Electric Vehicle Sales Review Q4 2023

Total BEV sales in 2023 in all twenty analyzed markets amounted to 9.97 million. Sales in markets not covered in our study will have undoubtedly brought the total to more than 10 million. Annual BEV growth across all analyzed markets was 28%, far in excess of the 5% increase in sales of ICE vehicles.

The global BEV market has reached further symbolic landmarks, as sales continue to flourish in many countries. BEV sales in China exceeded the two million mark in Q4 2023, an unprecedented feat in that country in any quarter. Meanwhile, annual BEV sales in the United States rose above 1 million for the first time in the year 2023. Although it seems certain that the global BEV market will continue to perform strongly in 2024, various factors add a dose of caution.

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Almost one in three vehicles sold in 2023 was electric

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