The Hottest EV (Electric Vehicles): 2023-2025 Global Sales-Market Share-Best Models
The electric vehicle (EV) market has entered a new era of explosive growth. Major automakers around the world are accelerating their EV development and consumer adoption rates are rising steadily. This comprehensive guide will provide an in-depth analysis of EV sales trends, market share battles between automakers, the hottest models being launched between 2023-2025, and projections for the future of the industry.
Surging Global Demand Driving Electric Vehicle Sales
Several converging trends underpin the surging consumer and investor interest in electric vehicles worldwide:
- Environmental Pressures:
With climate change concerns deepening and major cities seeking to improve air quality, zero-emissions electric vehicles are seeing policy support. Countries like the UK, India, and others are targeting banning future sales of petrol/diesel vehicles between 2030-2040.
- Technology Improvements:
Previously the Achilles heel, EV battery ranges now commonly exceed 250+ miles removing range anxiety. Charging infrastructure, while still developing, expands yearly.
- Government Incentives:
Purchase incentives, tax credit perks, exemption from registration fees or road taxes make EVs more affordable. This stimulates consumer adoption across Europe, China, the US, Canada etc.
- Geopolitical Instability:
Conflicts affecting oil/gas supply and prices increase attention on electric vehicles providing energy independence.
These interwoven factors all signal strong tailwinds for EV sales over the next 5-10 years. Established automakers and ambitious startups are investing billions to grab market share in this new gold rush.
2023 and 2024 Best Selling Electric Cars Worldwide
The electric vehicle market saw over 6.6 million units sold in 2022. While Tesla continued its domination of the fully-electric segment, major automakers like Volkswagen Group, BYD, and Hyundai-Kia ramped up their electrified offerings capturing increased market share.
Hottest EV 2023-2025 Global Sales-Market Share-Best Models
Here is a forecast of the top selling electric vehicle models for 2023 and 2024:
2023 Forecast of the top selling electric vehicle models
- Tesla Model Y
- Tesla Model 3
- BYD Han (PHEV)
- Wuling HongGuang Mini EV
- BYD Song Pro/Plus (PHEV)
- BYD Qin Plus (PHEV)
The Model Y compact crossover’s impressive technical specs, Tesla’s unmatched charging network, Autopilot driver assistance capabilities, and unique styling maintain its immense popularity worldwide. Combined Model 3 sedan and Model Y sales likely exceed 1.3 million units in 2023.
Driving the continued success of long-range offerings like Tesla’s Model Y and other premium EV brands is rising demand from North America, Europe, and wealthy Asian markets. The ultra-affordable Wuling HongGuang Mini EV will continue leading more affordable segments especially across Southeast Asia and China.
2024 Predictions of the top selling electric vehicle models
- Tesla Cybertruck
- Tesla Model Y
- Nissan Ariya
- VinFast VF e35
- BYD Han (PHEV)
- Mercedes Benz EQE
The hotly anticipated launch of the radically styled Cybertruck and attractive new offerings from resurrected Japanese maker Nissan with its Ariya crossover, Vietnam’s ambitious VinFast, and Mercedes-Benz’s tech-forward EQE sedan will shake up the 2024 rankings. We also expect the elegant BYD Han plug-in hybrid and always popular Model Y to maintain sales momentum through 2024.
Continued environmental pressures, generous government incentives across Europe and Asia, and improving public charging infrastructure will propel double-digit compound annual EV sales growth globally into the future.
Established players will face fierce competition from Chinese startups like Nio, Xpeng, Li Auto, and WM Motor looking to grab market share both domestically and exports to Europe.
Electric Vehicle Sales Breakdown by Models in 2023
Digging deeper into sales performance estimates, here is a forecast breakdown of electric vehicle delivery volumes globally for 2023 split by the most popular models:
| EV Model | 2023 Sales Estimate |
|---|---|
| Tesla Model 3/Y | 1,300,000+ units |
| Wuling HongGuang Mini EV | 800,000+ units |
| BYD Han (PHEV) | 250,000+ units |
| Tesla Model S/X | 220,000+ units |
| Nissan Leaf | 210,000+ units |
| BMW i3 | 150,000+ units |
| Renault Zoe | 110,000+ units |
| Audi e-tron Series | 100,000+ units |
| Porsche Taycan | 90,000+ units |
| Hyundai Kona EV | 85,000+ units |
| Polestar 2 | 80,000+ units |
| Volkswagen ID Series | 75,000+ units |
Tesla will continue leading the pure battery electric vehicle category by a wide margin. The Model 3 premium sedan and Model Y compact crossover make up over 50% of global EV sales.
Established automakers Nissan with the dated but still popular Leaf, BMW’s urban-friendly i3, and Renault’s Zoe hatchback form the next tier of legacy brands selling 6-figure annual volumes of electric models globally. Performance-focused EV offerings from Porsche and Volvo/Geely’s Polestar brand have successfully targeted higher-end market segments as well.
New model launches from industry giants Volkswagen, Hyundai-Kia, and disruptive Chinese makers like BYD, Xpeng, Li Auto etc. in 2023 and beyond will shake up the rankings.
