The landscape of the US auto industry is visibly shifting with electric vehicles (EVs) carving out an ever-growing market share. As someone who often compiles EV sales reports, I’ve realized the value in consolidating key statistics to showcase this evolution. This discussion focuses exclusively on full battery electric vehicles (BEVs), discounting plugin hybrids (PHEVs) unless explicitly stated.
Expanding Market Share of EVs
In 2023, EVs made up 7.2% of total US auto sales, showing a strong uptick from previous years: 5.5% in 2022, 3.0% in 2021, 1.7% in 2020, and 1.4% in 2019. Notably, in the fourth quarter of 2023, the EV share reached 7.8%, outpacing previous quarters and showcasing a steady climb from 4.2% in the fourth quarter of 2021.
Surge in EV Sales
Year-on-year growth rates are equally impressive, with a 47% jump in EV sales from 2022 to 2023. These figures dwarf the growth in preceding years, boasting a dramatic 142% increase from 2021 and an extraordinary 356% versus 2020. For a stark comparison, consider the pre-COVID year of 2019 where the growth since has been an immense 385%. A closer look at the numbers reveals that EV sales hit over 1.1 million in 2023, signaling a robust and expanding market.
Quarterly Sales Achievements
The fourth quarter of 2023 marked another milestone with more than 303,000 EVs sold, climbing from 253,133 in the same period the previous year. This continues a pattern of impressive quarter-on-quarter growth.
Automakers’ Strides in EV Market Penetration
Several key players have exceeded the 10% threshold for EV sales as a fraction of their total US auto sales in 2023. Mercedes topped the list at 15%, followed by brands like Porsche, Audi, Volkswagen, and Cadillac, all surpassing the 10% mark, demonstrating a significant commitment to their EV lineups.
Tesla’s Dominance in the US EV Market
Tesla continues to lead the charge, claiming 4.3% of total US auto sales in 2023, earning it the position of the 8th best selling auto brand. In the arena of electric vehicles, Tesla had an even more dominant presence with approximately 59.1% of the market share over the year and 56.3% in the fourth quarter alone. Ford, Rivian, and other notable manufacturers like Mercedes and Chevrolet also made significant inroads, albeit with smaller slices of the EV pie.
This snapshot of the US EV market is a mere glimpse into a rapidly changing automotive sector. With sales trends on an upward trajectory, the figures prompt the question: What additional insights into the American electric car landscape would be of interest? The evolution is ongoing, and with it, the data and analytics will continue to illuminate the path of electric mobility.
