- Analysts predict BYD to top Tesla in 2024 BEV sales after strong Q4 performance.
- Top 10 companies hold 65% market share, with Tesla at 19.9%, BYD at 17.1%.
- Despite slowing growth, BYD’s global expansion and Tesla competition reshape the EV landscape.
Q4 analysis, market share dynamics, and the evolving EV landscape puts BYD ahead of Tesla in 2024
Analysts from Visual Capitalist project that BYD is set to outpace Tesla in BEV (Battery Electric Vehicle) sales in 2024. This follows BYD’s strong Q4, where it sold 526,000 units, surpassing Tesla’s 485,000.
A comprehensive analysis of the global BEV market reveals a concentrated landscape. The top 10 companies command 65% of the market. Presently, Tesla leads with a 19.9% market share, followed by BYD at 17.1%. These insights capture the dynamics within the rapidly expanding EV sector. They also reflect BYD’s rapid global growth, as the manufacturer becomes embedded in the European market. In 2022, BYD claimed the top spot as the leading producer of EVs, boasting 1.8 million vehicles. This was compared to Tesla’s 1.3 million.
Breaking down the top 10 in the 2023 market share, GAC Aion secured the third spot. Meanwhile, SAIC-GM-Wuling and Volkswagen slid to fourth and fifth, respectively. Luxury brands BMW and Mercedes-Benz intensified their electrification efforts, securing the sixth and eighth positions. Meanwhile, Hyundai and KIA maintained their positions from the previous year.
Despite the marked surge in electric momentum, the overall growth rate in global EV sales witnessed a noticeable deceleration. It dropped from 54.2% in 2022 to 29.8% in 2023. This slowdown underscores the adoption hurdles still facing the EV market. Automakers and campaigners alike call for governmental action to ease this drop-off. Challenges such as high purchase price become major roadblocks as we move on from the eager early adopter market, to the more passively interested early mainstream.
The BYD-Tesla competition is one to watch closely as the global EV stage continues to evolve. The rise of emobility is one of the most dramatic shake-ups the automotive sector has ever seen. As such, new or previously little-known companies are flourishing. The anticipated releases of both BYD and Tesla’s most affordable models is likely to stoke the flames of this rivalry even further.
