Strategy & PwC – EV Sales Review, 3Q 2023

In the third quarter of 2023, battery electric vehicle (BEV) sales in twenty analyzed markets increased by 26% compared to the same period last year. However, this growth could have been even higher if the Chinese market, which dominates the global BEV market, had not experienced a slowdown. Chinese BEV sales accounted for two-thirds of sales in all analyzed markets during this period, but the growth in China has been decreasing due to a weakening economic outlook, resulting in significantly lower sales compared to two years ago. In all analyzed markets, BEV sales growth exceeded total powertrain sales growth, except for South Korea. The differences between BEV sales growth and overall powertrain sales growth were substantial. For instance, in the USA, BEV sales grew by 62% compared to a 17% growth in overall powertrain sales, and in Germany, BEV sales grew by 59% compared to an 18% growth in overall powertrain sales. According to a recent study by PwC Autofacts on market trends, the strong performance of BEV sales is expected to continue, with projected growth of 35% in all analyzed markets in 2024.