Global EV Market: Strong Sales Growth and China’s Dominance

Europe also witnessed a notable surge in EV sales, with EVs accounting for 21% of all new light-duty vehicles sold in the region in 2022, up from 17% in the previous year. Among the top-selling battery electric vehicle (BEV) models in Europe, the Tesla Model Y and Model 3 continued to maintain a significant market share, comprising 12% of BEV sales in the region.

Meanwhile, the United States experienced a steady increase in its EV market share, reaching 7.3% in 2022, compared to 4.8% in 2021. Although more EV models became available in the US market in 2022, Tesla remained the leading manufacturer, with its Model Y and Model 3 accounting for 55% of all BEV sales.

In India, the EV market share increased slightly to 1.2% in 2022, but it still lagged behind the major markets. Tata Motors, the second-largest auto manufacturer in the country, emerged as the top seller of BEVs, thanks to the strong performance of its Nexon and Tigor models. The Tata Nexon alone accounted for a staggering 60% of BEV sales in India in 2022.

The report also highlighted the dominance of certain BEV models in different regions. In Europe and China, the top 10 best-selling BEV models accounted for approximately 40% and 55% of total BEV sales, respectively. In the United States, these models represented a larger portion, comprising 83% of BEV sales, while in India, they accounted for almost the entirety of BEV sales at 98%.

As the global transition towards electric mobility continues, it is evident that China remains at the forefront of the EV market. However, other regions such as Europe and the United States are also witnessing significant growth in EV adoption. With the increasing availability of EV models from both legacy automakers and new players, the future of the electric vehicle market looks promising, providing a sustainable and greener alternative for transportation worldwide.

Source: Electric vehicles market monitor for light-duty vehicles: China, Europe, United States, and India, 2022 | The ICCT