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

The Electric Vehicle (EV) market monitor by The ICCT, available in our database, revealed that the sales of light-duty electric vehicles reached an impressive 10.4 million in 2022. These EVs accounted for nearly 13% of the approximately 82 million new light-duty vehicles sold worldwide. With the global shift towards sustainable transportation, it is evident that EVs are gaining significant traction in the market.
China emerged as the largest EV market in the world, both in terms of EV market share and absolute sales of EVs. In 2022, approximately 4.6 million EVs were sold in China, constituting about 24% of all new light-duty vehicles sold in the country. This marked a substantial increase from the 13.5% EV share in 2021. Notably, China’s dominance in the EV sector was primarily driven by three manufacturers: SAIC Motor, Tesla, and BYD.

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

Graphs showing the top 10 sold EVs in India, China, Europe, and the USA
Source: Electric vehicles market monitor for light-duty vehicles: China, Europe, United States, and India, 2022 | The ICCT
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