The global electric vehicle (EV) market is on the rise.
According to Counterpoint Research's Global Passenger Electric Vehicle Tracker, Q2 2023 witnessed a remarkable surge in battery electric vehicle (BEV) unit sales, with a notable 50% year-on-year (YoY) increase – driven mainly by Western Europe, North America, and emerging markets in Asia.
China, on the other hand, had a less robust performance in its domestic EV market. Despite being a major player, China experienced a 37% growth in EV sales in Q2 2023, which was below the global average.
Chinese automakers, however, still play a significant role globally. They accounted for 56% of all EV unit sales, although this was their lowest Q2 performance in three years, as shown in the Techloy chart below. Brands like BYD Auto, GAC Group, and Geely Holdings were among the top five global EV makers in the last quarter.