The electric vehicle (EV) market is witnessing a significant surge, with the Tesla Model Y leading the charge. January marked a whopping 63% year-over-year increase in registrations, pushing the number to over a million units, largely due to the bustling Chinese market.
Global Market Trends
As 2024 kicks off, plugin vehicles have carved out a 16% slice of the global auto market, with pure electric vehicles (BEVs) making up 10% of that figure. Notable growth is seen in often overlooked markets such as Thailand, Turkey, and Brazil, which have experienced enormous gains. With market dynamics shifting and more affordable models becoming available, expectations point to the possibility of the EV market share eclipsing the 20% mark before the year’s end.
The BEV and PHEV Rundown
Comparatively, BEVs have grown by 48% year over year, while plug-in hybrid electric vehicles (PHEVs) have reported a staggering 91% uptick. This upsurge is attributed to China’s growing fondness for PHEVs, where they are predominantly large-battery range-extended vehicles often equipped with fast-charging capabilities.
Model Y and Other Contenders
The Tesla Model Y is the undeniable frontrunner, while the BYD Song holds firm in second place. However, with internal competition on the rise and new models like the Song L and Sea Lion 07 BEV joining the fray, the BYD Song’s dominant role within the company might see a shift. The Tesla Model 3 also started the year strong, raising curiosity about how an impending refresh might bolster its demand.
The Rise of AITO and Geely
The AITO M7, a full-size SUV backed by Huawei, has made an impressive entry at 4th globally—exclusively in China. Simultaneously, Geely‘s Galaxy and Panda models signal the company’s readiness to compete with the market leaders. Moreover, the surprising entry of the Deepal S7 SUV and the Volkswagen ID.3 further diversifies the competition and suggests a more varied market landscape ahead.
Manufacturer Highlights
BYD has started the year on top among manufacturers with a significant lead over Tesla, while Geely has risen to third place, signaling the potential for a shakeup in the traditional standings. Surprising many, AITO has climbed to 7th, while heavyweights like Volkswagen find themselves challenged by up-and-comers.
The Legacy OEMs and New Challengers
Legacy OEMs such as Hyundai and Volkswagen are off to a slower start, and even face competition from unexpected contenders like Toyota and Jeep. The latter is benefiting from generous U.S. EV incentives, particularly for PHEVs, hinting at a continued upward trajectory for brands that are adept at navigating regulatory landscapes.
BEV Market Share
Focusing on BEVs, both Tesla and BYD have kicked off the year in similar standings to the previous year, with their market share nearly converging. Geely–Volvo has leaped to third place, raising questions about whether this position is permanent and if they’ll challenge the top two players.
As we move through 2024, the global EV arena is teeming with activity, from frontrunners to breakthrough OEMs. This dynamism paints a picture of a market that’s nowhere near stagnant, promising an electrifying year that’s full of potential and surprises. Let’s stay tuned as this modern-day automotive drama unfolds.
