Global EV sales continued to exhibit prominent growth in 2022, amounting to 9.78 million units, as opposed to the overall automotive sales worldwide that again came short of expectation, according to the latest figures collected by DIGITIMES Research.
The volumes of EVs sold in China and the US soared more than 70% and 40% from a year ago, respectively, while European EV sales only showed single-digit growth. Global EV sales are projected to exceed 14 million units in 2023 with the China and US markets still to perform brilliantly and Europe to again see moderate growth.
According to the statistics from automobile associations around the world, 2022 global automotive sales came to 81 million units, representing only a 5% increase in the midst of the chip shortage. In contrast, 2022 global EV sales surged 49%. China, Europe and the US are the top-3 EV markets, with China accounting for more than 60% of the worldwide market, the figures show.
The Chinese government's implementation of a series of subsidy programs led to outstanding 2022 EV sales, upsurging 79% from the prior year's level. Europe, the second-largest market, only exhibited 5% on-year EV sales growth due to the impact of geopolitical tensions. The US, in third place, enjoyed a 48% upswing in EV sales compared to a year ago since consumers there are turning to embrace the newly released electric SUVs and pickup trucks and government incentives for EV purchases grow appealing to buyers.
Looking into the global EV market in 2023, DIGITIMES Research expects EV sales to top 14 million units. China and the US will again show high growth as the Chinese government has extended the EV purchase tax exemption till year-end 2023 and American automakers continue adding EV production lines while the US Inflation Reduction Act (IRA) has broadened the subsidy programs. European automakers, on the other hand, stay committed to their EV investment plans but continue to face the implications of the Russia-Ukraine war.
