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TrendForce’s latest market report on EV installers reveals that their global installation volume reached 7.14 million units in 4Q23—a roughly 12% increase from 6.39 million units in 3Q23. This growth is primarily due to the increase in EV sales in the last quarter compared to the third quarter. Among these, the inverter market’s main driving force comes from BEVs.
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 reports that the global sales volume of NEVs (including BEVs, PHEVs, and FCVs) is estimated to reach approximately 12.8 million units in 2023. Regional market sales shares are expected to be 60% in China, 22% in Western Europe, 11% in the United States, and 6% in other regions, with China’s market demand distinctly in the lead.
TrendForce’s latest investigations reveal groundbreaking developments in the NEV sector for 3Q23. Total sales of NEVs, including BEVs, PHEVs, and FCEVs, soared to 3.455 million units and registered a substantial 28.1% YoY growth. While BEVs accounted for about 70% of these sales, the standout performers this quarter were PHEVs, which saw a staggering YoY growth of 47.8%—contributing significantly to the momentum of the NEV market.
In this press release, TrendForce details the major trends that are expected to take place across various segments in the tech industry in 2024, as follows:
