Plug-in electric light vehicle sales worldwide 2015-2023

It is estimated that 2023 saw plug-in electric light vehicle (PEV) sales of around 13.7 million units. The Chinese market picked up steam after a period of slowdown in 2020, as vehicle manufacturing and demand was at a standstill due to the COVID-19 pandemic. Meanwhile, electric vehicle sales in some of Europe's five largest markets surged in 2023.

Electric car sales growth

Global automobile production dropped significantly with the pandemic, with millions of jobs in the industry at risk globally. Later in the year when lockdowns were lifted, demand for new cars bounced back, but the automotive semiconductor shortage impacted supply. Despite these issues, the electric car market experienced a record year, with an increase of over three million in global electric car sales, and notable market share growth.

A present task for the future

Many governments put forward green stimulus packages during the pandemic, many of which were directed towards supporting the automotive industry and securing jobs in the sector, with an emphasis on the clean transition. In China, the full new energy vehicle (NEV) subsidy program phase-out was postponed from the end of 2020 to the end of 2022. However, these investments are starting to be rolled back. In Germany, the largest car market in Europe, electric vehicle subsidies abruptly stopped at the end of 2023, following in the footsteps of countries like Norway, which have also moved away from subsidies.