Global sales of new electric vehicles reportedly reached a record-breaking market share of 10% in 2022, TechGoing reports citing the latest data from LMC Automotive and EV-Volumes.com. As per the report, that figure represents a year-on-year increase from 8.3%.
Chinese and European EV market
Interestingly, China and Europe primarily contributed to the reported sales last year, representing 10% of the global market. It is worth noting that both markets are among the countries that significantly supported EV adoption.
Local automakers from both countries started to transition their portfolios and produce EV models to align with the governments’ electrification drive.
Even more, established automakers continue to optimize their existing EVs to advance in the highly competitive market.
EV sales in 2022
As per the report, global EV sales reached 7.8 million units.
Meanwhile, the United States reported a year-on-year BEV sales growth of 2.6% to 807,180 units in 2022. As per WSJ, EVs accounted for 5.8% of the total auto sales last year.
However, US’ overall car sales saw a YoY decline of 8% in 2022. As per another report, this is affected by global supply chain issues, compelling the automakers to delay production and deliveries.
Nonetheless, 2023 may be a better year for the EV industry. Sales of ten million EVs, or about 14% of the overall car sales, are predicted by S&P Global Mobility this year.
Consumers now have access to new, environmentally friendly powertrains due to the growing EV uptake. Meanwhile, automakers have also gained new revenue sources via subscription-based services and charging infrastructure.
