In the past ten years, the global market share for electric vehicles has grown by a huge amount, and we expect this trend to continue at a very fast rate. In terms of sales of electric cars, 2020 was already a big step forward. 2021 is a whole new story. It is proliferating. In this blog, let us dig into the statistics for the market share of BEV companies in the first half of 2022.
Even though there have been problems with the supply chain, sales of electric cars are still going up. From January to May of 2022, nearly 3 million fully electric cars were sold around the world, compared to 1.7 million during the same time frame in 2021. (An increase of more than 80%). Analysts think that the market should reach 7 million cars sold this year. This is because sales tend to be strong in the last few months of the year.
Electric cars are becoming more and more popular, which is making manufacturers compete even harder. With more than 13% of sales in the first five months of the year, Tesla still has the most “all-electric” new registrations around the world. But the gap between it and its competitors is getting smaller. The SAIC-GM-Wuling joint venture is in second place with 9.3% of the market. China’s BYD, which is growing quickly, and Germany’s Volkswagen are both close behind with 8.5%.
Global electric car sales as of the end of May 2022
In May 2022, there were 699,000 sales of electric cars around the world. This was up 55% from May 2021 and gave electric cars 12% of the market in May 2022 and 11% so far this year.
China sold 403,000 electric cars, which was 109% more than in May 2021. In China, electric cars made up 31% of the market in May and 25% year-to-date.
183,000 electric cars were sold in Europe. This was a 3% increase from the same month the year before. In May 2022, Norway had an 85.1% share, Sweden had 47.5%, the Netherlands had 32%, Germany had 25%, France had 21%, and the UK had 18.3%.
EVs now make up 6% of the US car market, with Tesla leading the way. The number of electric vehicles on the US car market is growing. In May, 6,1% of all new cars sold were electric, which is a record high. The new numbers show that the number of EV sales is up 70% from the same month last year. And once again, Tesla was the leading on the list. They sold 70% of all EVs, which is up from 63% a year earlier. This was mostly because of the Model 3 and Model Y.
In the last six months, the US, Europe, and China, the world’s three biggest car markets, have all moved past the 5% tipping point. If the US follows what 18 other countries have done, electric cars could make up a quarter of new car sales by the end of 2025. Most big predictions say that would happen a year or two earlier.
How quickly are people switching to EVs?
19 countries have reached 5 percent, which means that everything will change from then on. The US joins the list of countries that have a lot of EVs.
|Country||EV sales in Q1 2022||EV share of new cars||First quarter to cross 5%|
|New Zealand||2,896||6.2||2021 Q3|
|South Korea||29,306||6.5||2021 Q2|
|United Kingdom||68,954||16.5||2020 Q2|
|United States||172,748||5.3||2021 Q4|
Is it inevitable that the world will switch to EVs?
So far, the US, China, and Europe have sold 90% of all EVs in the world. That means that countries that sell about a third of the world’s cars each year haven’t reached the tipping point yet. None of the countries in Latin America, Africa, or Southeast Asia have made the jump. If they do, it’s not clear if mines around the world will be able to keep up with the demand for metals used in batteries.
Still, reports say that sales of electric cars have tripled in the last two years. All of the net growth in car sales around the world in 2021 came from sales of electric cars, which is a trend that experts think will keep going on forever. This year could be the most cars on the road that don’t have a plug.
Using the “tipping point” theory to look at the whole world, the number of fully electric cars around the world passed the 5% mark for the first time last year. When plug-in hybrids are counted, the 10% mark will be passed this year. If the trends continue, it is likely that demand will grow faster.