Top 10 Brands Dominating EV Sales in the U.S. in 2023

In the United States, there is a growing demand for electric vehicles (EVs) due to a number of environmental concerns, technological breakthroughs, and growing public awareness of the vehicles' long-term cost advantages. Electric vehicles have seen a dramatic change in the market in recent years, making them a competitive alternative to traditional gasoline-powered automobiles.

Sales Surge

In 2021, EV sales surged from approximately 125,000 units in Q1 to 185,000 units by Q4. By 2023, the growth trend has only gotten stronger, with EV sales increasing from over 300,000 units in Q1 to 375,000 units in Q3. When compared to the same period in 2022, this remarkable number indicates a startling 58% growth. June 2024 saw the sale of 120,314 plug-in electric vehicles (PEVs), comprised of 96,666 battery electric vehicles (BEVs) and 23,648 plug-in hybrid electric vehicles (PHEVs).

In the first quarter of 2024, electric vehicles accounted for approximately 7.9% of overall vehicle sales in the U.S. Moreover, California is the country with the highest number of EVs, boasting approximately 1.1 million electric vehicles. Florida and Texas follow with 231,000 and 210,000 EVs, respectively. Notably, California also has the highest density of EVs, with 3,026 electric vehicles per 100,000 people.

Leading Manufacturers

Several major businesses dominate the competitive landscape of the US EV market. In 2023, Tesla dominated the market with an impressive 654,888 units sold, significantly outpacing its competitors. Ford sold 72,608 EVs, securing second place, while Chevrolet sold 62,988 EVs. Other notable players include Hyundai, which sold 57,561 units, and Rivian, with 50,189 sales. Luxury brands like BMW and Mercedes also maintained a strong presence, selling 45,417 and 40,458 units, respectively.

The popularity of Tesla's models further shows its dominance. With 394,497 sales in 2023, the Tesla Model Y became the best-selling electric car in the United States. The Model 3, which is renowned for its performance and affordability, comes in second. Ford's Mustang Mach-E, Chevrolet's Bolt EV, Hyundai's Ioniq 5, and Rivian's R1T are other well-liked vehicles that appeal to different customer tastes.

In the United States, EV customers' demographics differ greatly by brand. The majority of Tesla customers are men, about 48 years old and becoming more diverse in cities. Ford's models, on the other hand, have more balanced gender representation and appeal to a wider age range. The Chevrolet Bolt EV and Hyundai Ioniq 5 attract younger families, while Rivian buyers tend to be younger outdoor enthusiasts. Luxury brands like BMW and Audi cater to older, highly educated buyers, primarily in affluent urban areas.

Interestingly, California remains the leader in EV adoption, accounting for nearly 60.5% of Tesla's market share in the state. Ford's Mustang Mach-E finds favour in the southeastern United States, particularly among SUV buyers. Meanwhile, Chevrolet's Bolt EV and Hyundai's Ioniq 5 thrive in California and Oregon due to their affordability and environmental priorities.

One important element fostering the rise of electric vehicles is the development of EV infrastructure. With 5,952 Supercharger stations nationwide in 2023, much more than all other operators combined, Tesla made charging more convenient for its owners.

Furthermore, the price range for EV models varies widely, Tesla's models are priced between $40,000 and $90,000, while Ford's Mustang Mach-E and F-150 Lightning range from $35,000 to $65,000. As consumers become increasingly cost-conscious, the affordability of EVs plays a crucial role in their purchasing decisions.

Electric vehicles, particularly popular models like the Tesla Model 3 and Model Y, can achieve significant emissions reductions. Studies indicate that they produce around 60-65% less greenhouse gas emissions compared to average gasoline cars, equating to the emissions of a vehicle achieving over 160 miles per gallon. This environmental advantage, combined with robust charging infrastructure and technological advancements, positions EVs as a key player in the effort to reduce carbon footprints.

As Americans choose more environmentally friendly modes of transportation, the EV industry is expected to continue growing due to rising sales, developing infrastructure, and a growing range of models.