Globally, 11 million electric cars were newly registered in 9 months (+12%)

Image: BYD (illustrative)

The global market for battery-powered electric vehicles reached a record level in the first nine months of this year. With around eleven million new registrations, the number of pure battery electric vehicles (BEVs) increased by 12 percent compared to the same period last year. Growth was particularly strong in the third quarter, with an increase of 16 percent.

According to an analysis by consulting firm PwC, shared with the Frankfurter Allgemeine Zeitung, Europe serves as a key driver of this development. In the region, 2.5 million electric vehicles were sold since the beginning of the year, representing a 42 percent increase from the previous year.

In contrast, sales in China, the largest market, remain stagnant at around 6 million vehicles. Although the overall market there has shrunk by several million vehicles, the market share of BEVs still increased. In the U.S., new electric vehicle registrations dropped by 29 percent to 746,000 units, reducing the market share to 6 percent.

Germany ranked third globally with 604,000 registrations, showing a 58 percent increase compared to the previous year.

PwC states that the decision to buy electric vehicles is influenced by persistently high fuel prices, which make internal combustion engines less attractive. For consumers, electricity and fuel costs play a crucial role in purchasing decisions, as the operating cost of electric cars is significantly lower than that of gasoline vehicles.

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About the author

Thomas Langenbucher is an expert in electromobility with professional experience in the automotive industry and finance sector. Since 2011, he has been covering electric vehicles, sustainable technologies, and mobility solutions on ecomento.de. Learn more.

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