The global shift towards electric vehicles (EVs) is gaining momentum, with 14.8 million new electric vehicles registered worldwide in 2023. This includes electric cars running on battery power alone, plug-in hybrids, and vehicles with range extenders. China leads the pack with over 9 million electric cars, followed by the USA and Germany. Germany, with almost 700,000 new registrations in 2023, now has a total of 2,330,400 electric cars on its roads. However, this falls short of the German government’s goal of having 15 million electric vehicles by 2030.
The Centre for Solar Energy and Hydrogen Research Baden-Württemberg (ZSW) has analyzed the latest figures on electromobility and highlighted the need for a significant increase in annual new registrations to meet the target. Globally, there are nearly 42 million electric cars in circulation, with China leading the way, followed by the USA and Germany. Smaller markets like Belgium and Portugal have also shown substantial growth rates in EV circulation.
In terms of new registrations, the EU ranks second after China, with 2.5 million new electric cars registered in 2023. Norway stands out with four out of every five new vehicles being electric. However, Germany has experienced a slowdown in EV momentum, with a 16% decrease in new registrations in the past year. Factors contributing to this decline include the end of government subsidies for plug-in hybrids and the higher initial cost of electric vehicles.
Andreas Püttner from ZSW emphasizes the need for new incentives in the market to achieve Germany’s electromobility targets. He suggests abolishing privileges for conventional vehicles and providing greater support for electric company cars. Despite the challenges in the domestic market, German manufacturers like VW, BMW, and Mercedes are performing well internationally. VW has moved up to third place in new registrations, with over one million electric cars sold.
In the global EV market, Chinese company BYD and Tesla lead the pack, with BYD reporting sales of over three million electric cars and Tesla holding second place with 1.8 million sales. The Tesla Model Y was the most successful model in 2023, with over 1.2 million units sold. Püttner emphasizes the need for attractive EVs in the lower and middle segments to appeal to a broader customer base and prevent other manufacturers, especially in China, from seizing the opportunity.
In conclusion, the global EV market is growing rapidly, with China leading the charge. Germany faces challenges in meeting its electromobility targets, but with the right incentives and support, the country’s manufacturers can compete on the international stage and contribute to a more sustainable future.