Electric Vehicle Market Projections for 2024 Reveal BYD as the Dominant Player in Full Electric Cars by 2025
The global e-Mobility landscape is gearing up for a significant transformation by 2025, with a seismic power shift on the horizon. This change is driven by intensifying competition in the BEV (Battery Electric Vehicle) market, as a growing number of challengers emerge.
Among these contenders, BYD stands out with its vertically integrated business model, granting it unmatched pricing power and agility. In 2024, BYD sold 1.764.992 units, a 12% increase from the previous year, making it the best-selling BEV brand in several markets, including Spain. In fact, BYD outperformed Tesla in Spain in 2023, selling over 14,000 electric vehicles, compared to Tesla's sales of over 9,000 vehicles in the same market. This suggests that BYD likely led in overall BEV sales in Europe in 2023.
Tesla, the current top-selling BEV brand worldwide, saw a slight decline in 2024. The Model Y, Tesla's best-selling car globally, continues to impress with its efficiency, minimalist design, and strong resale value. However, the slight dip in sales could signal a shift in the market's dynamics.
Other notable players in the BEV market include Hyundai, BMW, Stellantis, SGMW (SAIC-GM-Wuling), and Geely. Hyundai showed a modest 2% growth in electric vehicle sales, with the IONIQ 5 and IONIQ 6 being its top-selling electric vehicles. BMW saw a 14% boost in electrification sales, thanks to the popularity of the i4, iX, and iX1.
Stellantis, the parent company of brands like Peugeot and Fiat, saw a 15% decline in electric vehicle sales. Its notable electric vehicles include the Peugeot e-208 and Fiat 500e. GAC, another significant player, experienced a 20% decline in electric vehicle sales, while its Aion S and Aion Y remain popular choices.
In China, SGMW dominates the budget EV segment with massive scale and affordability, with the Hongguang Mini EV being its star model. Changan, another Chinese automaker, saw a 43% growth in electric vehicle sales, with the SL03 and UNI-K EV being its rising electric vehicles.
Lastly, Geely has emerged as one of the fastest-growing BEV brands, with a 58% year-on-year growth in 2024. Volkswagen, another major player, saw a 3% drop in BEV sales in 2024, selling 744.800 units compared to 2023. BYD's Dolphin, Seal, Han, and Tang are its top-selling models, indicating a strong focus on a diverse range of electric vehicles.
As we move towards 2025, the global e-Mobility market is expected to witness further shifts, with BYD projected to surpass Tesla in sales. This shift promises to bring more competition, innovation, and choice for consumers in the rapidly evolving world of electric vehicles.
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