Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (December 2023)
Electric vehicle sales in December increased 21.9% y/y to 1,427,000 units
2024/01/24
- Share of electric vehicles (BEV/PHV/FCV)
- Electric vehicle (BEV/PHV/FCV) share and trends in each country
- Electric vehicles (BEV/PHV/FCV) sales trends of major manufacturers and sales composition by powertrain
- (Reference) Passenger car sales trends in 11 major countries (including all powertrains)
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).
Click here to see Automotive Sales data
Click here to see November report
Click here to see How to search EV/HV/PHV/FCV data
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 January 22, 2024
Some corrections have been made to past vehicle data.
The sales volume (shipment volume) for China are aggregate figures excluding exports.
Share figures are based on the number of units in thousands.
(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.
*Note: Vehicle data rounded off to the nearest thousand units
Sales of electric vehicles in the 11 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (14 countries in total) totaled 1.427 million units in December. This is a 21.9% year-over-year (y/y) increase and a 14.7% month-over-month (m/m) increase, marking a record high. The share for the single month of December was 24.7%, up 2.0 points from the previous month. Continuing from the previous month, the market share reached a new high. Annual sales volume in 2023 was 11.962 million units, reflecting an increase of 28.3% y/y. The share of electric vehicle sales increased by 3.1 points from the previous year to 19.5%. Although the growth rate is not as high as the 62.7% increase of the previous year, both volume and market share are showing strong growth.
HV vehicle sales in December were 359,000 units, reflecting an increase of 27.3% y/y. The share for the single month of December was 6.2%, down 0.8 points from the previous month. Annual sales volume in 2023 was 4.210 million units, reflecting an increase of 29.6% y/y. Market share increased 1.1 points to 6.9% from 5.8% the previous year.
In December, environmental bonuses were terminated in Germany. The German government's Climate and Transformation Fund (KTF), which was the source of funding for the environmental bonus, was operated by diverting the unused budget for COVID measures, but Germany’s Federal Constitutional Court (FCC) ruled that this supplementary budget violated Germany‘s fundamental laws. In line with this, the environmental bonus was also terminated.
Meanwhile, efforts to build charging infrastructure are accelerating in many countries, with the UK announcing a GBP 70 million subsidy for EV fast chargers and Germany announcing plans to build a fast charging network. It will be interesting to see if progress is made steadily in the development of the infrastructure that is essential for the popularization of electric vehicles.
Share of electric vehicles and HVs in 11 major countries and 3 Nordic countries
Free membership registration allows you to read the rest of the article for a limited time.