TrendForce’s latest research report has revealed five key facts about the global EV market during the third-quarter of 2024.
Sales of new energy vehicles (NEVs) reached 4.123 million units in Q3 2024, marking a 19.3 percent year-over-year (YoY) increase. NEV sales for the year are projected to hit 16.26 million units, a 24.8 percent growth.
Battery Electric Vehicles (BEVs) accounted for 2.509 million units in Q3 2024, registering a 3.9 percent growth. Tesla led the market with an 18.5 percent share, followed by BYD at 17.5 percent.
China dominates the Plug-in Hybrid Electric Vehicle (PHEV) segment, accounting for 80 percent of global PHEV sales. BYD’s strong PHEV performance helped the brand surpass a 40 percent market share in this category.
Leapmotor, focusing on affordability and younger buyers, ranked seventh in global BEV sales and is expanding into Europe through a joint venture with Stellantis.
The Chinese market remains competitive, particularly in the PHEV sector, where brands ranked fourth to tenth have closely contested sales and market shares. This competitive intensity poses challenges for maintaining market leadership.