Every tenth car sold in the world is electric: the results of 2022 for the electric car market
After a two-year pandemic crisis in electric car sales, 2022 turned out to be a blast. All of the world's major car manufacturers are trying to capture a niche in the rapidly growing market, and governments around the world are legally incentivizing the transition to zero-emission vehicles.
Main trends of 2022
The DIGITIMES Research analysts noted that the annual sales of electric vehicles in 2022 reached 9.78 million units, representing a 49% increase over the previous year. One out of every ten cars bought in the world was electric. This is a record-breaking historic figure.
The dominance of zero-emission cars over hybrids is another recent trend. According to LMC Automotive and EV-Volumes.com, of all the electric cars sold in 2022, 7.8 million units are all-electric vehicles (BEVs) and the rest are hybrids. The BEV sales growth for the year amounted to 68%.
Market by country
The world's largest electric car market is in China. In 2022, 60% of all new electric cars were sold here. China is followed by Europe at 24% and the United States at 9%.
The production of electric cars is one of the fastest growing industries in China. In 2022, the manufacturer Wuling Hongguang Mini EV outperformed Tesla products in terms of sales. For the first time in the country's history, this brand's electric car has become more marketable than fuel-powered models.
Projections
Experts amicably predict rapid growth of the electric car market. According to a number of estimates, in 2023 the volume of electric car sales will amount to 14 million units, the market will grow by 70%.
BloombergNEF believes that by the end of the decade, the share of electric cars in the world could reach almost 40%.
The world's leading car manufacturers say they are willing to invest billions of dollars to develop and produce electric cars, as well as batteries and raw materials to support this production. All of this bolsters the projections of a growing demand for zero-emission vehicles.
Obviously, the shift toward environmentally friendly vehicles has already taken place and the production will continue to grow at an accelerating pace. And those companies that will be able to offer the market products with a unique competitiveness are bound to be successful.