Global EV Market Witnesses Decent Growth in 2022; China Grabs Over Half of the Total Sales

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As the third largest market, US witnessed a 72% growth in EV sales from 2021, and EVs accounted for 7% of new vehicles sold in 2022 there

As per the latest research by Canalys, the global sales of electric vehicles (EVs) grew by 55% year-on-year to reach 10.1 million units in 2022. The report further pointed out that Mainland China stood as the largest EV market, selling around 59% of the total EVs sold around the world last year. It was followed by Europe, where around 2.6 million units were sold, accounting for about 26% of the total EV sales worldwide. The USA came off as the third largest market, with 9% of worldwide EV sales. Canalys saw positive signs of growth in the US, with 920,000 EVs sold in 2022, up 72%.

Based in Shanghai, Canalys Principal Analyst, Jason Low remarked: “Buyers are spoilt for choice. From inexpensive city cars to luxury vehicles, there are EVs at every price point and in every car segment. Most Chinese car-makers, including BYD, NIO and Xpeng, expanded their EV offerings in 2022. They have been investing heavily to improve the performance and range of their EVs and develop new models to meet growing demand. BYD held first place in EV sales in 2022, both in China and worldwide. Six BYD model families appeared in the top 10 model list in China. The Wuling Hongguang Mini EV has been a success story in the Chinese EV market and will dominate the tiny city EV sector again in 2023. Tesla remains a major player in the country, and its price cuts, at a time when subsidies are being removed, will put pressure on its competitors. GAC made it into the top 10 with the Aion Y.”

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Chief Analyst Chris Jones commented the following on the European trend: “Demand for EVs was good in 2022, but supply was constrained, and like the other major markets, changes to EV subsidies in many European countries disrupted the end of the year, and will also affect 2023. Consumer demand is spread across many brands and models, with no single EV model accounting for more than 6% of the market in 2022. Tesla held the top two positions, while Stellantis kept two models in the top 10, with EV variants of popular compact cars – the Fiat 500e and Peugeot e-208. Volkswagen Group had four models in the top 10, but it must keep its momentum with new model launches to stay competitive in 2023.”

About US sales, Jones said, “The EV percentage share of vehicles sold in the US will only mirror the growth in Mainland China in the last two years when EV customers have choice across all vehicle sectors – they don’t today.” Tesla held the top two spots and accounted for well over 50% of EV sales in 2022. Despite several EV launches in 2022, no other model has more than a 5% share. Ford held third place with the Mustang Mach-E, but as Jones explains, “All other brands competing in the premium SUV EV segment have struggled to make an impact due to the continued success of the Tesla Model Y.” Many EVs will not be eligible for tax credits in 2023, including two models from Hyundai/Kia that made it into the top 10 in 2022. “Several EV pick-up trucks have launched,” said Jones, “but despite pick-ups being the most popular vehicle type in the US, no EV variant has made it into the EV top 10 so far.”

Canalys is an independent analyst company which delivers smart market insights to IT, channel and service provider professionals around the world. EVs include battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).


 

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