Driven by increasing environmental awareness, government incentives, and advancements in battery technology, consumer demand for electric vehicles is rising worldwide. Major automotive manufacturers are expanding their EV portfolios, while new entrants are pushing innovation to meet the growing demand for eco-friendly and energy-efficient vehicles. The global sales of battery electric vehicles (BEVs) saw a 9 percent year-on-year increase in the third quarter of 2024, marking continued growth in the electric vehicle (EV) market, according to recent industry data by business intelligence platform, Counterpoint.
As per the report, China remained the dominant player in the global BEV market, accounting for 61 percent of total sales, followed by the United States and the United Kingdom. Notably, the UK surpassed Germany to become Europe’s largest BEV market during the quarter.
Tesla continued its reign as the world’s leading BEV brand, with its popular Model Y and Model 3 maintaining their positions as the best-selling EV models globally. Tesla’s sales in Q3 2024 grew by 7 percent year-on-year, reinforcing its stronghold in the electric vehicle sector.
BYD Auto, the Chinese automaker, remained a close contender to Tesla, with a more modest 3 percent growth in sales during the quarter. BYD’s Seagull, Yuan Plus (also known as the Atto 3), and Dolphin were its top-selling models, with the Seagull notably surpassing the Yuan Plus to claim the third spot in global sales. BYD also made significant strides in global expansion, exporting 95,000 vehicles, including plug-in hybrids, during the quarter.
Moreover, Latin America and Southeast Asia were key regions, with nearly 32 percent of exports headed to Latin America and 27 percent to Southeast Asia.
Furthermore, Geely Holdings, the parent company of Zeekr, Volvo, and Geometry, experienced a remarkable 58 percent year-on-year growth in BEV sales in Q3 2024. The company’s top-selling models, including the Geometry Panda Mini, Galaxy E5, and Volvo EX30, collectively made up more than one-third of Geely’s BEV sales.
As the global BEV market continues to expand, China, the US, and Europe remain key regions for growth, with manufacturers like Tesla, BYD, and Geely pushing for further innovation and dominance in the evolving EV landscape.