Market share is the percentage in which it calculates the total sales or revenue in a market that
the business generates. Market share is calculated by the total number of units sold by the
company over a period divided by the total sales of the market over the same period then times
a hundred which gives the total market share of the business. Tesla vehicle deliveries reached
500,000 units in 2020 and the total revenue that Tesla generated was 31.53 billion in 2020.
Tesla's global EV market share is 13.9% in 2021, which means Tesla has a high market share
which contributes to the greater sales that Tesla generates which can increase the amount of
revenue that Tesla makes annually. Market share has enabled Tesla with insight information
and knowledge into the size of their business in comparison to the rest of the market as well as
its competitors such as Toyota and Volkswagen, among others... As we all know, Tesla has a
larger market share, which has contributed to the company having the build-up of high brand
awareness of their brand as a whole, which further led to the increased recognition of their
product and brand identity as a whole which assisted and contributed towards their large
market share. Moreover, brand awareness can help attract suspects, prospects, and potential
customers to Tesla's products and services. Brand recognition has influenced market share by
enabling customers to build credibility and brand awareness for their goods and services,
resulting in brand choice and brand loyalty. Brand loyalty is extremely beneficial to any business
since it encourages customers to become more devoted and dependable with the brand itself,
a sense in consumer eyes as perceiving the brand as reliable via goods or services in a
marketplace. Tesla's strong brand loyalty has led to the company's high market share and
dominance in the EV sector. An example of this is word of mouth, this is where loyal customers
of Tesla recommend their goods and services to other people, which will bring more potential
customers into the businesses, which will affect the market share to increase, as those potential
customers have now become customers, by buying their first goods and services from Tesla.
Customer loyalty helps Tesla to penetrate your market effectively and maintain or increase
market share. Overall without brand recognition and brand awareness, recurring/repeated
purchases are less likely to occur which will affect Tesla's market share to decrease at that time
period. Brand differentiation has also influenced Tesla's market share, this is because Tesla is a
well stood out brand from their other big competitors, and Tesla has built a positive association
on customer mind-set through the name and a higher perceived value from their competitor.
Tesla is the first electric car company that has fully satisfied customers' needs and wants, they
have built a certain relationship with their customers in which customers have credibility in the
goods and services they provide, to be at the highest quality, premium, and high tech electric
car. The CEO of Tesla, Elon Musk is very different from other car companies CEO, he uses social
media to advertise and promote his goods and services in a way it captivates and makes his
followers (theses can potential customers, customers or loyal customers) on Twitter, to be
intrigued and interested in him and the goods and services he provides which can benefit Tesla
