Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (May 2023)

Electric vehicle sales in May increase 45.7％ y/y to 928,000 units

2023/06/23

Share of electric vehicles (BEV/PHV/FCV)

  This report presents new car sales volumes (MarkLines aggregate data, excluding commercial vehicles; estimates are included) and analyzes sales trends of electric vehicles (BEV: battery electric vehicles / PHV: plug-in hybrid vehicles / FCV: fuel cell vehicles) in the global market in 14 countries, including 11 major countries, which account for approximately 80% of global car sales, and three Nordic countries (*Note).

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  11 major countries: China, U.S.A., Japan, India, Germany, France, Brazil, U.K., South Korea, Canada, Italy

  3 Nordic countries: Norway, Sweden, Finland

  These 14 countries account for about 90% of global electric vehicle sales.

 

 (Note 1) Aggregated on June 22, 2023
              Some corrections have been made to past vehicle data.
              The sales volume (shipment volume) for China are aggregate figures excluding exports.

 (Note 2) Reasons for high electrification rates in Nordic countries
              1. The population’s environmental awareness has always been high.
              2. A high percentage of electricity is generated from renewable energy sources such as hydroelectric power and wind power (awareness of the need to use abundant renewable energy for electric vehicles).
              3. Generous policies such as subsidies, tax incentives, and charging infrastructure development.
              4. A wide range of electric vehicle models is available.

 

  Sales of electric vehicles in the 11 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (14 countries in total) reached 928,000 units in May. This is a 45.7% year-over-year (y/y) increase. Compared to the previous month (m/m), the figures also show an increase of 15.9%.

  Cumulative sales in the period January through May increased by 32.7% y/y to 3.897 million units. The share of electric vehicles was 18.5% in May, a further increase of 1.3 points over the previous month. HVs (hybrid vehicles) numbered 307,000 units in the single month of May, slightly less than one-third the number of electric vehicles, with a 6.1% share of the market.

 

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