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Terminology
BEV = Battery Electric Vehicles
PHEV = Plug-in Hybrid Electric Vehicles (internal combustion engine with larger battery and plug)
NEV = New Electric Vehicles - Rechargeable (with plug) total of BEV + PHEV
HEV = Hybrid Electric Vehicles (internal combustion engine with small battery and no plug)
ICE = Internal Combustion Engine Vehicles without battery
MoM % = Month over Month Registrations % Growth/Decline
QoQ % = Quarter over Quarter Registrations % Growth/Decline
YoY % = Year over Year Registrations % Growth/Decline
Key Insights: - December 2023
Yearly Insights - (2023 vs 2022)
- Increase of BEV Registrations (6379 vs 2827) by +125,65% YoY - best year so far!
- Increase of PHEV Registrations (8836 vs 5493) by +60,86% YoY - best year so far!
- BEV-PHEV mix moved in favor of BEV this year: (41,93% - 58,07%) compared to last year: (33,98% - 66,02%)
- Increase of BEV Market share (4,74% vs 2,68%) - best year so far!
- Increase of PHEV Market share (6,57% vs 5,21%) - best year so far!
- Decrease of ICE Market share (58,19% vs 64,60%) - worst year so far!
Quarterly Insights - (2023 Q4 vs 2022 Q4)
- Increase of BEV Registrations (1436 vs 834) by +72,18% YoY
- Increase of PHEV Registrations (2795 vs 1573) by +77,69% YoY - best quarter so far!
- Increase of BEV Market share (4,79% vs 3,73%)
- Increase of PHEV Market share (9,32% vs 7,03%) - best quarter so far!
- Decrease of ICE Market share (51,48% vs 61,39%) - worst quarter so far!
Monthly Insights - (December 2023 vs December 2022)
- 12509 Total BEVs Registered so far (since 2019)
- Increase of BEV Registrations (577 vs 310) by +86,13% YoY
- Increase of PHEV Registrations (666 vs 515) by +29,32% YoY
- Decrease of ICE Registrations (3903 vs 4110) by -5,04% YoY
- Increase of BEV Market share (7,00% vs 4,78%) - best month so far!
- Increase of PHEV Market share (8,07% vs 7,94%)
- Decrease of ICE Market share (47,32% vs 63,37%) - worst month so far!