continues to expand every day. According to Canalys’s latest report, global EV sales reached a record 6.2 million units in the first half of 2023, reflecting a 49% growth. However, this growth isn’t distributed evenly worldwide. Some countries are simply more progressive in certain areas than others. When it comes to electric vehicles, China leads the way, dominating the global EV market with 55% of total sales, or 3.4 million units.
EVs now constitute 31% of all light vehicle shipments in the region. The growth, though impressive, has decelerated from the spectacular 118% surge in H1 2022 to 43% in H1 2023. This slowdown was attributed to the conclusion of China’s EV support scheme, leading to a price war, especially challenging for smaller brands. Yet, amidst this intense competition, BYD retains its crown as China’s leading EV brand.
Europe follows China with a 24% global market share, representing 1.5 million units. Notably, Europe’s year-on-year growth was 34%, a vast improvement from the 9% in H1 2022. U.S. lags in global EV sales with a 13% share but demonstrates a remarkable growth of 97% year-on-year, boosted primarily by new EV subsidies.
Tesla vs BYD
Tesla is still the top seller of electric cars worldwide, selling over 935,000 cars in the first half of 2023. That’s a big jump of 65% from last year. The Model Y is their best-selling car, with the Model 3 right behind it. But, the big surprise is BYD. They sold more than 1.3 million electric and hybrid cars in the same period, doubling their sales from last year. BYD’s cars, including the Yuan PLUS, Dolphin, and Song Pro, make up 9% of all electric car sales globally. Canalys estimates global EV sales to exceed 14 million units by the end of 2023, capturing an 18% market share.
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