Global Electric Vehicle Market Share Outlook
On a group level, here was the 2022 battery electric vehicle market share breakdown globally for the top brands:
| Brand | 2022 Market Share |
|---|---|
| Tesla | ~15% |
| BYD | ~8% |
| SAIC | ~7% |
| Volkswagen Group | ~7% |
| BMW Group | ~5% |
| Mercedes Benz | ~3% |
| Nissan-Renault | ~3% |
Here is our latest forecast for the top brand’s share of the fast-growing global electric vehicle market in 2023:
| Brand | 2023 Market Share Estimate |
|---|---|
| Tesla | ~18% |
| BYD | ~12% |
| Volkswagen Group | ~9% |
| SAIC | ~8% |
| Toyota | ~6% |
| BMW Group | ~5% |
| Hyundai Kia | ~4% |
| Geely | ~4% |
| Mercedes Benz | ~4% |
| Nissan-Renault | ~3% |
The rising market share for Chinese automakers like battery giant BYD and lithium exporters like Great Wall Motors highlights the rapid technology development and manufacturing capacity scaling domestic players have achieved.
Stricter emissions regulations in the EU, India, Canada, and American states like California will also force further adoption of electric vehicles onto legacy auto groups like Toyota, Volkswagen, Mercedes Benz, Stellantis throughout 2023-2025. Some analysts believe the industry will approach price parity with gas vehicles faster than expected – perhaps by 2025.
Overall, the next few years will feature fiercer competition between both established and insurgent automakers all trying to establish dominance in electrified vehicles across segments spanning affordable compacts to $100k+ luxury models.
Upcoming Electric Vehicle Models Arriving in 2024-2025
The long list of intriguing launches slated for the 2024-2025 model years indicates that virtually all major automakers are investing tens of billions to rapidly expand EV model diversity:
2024 EV Model Launches
- Volkswagen ID.7:
An ID.3 sedan sibling built on VW’s flexible MEB architecture offering more interior room than the hatchback.
- Tesla Cybertruck:
The radically styled pickup promises insane performance, storage capacity, and suspension travel to disrupt the truck category.
- Fisker PEAR:
An affordable, sustainable urban EV promising intuitive tech and 250+ mile range.
- Mercedes EQE/EQS SUVs:
Electric crossover/SUV counterparts to Mercedes flagship EQS and EQE sedans with ranges over 400 miles.
- Nissan Ariya:
Nissan’s first serious effort at a modern, long-range fully-electric crossover model since the Leaf.
2025/2026 EV Model Launches
- Hyundai Ioniq 6:
Sleek premium EV sedan expected to achieve 325+ miles of range and entry-level pricing under $40,000.
- VinFast VFe36:
VinFast’s next electric crossover targeting European and North American markets after initial launches in Vietnam.
- BMW i5:
An electric rendition of BMW’s popular 5-series sedan that can charge 200+ miles of range in just 10 minutes.
- Tesla $25K Car:
Elon Musk has hinted at ambitions to launch an ultra-affordable EV targeting mainstream buyers if costs keep falling.
- BYD Seal:
BYD’s luxury electric sedan already achieving stellar sales with 500km+ range and class-leading driver assistance tech.
Consumers focused on driving range, charging speed, interior space, high-tech features, performance, and styling preferences will have multiple compelling new EV options tailored to every preference and budget emerging in the coming years.
Future Outlook: Embracing the Electric Transition
Our outlook on the burgeoning electric vehicle landscape foresees ballooning demand through 2030 lead by the continued expansion of models from industry leader Tesla and challengers like BYD. Established automakers will fight to maintain market share but may struggle against the rapid iterative innovation cycles of new EV startups.
However, the transition away from internal combustion vehicles will ultimately progress slower than predictions that assume 100% EV sales within the next 10-15 years across the entire auto industry.
Large fleets of used gas/diesel vehicles will stay on roads for 15-20 years in the developing world. Many global consumers especially across South America, Southeast Asia, and Africa lack the financial means to switch to pricier electric vehicles en masse in the short-term.
Charging infrastructure build-out will also progress unevenly across regions. Areas in North America, Europe, and China with high population density will overflow with public charging stations while more remote locales will lag behind. This may limit adoption by households without a private garage to install wall connectors.
Yet the overall trajectory seems irreversible – electrification will drive the future of personal transportation globally. Ambitious startups, tech giants, and legacy automakers are poised to deliver an onslaught of new models catering to this demand across multiple vehicle segments and price points.
Government policies will further accelerate adoption as more countries target banning future sales of new petrol/diesel-powered vehicles within the next 10-20 years. The auto industry sits on the cusp of redefinition as software-enhanced EVs, over-the-air updates, autonomous driving capabilities etc. reshape market dynamics and ownership models.
For consumers, charging reliability and range anxiety will soon fade as forgotten worries of the early EV era. Test drives of the next generation of EVs rarely fail to impress with instant torque acceleration, handling agility, and high-tech user experiences exceeding expectations.
Within 5-10 years purchasing an electric vehicle matching your family’s budget and lifestyle needs will present an exciting yet rational decision rather than perceived risk or sacrifice. Interesting times are ahead – the electric future of the global automotive industry approaches faster than predicted!