In Q1 2024, the global registrations of new passenger plug-in electric cars increased significantly by 25% compared to the previous year, with over 3.2 million units registered. The plug-in car market is dominated by the top five automotive groups or OEMs, which account for more than half of all sales.
According to the data from EV volumes shared by researcher Jose Pontes, the top five groups in the plug-in market for Q1 2024 are BYD Group, Tesla, Geely-Volvo, SAIC, and Volkswagen Group.
These groups collectively registered over 1.65 million plug-in cars, representing a 14% year-over-year increase. However, their combined market share decreased slightly to 51.6%, indicating a growing presence from other manufacturers in the segment. Specifically, BYD Group registered 624,398 units (19.4% share), Tesla registered 386,825 units (12% share), Geely-Volvo registered 251,106 units (7.8% share), Volkswagen Group registered 205,652 units (6.4% share), and SAIC registered 190,409 units (5.9% share).
The surge in plug-in car registrations reflects a growing trend towards electrification in the automotive industry. Although Tesla remains a dominant force in the battery-electric vehicle (EV) segment, other manufacturers like BYD, Geely-Volvo, and SAIC are also making significant strides in EV sales. This suggests a broader shift towards sustainable mobility and increased competition among automakers in the electrified vehicle space.
