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China slowdown hinders global BEV growth
BEV sales in all twenty analyzed markets increased by 26% in the third quarter of 2023 in comparison with the same period last year. But if it were not for waning growth in the Chinese market, that figure would be considerably higher.
That is because China heavily dominates the global BEV market. Indeed, Chinese BEV sales accounted for two thirds of sales in all analyzed markets in the third quarter of 2023. BEV sales growth in China has been slowing for several months, in large part due to a weakening economic outlook, and is now significantly lower than just two years ago.
Indeed, BEV sales growth was higher than total powertrain sales growth in the period in question in all analyzed markets, with only one exception – South Korea. Some of the recorded gaps between BEV sales growth and overall powertrain sales growth were very substantial – for example, 62% vs. 17% in the USA, and 59% vs. 18% in Germany. PwC Autofacts recent study of market trends suggests that this strong BEV sales performance will continue, with projected growth of 35% in all analyzed markets in 2024.
Top findings
- In Europe, the BEV market could grow by 43% in 2024, while a north-south divide is emerging
- German automakers are catching up in BEV sales, growing almost twice as fast as the global market in the first nine months of the year
- Comeback for plug-in hybrids (PHEVs) in China and other key markets while Germany does not further pursue the technology
Electric vehicle sales data
France, Germany, Italy, Spain, and UK
BEV sales in the top 5 European markets grew by 49% in the third quarter of 2023 compared to the corresponding period in 2022.
The strongest increase was recorded in Germany, with growth of 59% in comparison with Q3 2022. The BEV markets in the UK and France also grew strongly, up by 42% and 40% respectively from Q3 2022. BEV sales in Spain grew by 57%, but from a low base. The BEV market share in Spain stands at 6%, compared to 18% in Germany, and 16% in the UK and France.
Meanwhile, PHEV sales in the top five markets showed no change from the corresponding quarter last year. Although the PHEV markets in the UK and France grew by 62% and 49% respectively, the overall figure was brought down by a fall of 42% in Germany.
Other European markets
The largest BEV sales growth in the other European markets was seen in the Netherlands and Sweden, with increases of 68% and 56% respectively from the corresponding quarter last year. BEV sales in Norway, which at 83% has the highest BEV market share in the world by a considerable margin, actually declined by 5% QoY as the saturation point is reached.
USA
The US BEV market grew by 62% in the third quarter of 2023 in comparison with the same quarter in 2022. Given that the increase in total vehicle sales in the same period was only 17%, the figures are further confirmation of the growing strength of the country’s BEV market, which took considerably longer than Europe and China to get off the ground.
US BEV market share currently stands at 7%. However, it should be noted that this percentage represents a more than threefold increase since the third quarter of 2021, just two years ago, when market share stood at 2%. Government incentives, popular new models and the development of the country’s charging infrastructure continue to stimulate popular demand for BEVs.
China
China’s BEV sales increased by 16% in Q3 2023 from the corresponding quarter last year. Although this figure still comfortably exceeded the increase of 6% in total vehicle sales over the same period, it constitutes a significant drop from the heady years of 2021 and 2022, when BEV sales grew by 172% and 85% respectively. The slowing growth can be attributed in large part to the weakening economic performance in China and greater interest in PHEVs.
Japan
Japan’s BEV sales increased by 42% in Q3 2023 vs. Q3 2022. However, the BEV market remains tiny, with market share of less than 2%. The EV market is almost completely dominated by the sale of hybrids, which now has a market share of 54%.
South Korea
BEV sales in South Korea fell by 28% in Q3 2023 from the equivalent period in 2022, the only such decline in all analyzed markets.
About the „Electric Vehicle Sales Review“ by PwC and Strategy&
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide in the third quarter of 2023.
Steven van Arsdale also contributed to this report.
