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BYD Set to Challenge Tesla for the Crown in EV Sales in 2024
February 20, 2024 | BUSINESS WIREEstimated reading time: 2 minutes
TrendForce reports that global sales of NEVs, including BEVs, PHEVs, and FCVs, reached 13.03 million units in 2023—marking a growth rate of 29.8%. This represents a significant slowdown from the 54.2% growth rate in 2022. 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. However, growth is slowing down due to a high base effect, and limited sales growth in other regions cannot compensate for the gap left by the Chinese market. As a result, the growth rate of NEV sales is expected to slow down, with an estimated 16.87 million units sold in 2024 and achieving a growth rate of 29.5%.
In 2023, 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. This achievement is attributed to BYD’s stable sales performance in China and its growing international presence, bolstered by the activation of overseas bases. TrendForce believes that BYD has the potential to challenge Tesla’s dominance in the BEV market this year.
GAC Aion secured the third spot for the first time, with SAIC-GM-Wuling and Volkswagen falling to fourth and fifth, respectively. Luxury brands BMW and Mercedes-Benz accelerated their electrification efforts, ranking sixth and eight, while Hyundai Group’s Hyundai and KIA maintained their positions with increased sales.
BYD and Li Auto clinched the top two positions as sellers in the PHEV market, with Li Auto experiencing an impressive 182% growth rate in 2023. Li Auto’s market share rapidly climbed thanks to focusing on mid-to-large SUV segment and targeting family-oriented consumers. BMW, Mercedes-Benz, and Volvo Cars ranked third to fifth, though BMW and Mercedes-Benz saw declines due to poor PHEV sales in Europe.
Jeep, with a 33% growth rate, rose to sixth place. Additionally, Chinese brands Changan, Denza, and Deepal made their debut in the top ten annual rankings, highlighting the competitive edge brought by the Chinese market. TrendForce anticipates that as Chinese brands accelerate their PHEV exports, traditional automakers will face further pressure on their growth margins.
Notably, as domestic growth in China slows, automakers are not only exporting vehicles from China but also actively establishing overseas bases. TrendForce points out that Chinese brands have significant advantages in terms of vehicle diversity, pricing, and smart features. Once they overcome issues about single production sites, their market is expected to rise rapidly. However, the potential for increased trade barriers could slow down the pace at which Chinese NEVs expand globally.
In the US, the prohibition of Chinese-made battery components starting in 2024 will disqualify many EV models from subsidies. Despite automakers like GM offering equivalent federal tax credits of US$7,500, blocking the Chinese supply chain also makes it more difficult to reduce EV prices.
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OLED Monitor Shipments to Reach 1.44 Million Units in 2024, Marking 181% YoY Growth
10/17/2024 | TrendForceTrendForce reports that the OLED monitor market is set to receive a boost with the introduction of new 31.5-inch OLED models. Panel makers are focusing on product differentiation and improved specifications, while several gaming brands are aggressively launching new models to capture market share. OLED monitor shipments are projected to reach 1.44 million units in 2024—representing YoY growth of 181%—with strong growth expected to continue in the coming years.
Worldwide Smartphone Market Grows 4% with 316.1 Million Units Shipped in the Third Quarter of 2024
10/15/2024 | IDCAccording to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker , global smartphone shipments increased 4.0% year over year to 316.1 million units in the third quarter of 2024 (3Q24).
Gartner Says Worldwide PC Shipments Declined 1.3% in Third Quarter of 2024
10/14/2024 | Gartner, Inc.Worldwide PC shipments totaled 62.9 million units in the third quarter of 2024, a 1.3% decline from the third quarter of 2023, according to preliminary results by Gartner, Inc. This decline comes after three consecutive quarters of year-over-year growth for the PC market.
OE-A Business Climate Survey: 2024 Slowdown, 2025 Set to Shine
10/10/2024 | OE-AThe survey predicts revenue growth of +7 percent for 2024, a significant decrease from the previous survey (March 2024: 13 percent). However, optimism remains high for 2025, with a forecast growth of 19 percent.
South Asia Smartphone Market Grew by 39.5% in 2Q24
10/10/2024 | IDCAccording to the International Data Corporation ’s (IDC) Worldwide Quarterly Mobile Phone Tracker, South Asia’s (excluding India) overall smartphone market shipped 2.9 million units in 2Q24, with 39.5% growth YoY (year-over-year), continuing a strong double-digit YoY growth from 1Q24.