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EV sales growth slowing

February 21, 2024

Of these, BEVs accounted for 9.11 million units with a growth rate of 24%, and PHEVs reached 3.91 million units, growing at 45%.

TrendForce further notes that China remains the largest market for NEVs, commanding about 60% of the global market share.

This year, the growth of NEV sales is expected to slow to 29.5% 16.87 million units.

Tesla continues to lead BEV rankings with a 19.9% market share, closely followed by BYD, which narrowed the sales gap with Tesla to 248,000 units.

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