In March 2024, global registrations of plug-in electric cars increased by 19% year-over-year, indicating strong demand despite various challenges.
According to EV-Volumes data shared by researcher Jose Pontes, 1,314,687 new passenger plug-in electric cars were registered globally in March, the third-highest monthly result ever recorded. The market share amounted to roughly 19% (compared to 16% a year ago).
Global EV sales record
More than 13.6 million plug-in electric cars were registered around the world in 2023. That’s about 16% of all car registrations. In 2024, it might be close to 20 million units.
All-electric car registrations accounted for about 65% of all plug-in car registrations, some 855,000 (up 7% year-over-year) and a 13% market share. Plug-in hybrid car registrations are estimated at roughly 460,000, up 50% year-over-year.
March was also a very good month for non-rechargeable hybrids, which noted a new monthly record of new registrations and a 16% market share. All electrified types combined represented 35% of the market.
Plug-in car registrations for the month (YOY change):
- BEVs: about *855,000 (up 7%) and 13% market share
- PHEVs: about *460,000 (up 50%) and 6% market share
- Total: 1,314,687 (up 19%) and 19% market share
* estimated
More than 3.2 million plug-in electric cars were registered worldwide in the first three months of the year, which is about 16% of the total volume.
Plug-in car registrations January-March 2024 (YOY change):
- BEVs: about *2 million and 10% market share
- PHEVs: about *1.2 million and 6% market share
- Total: 3,216,366 (up 25%) and 16% market share
* estimated
For reference, in 2023, almost 13.7 million plug-in electric cars have been registered worldwide, which was 16% of the total volume (compared to 14% in 2022, 9% in 2021 and 4% in 2020). 2024 should be even better, potentially close to 20 million units.
Model rank
In March, just like in the previous months, the Tesla Model Y continued to be the world’s best-selling plug-in model with a massive 118,985 registrations. This recent result enabled Model Y to strengthen its year-to-date position.
However, let’s also note that BYD placed seven plug-in nameplates in the top 10, and the only two non-Chinese models on the list are Tesla Model Y and Model 3.
Top 10 for the month:
- Tesla Model Y – 118,985
- BYD Song – 64,616 (10,048 BEVs + 54,568 PHEVs)
- BYD Qin Plus – 52,305 (21,160 BEVs + 31,145 PHEVs)
- Tesla Model 3 – 41,035
- BYD Seagull (aka Dolphin Mini) – 30,466
- BYD Yuan Plus (aka Atto 3) – 29,182
- BYD Han – 23,138 (9,128 BEVs + 14,010 PHEVs)
- BYD Destroyer 05 (PHEV) – 19,153
- Aito M7 (EREV): 18,512
- BYD Dolphin – 17,959
* BEV and PHEV versions of the same models were counted together in the source.
Brand rank
In terms of brands, BYD continued to sell the highest number of plug-in electric cars. Tesla was number two overall, but the brand is also number one in the all-electric car category.
One of the most surprising things is how strong BMW and Mercedes-Benz are.
Top 10 for the month:
- BYD – 286,712
- Tesla – 167,883
- BMW – 50,799
- Mercedes-Benz – 38,069
- SAIC-GM-Wuling – 36,374
- Volvo – 34,651
- Volkswagen – 33,694
- Li Auto – 32,606
- Aito – 31,995
- Geely – 25,542
