Tesla Grows its Global EV Market Share Despite Larger Market with More Players

Tesla Grows its Global EV Market Share Despite Larger Market with More Players

For three quarters of 2020, a little more than 1.2 million BEVs were sold in the world. According to the data, despite the increase in the number of companies producing BEVs, Tesla's share in this market actually grew, and continues to do so steadily. This is a major achievement, reflecting next-level demand and phenomenal brand recognition.

Furthermore, in the past years, governments around the world have begun to implement laws and offer incentives that encourage consumers to use electric vehicles instead of their combustion engine equivalents. This is why the broader electric vehicle market is growing.

In nine months of 2020, Tesla (NASDAQ: TSLA) was able to take a staggering 26% share of the BEV market, reflecting a 3% increase over 2019, when its share was 23%. Let's take a closer look at this.

Every year, new companies producing BEV car models continue to enter the market. At the same time, those who have produced electric vehicles in the past continue to ramp up production, bringing more and more electric vehicles to market.

As the overall market gets bigger, there are more players as well. In such a situation, when sales of all manufacturers continue to grow, their market share begins to decline, which is logical. Nevertheless, Tesla's market share has only continued to increase, which indicates that the company's electric vehicles stand out in a qualitative way 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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Article edited by @SmokeyShorts, you can follow him on Twitter

About the Author

Eva Fox

Eva Fox

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.

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