Global electric vehicle registrations, excluding those in China, crossed 5.5 million units in 2023, marking a growth rate of 30 percent. Hyundai and Kia also fared well, ranking fourth in global deliveries.
About 5,648,000 electric vehicles were registered globally in 2023, excluding those China, up 31.7 percent year on year, according to SNE Research, a market research firm specializing in energy. Since hitting 592,000 EVs in 2017, the number of EV registrations has steadily increased, reaching 1,095,000 in 2019, 3,389,000 in 2021, and more than four million in 2022, with a compound annual growth rate of 45.6 percent during the 2017-2023 period.
In terms of EV registrations by automaker, Tesla topped the list with 1,205,000 units, up 37.8 percent year on year, driven by steady sales of its flagship Model 3 and Model Y in 2023. Its market share stood at 21.3 percent. Volkswagen Group (770,000 units) and Stellantis (562,000 units) came in second and third, respectively.
Hyundai Motor Group took fourth place with sales of 559,000 units, up 10.6 percent year on year, led by the IONIQ 5, the EV6, the Niro and the Kona. Its market share declined slightly from 11.8 percent in 2022 to 9.9 percent in 2023, but it maintained a sharp growth line.
“Having achieved new records in both sales and operating profit in 2023, Hyundai Motor Group plans to raise global awareness of its dedicated EV brand, the IONIQ, and continue to strengthen its hybrid lineup,” SNE Research said. “Kia also plans to target the eco-friendly vehicle market by aggressively launching new models such as the EV3, the EV4, and the EV5.”
By region, EV registrations were led by Europe (3,121,000 million units and a 55.3 percent share), followed by North America (1,662,000 and a 29.4 percent share), Asia (673,000 units and an 11.9 percent share), and the rest of the world (193,000 units and a 3.4 percent share). In North America, Tesla led the market with sales of over 710,000 units. Hyundai Motor Group also expanded its presence in the North American market, with sales exceeding those of US companies General Motors (GM) and Ford. In Asia, Hyundai Motor Group led the way, followed by Nissan, Mitsubishi, and others.
“Having established itself in its home market of China, BYD has been expanding its share outside of China, selling more than 112,000 units in 2023,” SNE Research said. “Tighter subsidy criteria and trade barriers in Europe may face BYD as a variable going forward.”