As an overview of the state of the global and European NEV market in 2023, this article aims to explore the latest trends and future prospects of the electric vehicle (EV) industry. During the year, the global new energy vehicle market experienced significant development and changes. With technological advances, policy support, and increased consumer awareness, electric vehicles are becoming an important part of the automotive market. However, the market development situation is very different in different countries and regions. By in-depth analysis of the 2023 data, it is possible to better understand the global popularity of electric vehicles, as well as the development characteristics specific to each regional market. In this article, we will explore the sales volume, market share, major models, and the development of public charging infrastructure of electric vehicles, as well as analyze the impact of policy and economic factors on the market. Through these analyses, we hope to provide readers with a comprehensive perspective on the current state and future direction of the electric vehicle industry.

Global electric vehicle market in 2023

The global electric vehicle (EV) market expanded in 2023, with new deliveries of pure electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) reaching 14.2 million units, up 35% from the previous year, but slower than the 55% growth in 2022. Of these, 10 million are pure electric vehicles and 4.2 million include plug-in hybrids and extended range electric vehicles (ereVs).

China remains the world's largest market for electric vehicles, with sales exceeding 2 million in the fourth quarter of 2023 alone. However, the growth rate of pure electric vehicles in China slowed to 24%, a sharp decline from 172% in 2021 and 85% in 2022, mainly due to the economic slowdown. The United States and Canada saw significant growth in pure electric vehicles, up 46 percent year over year. It is worth noting that by the end of 2023, pure electric vehicle sales in the United States will exceed 1 million.

However, not every region is seeing a positive trend. Germany is at the forefront of the European electric vehicle market, with sales and market share falling due to deep cuts in electric vehicle incentives, while other regions saw solid gains throughout the year. Outside of these major markets, EV sales in other regions grew 81 percent from a smaller base.

Sales of electric vehicles in Europe by 2023

2023 was a bumper year for the European car industry, with the European Automobile Manufacturers' Association (ACEA) reporting that car sales in the EU increased by almost 14 percent, with more than 10.5 million new registrations. This is the highest number of new car registrations in Europe since before the outbreak.

In 2023, pure electric (BEV) models overtook diesel vehicles for the first time to become the third most popular type of car for buyers. Sales of pure electric vehicles increased by 37%, accounting for 14.6% of the market (up from 12.1% in 2022), with more than 1.5 million units sold during the year. By 2025, sales of pure electric vehicles in Europe are expected to surpass those of internal combustion engines.

At the same time, the market share of plug-in hybrid electric vehicles (PHEVs) was 7.7% (down from 9.4% in 2022).