Global surge in electric vehicle adoption sees plug-in car sales jump 63% year-on-year.
Table of Contents
The Rapid Rise of Electric Vehicles
The world is witnessing a phenomenal shift towards electric vehicles (EVs). In January 2024 alone, global registrations for plug-in EVs shot past the 1 million mark for the ninth month running, with incredible year-over-year growth. Data from EV-Volumes researcher Jose Pontes shows a total of 1,067,248 new passenger plug-in EVs hitting the road in January – a staggering 63% increase from the same period last year. This equates to an impressive 16% of the overall car market – up from just 11% in January 2023!
Battery Electric Vehicles Lead the Charge
All-electric cars (electric vehicles, or BEVs) made up a substantial portion of this surge – an estimated 651,000 new registrations during January. This represents a 48% year-over-year increase. Remarkably, one in every ten new cars sold around the world was a fully electric model.
While a key factor behind the overall boom, the plug-in hybrid (PHEV) market demonstrated even more spectacular growth. An estimated 416,000 new PHEVs were registered – a massive 91% increase compared to January 2023. China, the world’s largest plug-in car market (holding a 60% share) played a major role in boosting PHEV sales
Electric Vehicle Dominance Grows
Let’s look back at the year 2023 for perspective. Close to 13.7 million plug-in EVs were registered worldwide – a remarkable 16% of all car sales. This was already significantly higher than previous years (14% in 2022, 9% in 2021, and 4% in 2020). The trend looks set to escalate further; 2024 promises to be even more phenomenal, with projections approaching the 20 million unit mark.
Top-Selling Models and Manufacturers
Top 10 Plug-in Electric Car Models (January 2024)
| Model | Total Registrations |
|---|---|
| Tesla Model Y | 74,230 |
| BYD Song Family (BEV & PHEV) | 52,290 |
| Tesla Model 3 | 35,109 |
| Aito M7 (EREV) | 29,997 |
| BYD Qin Plus (BEV & PHEV) | 29,244 |
| BYD Seagull | 28,050 |
| BYD Dolphin | 23,213 |
| BYD Yuan Plus (aka Atto 3) | 23,062 |
| Changan Lumin | 16,041 |
| Wuling Hong Guang MINI EV | 15,521 |
Top 10 Plug-in Electric Car Manufacturers (January 2024)
| Manufacturer | Total Registrations |
|---|---|
| BYD | 195,411 |
| Tesla | 113,978 |
| Geely | 41,415 |
| BMW | 36,414 |
| SAIC-GM-Wuling | 35,878 |
| Li Auto | 31,166 |
| Aito | 31,002 |
| Volkswagen | 29,162 |
| Mercedes-Benz | 26,969 |
| Changan | 26,700 |
Automotive Groups Looking Forward
The BYD Group alone holds an incredible 19.8% share of global plug-in car sales. Tesla and Geely-Volvo aren’t far behind with roughly a 10% share each. The race in the all-electric segment is especially tight, with Tesla maintaining a narrow lead (17.6% share) over BYD Group (17.1% share). The electric car takeover is undeniable. The combination of government support, increasing range, and improved infrastructure means EVs are becoming a realistic choice for more and more drivers.
