Global EV sales, 2023 review and 2024 forecast

Jessie Lin, DIGITIMES Research, Taipei 0


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Global EV sales enjoyed stronger growth than global auto sales in 2023 and will continue to see around 30% increase in 2024.

DIGITIMES Research's findings show that compared with the recovery of the global automobile market in 2023, global electric vehicle (EV) sales grew more significantly last year, with an annual rise of 39% to reach 14.22 million units.

Looking forward to 2024, global EV sales will exceed 18 million units. But due to a higher base in 2023 and the fact that major regional markets are still being affected by both positive and negative factors, the global EV market will see an annual growth of 29.6%, lower than the high growths seen in the past.

In 2023, China, Europe, and the US were the main contributors to the global EV market, collectively accounting for more than 90% of global sales. Among them, sales in China, the largest market, reached 8.5 million units, an increase of 2.2 million units from the previous year, thanks to the government's implementation of various policies and the competition between car manufacturers to seize market share.

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