Global electric vehicle market 2022: China and Europe are against the trend, Tesla is only leading in the US

The overview of the global electric vehicle market in 2022 is succinctly presented through sales and market share in three regions of Europe, the US and Asia.

In the midst of a relatively bleak car market in 2022, sales of electric vehicles stand out as a bright signal. Compared to the same period last year, global BEV sales in the first half of 2022 increased by 81%. The market share of electric vehicles has also increased significantly, especially in Europe.

Currently on the market there are three main types of electric vehicles:

BEV (Battery Electric Vehicle): completely electric.

PHEV (Plug-in Hybrid Electric Vehicle): also known as plug-in vehicle, parallel use of battery-powered electricity and gasoline / oil, needs to be plugged in to charge the battery.

HEV (Hybrid Electric Vehicle): also known as hybrid vehicle, hybrid vehicle, using a conventional gasoline engine as the main source of power, but also being operated by an electric motor to some extent.

Sales in the US

After a period of slow going to regain momentum, the US BEV market has continuously recovered, with a 78% increase in the first 6 months of 2022 compared to the same period in 2021. BEV market share has tripled within 18 months from 1.6% in 2020 to 4.8% in the first 6 months of 2022. Tesla is the leader with significant profit margins, with Ford and General Motors also vying for the position. number two.

Sales in Europe

Although growth has slowed somewhat due to component supply issues, BEV sales in five major European markets (France, Germany, Italy, Spain and the UK) are still up 24% year-on-year in 2021. , especially in the UK. Electric vehicles are becoming so evidently mainstream that the UK government has removed the £1500 per purchase subsidy. Germany is also cutting incentives for BEVs from 2023, while incentives for PHEVs will expire at the end of the year.

In the first half of 2022, PHEV sales in this region were down 14% y/y. This is because OEMs are giving BEV priority over PHEV to meet the emission reduction target set by the European Union.

Sales in Asia

China is a huge contributor to global electric vehicle sales, with BEV sales doubling in the first quarter of 2022 from the same period a year earlier, reaching two million units in the first half of 2022. The Covid pandemic has disrupted supply chain disruptions and a decline in demand, however, the country’s OEMs have been extremely focused on BEV production, thereby ensuring incredible growth.

As for PHEVs, in contrast to Europe, sales of this model in China increased impressively fast, reaching 170% compared to the first quarter of 2021. The reason is that the number of BEV batteries on the market is not much, but the cost is expensive. production costs are getting more and more expensive.

Currently, the market share of Japanese electric vehicles is more than 50%, but mainly HEV and PHEV vehicles, while BEV accounts for only 1%. In Korea, BEV is also growing rapidly. In 2022, the BEV market share was only 2% and now it has reached 10%.

Below is a list of 10 electric car models with the largest sales in 2022 in the three regions mentioned above.

Reference from: PwC report