By Marcus Lu
Analysts anticipate that China’s largest electric automaker BYD will surpass Tesla in battery electric vehicle (BEV) sales for 2024.
In this graphic, we illustrate the global BEV market share for the full year 2023, based on figures compiled by TrendForce.
BYD Likely to Surpass Tesla in 2024
Currently, the top 10 BEV companies make up 65% of the overall market.
Given that BYD already outsold Tesla in the fourth quarter of 2023 (526,000 compared to 485,000), the Chinese company is expected to surpass Elon Musk’s automaker before the end of the year.
Currently, Tesla holds a 19.9% share of the market, closely followed by BYD with 17.1%.
| Rank | Brand | Country | Market Share in 2023 |
|---|---|---|---|
| 1 | Tesla |  US |
19.9% |
| 2 | BYD |  China |
17.1% |
| 3 | GAC Aion | China |
5.2% |
| 4 | SAIC-GM-Wuling | China |
4.9% |
| 5 | Volkswagen |  Germany |
4.6% |
| 6 | BMW | Germany |
3.6% |
| 7 | Hyundai |  S. Korea |
2.9% |
| 8 | Mercedes-Benz | Germany |
2.6% |
| 9 | MG | China |
2.3% |
| 10 | KIA | S. Korea |
2.0% |
In 2022, the Chinese automaker overtook Tesla as the top producer of EVs, when non-BEVs are included in sales totals. It produced 1.8 million vehicles compared to Tesla’s 1.3 million.
BYD has relied on stable domestic sales performance but is also expanding its international presence. The company began selling in Europe a little over a year ago and also plans to build factories in European countries to avoid EU tariffs on Chinese car imports.
Another Chinese automaker, GAC Aion, secured the third spot on our list, with SAIC-GM-Wuling and Volkswagen falling to fourth and fifth, respectively.
In total, global sales of EVs, including BEVs, PHEVs (Plug-in Hybrid Electric Vehicles), and FCVs (Fuel Cell Vehicles), reached 13 million units in 2023, with a growth rate of 29.8% compared to 2022.
The number, however, represents a significant slowdown from the 54.2% growth rate in 2022.
