Tesla vs. BYD: Who Dominates the Global Electric Vehicle Market?

International Energy Agency (IEA) data shows that Tesla and BYD electric vehicles frequently compete to expand their global market share.

Data from 2015 indicates that BYD's market share surpassed Tesla's. At that time, BYD controlled 11% of total global electric vehicle sales, while Tesla held 9%. Other Chinese electric vehicle manufacturers collectively held 23%, and major established electric vehicle manufacturers held 55%.

By 2018, Tesla overtook BYD, with a highly competitive proportional difference. Then, in 2019, Tesla commanded 16% of the global electric vehicle market share, compared to BYD's 10%.

Tesla's lead over BYD lasted only until 2022. That year, BYD reversed the situation, capturing 18% of the market. The IEA notes that BYD surpassed Tesla as the world's best-selling electric vehicle company when including plug-in hybrid vehicles.

The latest data from 2023 shows BYD holding a 21% market share, while Tesla holds 13%. The IEA reports that in the second half of 2023, BYD also became the world's best-selling battery electric vehicle company.

The IEA explains that BYD and Tesla are the two most significant electric vehicle manufacturers. Their combined market share reached almost 35% of all electric vehicle sales in 2023. This figure exceeds the combined sales of all major automakers outside of China and all other Chinese automakers.

"The rise of BYD and Tesla as global leaders has particularly reduced the market share of established companies that controlled 55% of global electric vehicle sales in 2015, and have continued to lag since then," the IEA wrote in its report, cited on Tuesday (June 18, 2024).

Including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), BYD's global electric vehicle market share is recorded at over 20%.

In China, BYD is also the best-selling car company, with over 2.4 million new customers, representing 11% of the domestic market. This surpasses Volkswagen, the brand that held the top spot in China for over 15 years.

"BYD's worldwide sales exceeded 3 million, making it one of the top 10 car sellers globally," the IEA stated.