The electric vehicles manufactured by Tesla accounted for 79 percent of the new electric vehicles registered in the United States in 2020 and 69,95 percent in 2021. In the US, more than 320,000 electric cars were sold in the first quarter of 2023, 60% more than over Q1 2022. By the time there are a few dozen EV programs that have production capacities near a million units, the EV market will take a majority of market shares. Get more updates on this story and more with The Blueprint, our daily newsletter: Sign up here for free. A total of 27 governments have pledged to achieve 100% ZEV bus and truck sales by 2040 and both the United States and European Union have also proposed stronger emissions standards for heavy-duty vehicles. EV sales are expected to reach nearly 17 million units by the end of 2023. Market trends and policy efforts in major car markets are supporting a bright outlook for EV sales. *Real-time prices by Nasdaq Last Sale. As of March 2023, announcements on battery manufacturing capacity delivered by 2030 are more than sufficient to meet the demand implied by government pledges and would even be able to cover the demand for electric vehicles in the Net Zero Emissions by 2050 Scenario. What motivates buyers of EVs? The electric-car company's lead in the US is also narrowing, as Ford and GM build their own EVs. The decrease in the market share in 2021 might be explained by backlogs and the global chip shortage, but the company is ramping up its sales and has already increased its market share to 75 percent in the first quarter of the year. Currently, Tesla has 71.4%, Hyundai has 9%, Ford has 6%, Volkswagen has 4.4% and others have 9.2% of the electric vehicle market share. Though Tesla remained the top-selling brand in the pure battery EV (BEV) segment. KEY MARKET INSIGHTS Listen to Audio Version The global electric vehicle market size was USD 246.70 billion in 2020 and is projected to grow from USD 287.36 billion in 2021 to USD 1,318.22 billion by 2028, growing at a CAGR of 24.3% in the 2021-2028 forecast period. Clicking on the following button will update the content below. Published by Statista Research Department , Feb 3, 2023 Key. The company is also dealing with ongoing supply chain challenges, just like the other automakers in the industry. Electric vehicle market in China - statistics & facts | Statista However, some of those new EV models from other automakers are expected to reach high-volume production within the next three years and start challenging Teslas dominance in the US. Want to learn more about investing? Electric car sales in the United States the third largest market increased 55% in 2022, reaching a sales share of 8%. For EVs, we consider only BEVs and PHEVs. In the first three months of the year, Tesla sold 43,707 Model 3 vehicles, while Ford sold only 6,734 Mustang Mach-Es. Tesla - statistics & facts | Statista Asia is leading the transformation to EVs, followed by Europe and the U.S. Several governments have offered incentives for buyers of EVs. Electric car markets are seeing exponential growth as sales exceeded 10 million in 2022. Tesla is a transportation and energy company. Like other carmakers, Tesla is grappling with a slowdown in overall vehicle demand and rising borrowing costs as central banks try to tame inflation. Furthermore, the Model Y remained the bestselling EV in the first quarter of 2022, with Tesla taking up a massive 75% of the EV market share. 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Ford was noticeably absent. Tesla market share was 12% in Q4 2022 according to our Passenger Electric Vehicle Though Tesla remained the top-selling brand in the pure battery EV (BEV) segment. Our own factories have been running below capacity for several quarters as supply chain became the main limiting factor, which is likely to continue through the rest of 2022.". Tesla loyalty and market share soar, but dominance of EV segment could Much of Teslas share loss is to EVs available in a more accessible MSRP range below$50,000, where Tesla does not yet truly compete. In 2021, that number went down to 69.95%, but thats still impressive with EV delivery volumes significantly increasing throughout the year along with Teslas prices. In 2022, the share of electric cars manufactured in China and sold in the European market increased to 16%, up from about 11% in 2021. Make more money in stocks with 2 months of access to IBD Digital for only $20! PHEVs accounted for almost 54% of BMWs EV sales. Tesla also arguably has the advantage of scale. Volkswagen: Volkswagen outpaced Wuling to become the third best-selling passenger EV brand in Q4 2022. According to the Bloomberg Electric Vehicle Index Country Breakdown, China has the largest market for EVs at 34%, followed by the U.S. (28%), and Germany (11%). The US tax incentives are intended to spur more EV sales and the building of domestic supply chains for EV parts, which could pose trouble for Teslas competitiveness. Get the best reports to understand your industry, Electric vehicle market in the Asia-Pacific region. Meanwhile, Ford (F) sold 5,971 units of the Mustang Mach E globally in June. Despite the questions, EVs are clearly here to stay. The short-term focus is to scale-up production, especially in 2022. You can send tips on Twitter (DMs open) or via email: [emailprotected]. Aside from 2020, Tesla was able to consistently increase sales at a pretty high rate and its long-term goal is to achieve 50% average annual growth in vehicle deliveries. Tesla's sales volume translates into a market share of just. Close behind Tesla was the VW Group, with just over 11% of the market last year.