The global plug-in vehicle market represents 17.1 million vehicles (passenger cars + light utility vehicles) in 2024
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The global plug-in vehicle market represents 17.1 million vehicles (passenger cars + light utility vehicles) in 2024
- The global plug-in vehicle (BEV and PHEV) market is projected to reach 17.1 million units in 2024, up from 13.7 million in 2023, a 24.8% increase compared to 2023. This volume represents 19% of global registrations in 2024, up from 15% in 2023.
- These 17.1 million vehicles are broken down into 10.5 million BEVs and 6.6 million PHEVs.
- China alone accounts for 70% of BEV and PHEV sales, or 12.1 million vehicles in 2024 (compared to 8.9 million in 2023), an increase of 36% compared to 2023.
- Europe, for its part, represents 17% of the global plug-in market, or 2.95 million vehicles in 2024 (compared to 3.02 million in 2023), down 2.3% compared to 2023.
- The United States, for its part, represents 9%, or 1.59 million vehicles in 2024 (compared to 1.48 million in 2023), an increase of 7% compared to 2023.
- Japan accounts for only 1%, or 118,000 vehicles in 2024 (compared to 138,000 in 2023), down 15% from 2023.
- The rest of the world accounts for 3% of the plug-in market, or around 300,000 vehicles in 2024 (compared to around 200,000 in 2023), up around 50% from 2023.
- Inovev expects a BEV and PHEV market share of 24% or 25% worldwide by 2025.
A merger between Changan and Dongfeng may materialise
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A merger between Changan and Dongfeng may materialise
- For many years, the Chinese government has been encouraging local carmakers to merge in order to reduce their numbers and create groups of international stature. But Chinese carmakers (even those controlled by the Chinese government) have so far failed to meet the expectations of higher authorities. The most convincing operation dates back to about twenty years ago, which involved the merger of the Roewe and MG brands within the SAIC group. The announcement of a possible merger between Changan and Dongfeng is therefore a major event in the Chinese automotive landscape.
- Changan and Dongfeng are today two mid-weight carmakers, behind large groups like BYD, SAIC, Geely or Chery, as the volume of 2,453,596 vehicles produced in 2024 by Changan (including 433,678 foreign vehicles produced in JV) and 2,251,705 vehicles produced by Dongfeng (including 1,485,031 foreign vehicles produced in JV) are much lower than those recorded by the four carmakers mentioned above. Dongfeng is among the most weakened Chinese carmakers since the fall of foreign car manufacturing in JV, Dongfeng's most profitable activity for a long time.
- Together, these two carmakers would produce 4,705,301 vehicles, a volume higher than that of BYD (4,272,145 units) or SAIC (4,036,218 units). They would thus become the largest Chinese carmaker. The objective of this potential merger is notably to combine the ressources of the two carmakers, while streamlining and optimizing platforms, engines, innovation and technologies to enable them to compete with large private groups such as BYD, Geely or Chery.
BEVs represent 8% of the US market (passenger cars + light utility vehicles) in 2024
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BEVs represent 8% of the US market (passenger cars + light utility vehicles) in 2024
- Sales of all-electric vehicles (BEVs) continued to grow in the US in 2024, but at a much slower pace than in previous years, reaching 1,270,598 units compared to 1,194,215 in 2023. As a result, the BEV market share remained stable at 8% in 2024 compared to 2023. The implementation of electric engines in the two best-selling models in the United States, the Ford F-Series and the Chevrolet Silverado, was not a great success, as only 33,510 Ford F-Series Lightnings were sold out of 735,806 Ford F-Series (representing 4.5% of the total) and 21,524 Chevrolet Silverado EVs out of 549,955 Chevrolet Silverados (representing 3.9% of the total).
