Tesla continues to occupy a large share of the BEV market, which is rising every year. Thanks to Model 3 and the growing popularity of Model Y, the company continued to dominate the market during the first three quarters of 2020 with a 26% share.
During the first three quarters of 2020, a little over 1.2 million BEVs were sold worldwide. According to the available data, despite the growth in the number of companies producing BEVs, Tesla's share in this market has actually grown and continues to grow steadily. This is a major achievement, reflecting next-level demand and phenomenal brand awareness.
In these nine months of 2020, Tesla was able to take a staggering 26% share of the BEV market. In 2017, Tesla held 13.5% of the market share, in 2018 17.4%, in 2019 22.3%.
Biggest $TSLA myth: Despite a slew of EV launches and hyped up warnings from $TSLA shorts that TSLA EV share is about to slide, the data tells otherwise.— Gary Black (@garyblack00) January 15, 2021
TSLA Global EV share
2020 YTD 3Q 26.0%
Complements to @jpr007, who diligently tracks this. pic.twitter.com/e4MwkrrSM9
By evaluating this, we can trace a pattern. No matter how hard other automakers try, Tesla is a few steps ahead. The company has already established mass production, and further increases in production capacity are proceeding much faster than before. And the characteristics of Tesla cars make them the most desirable electric vehicles in the world, which will not change anytime soon.
In addition, recently, governments around the world have begun to implement laws and offer incentives to encourage consumers to use electric vehicles instead of their combustion engine equivalents. This is why the broader EV market is growing. Despite the fact that this encourages new companies producing BEV models to enter the market every year, Tesla continues to increase its share in it, which underlines the fact that the company's EVs are qualitatively different from all existing ones. It also demonstrates the strength of the brand and its ability to keep consumers within the company.
© 2020, Eva Fox. All rights reserved.
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About the Author
Eva Fox joined Tesmanian in 2019 to cover breaking news as an automotive journalist. The main topics that she covers are clean energy and electric vehicles. As a journalist, Eva is specialized in Tesla and topics related to the work and development of the company.