- Conversely, sales of full-hybrid (F-HEV) vehicles experienced strong momentum last year in the United States, with 1,538,745 units compared to 1,175,459 in 2023. The market share of HEVs in all vehicle sales (sedans, SUVs, minivans, pickup trucks) in the USA thus increased from 7% to 10% between 2023 and 2024. Plug-in hybrids (PHEV) remain in very low demand (2% of the market). Thermal (including MHEVs) models still represent 80% of the US market in 2024.
- Just last year, there seemed to be a growing awareness of the need for a greener and more virtuous world in a country accustomed to large gasoline engines, whether for large SUVs, large pickup trucks or large sedans. In 2025, with the election of Donald Trump, this observation may be questionned, because the new president is known for his reluctance on the subject of global warming and his recent positions on increasing oil drilling do not go in the direction of an electrification of the US vehicle fleet.
BEVs to represent 2% of the Japanese passenger car market in 2024
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BEVs to represent 2% of the Japanese passenger car market in 2024
- Sales of battery electric vehicles (BEVs) are still failing to take off in Japan, with only a 2% market share for this type of vehicle in 2024 (56,299 units), which is the lowest proportion of the world's largest markets and no better than in 2023.
- Several factors are contributing to this weakness in BEV sales in Japan:
1. First, full-hybrid models have been a significant component of car sales in Japan since the appearance of the first Toyota Prius in 1997. These models represent 34% of the Japanese market in 2024 (1,292,633 units).
2. Second, Toyota, which occupies half of the Japanese market, has bet everything on full-hybrid and offers very few battery electric vehicles. There are no serious proposals from other Japanese carmakers either.
3. Third, Kei cars are also a significant component of car sales in Japan (nearly 40% of the market). These cars have small motorisations (670 cc displacement) et contained emissions.
4. Fourth, with the share of foreign imports remaining stable at 6% of the Japanese market for decades, there is very little opportunity for a foreign brand to market a battery electric car at a competitive price compared to a full-hybrid model and in large quantities. Remember that 1% of the Japanese market corresponds to approximately 40,000 cars, which no battery electric foreign model can reasonably achieve.
- The future growth of BEV sales in Japan will depend in part on the expansion of the offering of this type of model among Japanese carmakers. It should be noted that plug-in hybrids (PHEVs) are as little successful as BEVs, occupying only 2% of the Japanese market in 2024 (63,691 units).
The 25 best-selling models in the USA (passenger cars and light utility vehicles) in 2024: Ford F-Series still in top position
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The 25 best-selling models in the USA (passenger cars and light utility vehicles) in 2024: Ford F-Series still in top position
- The US market reached 15,954,040 vehicles in 2024, including pickup trucks, which alone represent 19% of the market. It therefore grew by 2.4% compared to 2023 and is approaching 16 million units, the highest level since 2020 but still far from the more than 17 million units reached each year between 2015 and 2019.
- As we have seen previously, the three most important carmakers on the US market are General Motors (17% of the market), Toyota (15%) and Ford (13%), which together account for 45% of the US market.
- The best-selling model on the US market in 2024 remains the Ford F-Series pickup truck – as it has been for several decades – specifying that this model exists in several sizes, from the mid-range pickup truck to the very large pickup truck, but all grouped under the term F-Series. Its direct competitor, the Chevrolet Silverado pickup truck, is the second best-selling model in the USA in 2024. The former number 3, the Ram pickup (from the Stellantis group) fell to sixth place due to the laborious transition between the old and the new generation. As a result, the Toyota RAV4, Tesla Model Y and Honda CRV SUVs occupy the 3rd, 4th and 5th places in the Top 25. The GMC Sierra pickup truck (based on the Chevrolet Silverado) is located in 7th place, just behind the Ram pickup truck. The first sedan, the Toyota Camry, is in 8th position, ahead of the Honda Civic (10th), Toyota Corolla (12th) and Honda Accord (21st).
- The D segment is the largest (34% of the US market), as in China, ahead of the C segment (28% of the market). As in China, the lower segments (A and B) are minors.
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