EV Market Booms: 11M Units By 2022
More and more people are buying electric vehicles because of the latest trends in the automobile industry. This includes electrification, connectivity, autonomous driving, and sharing. In 2022, there were almost 11 million EVs worldwide. This means that they have a penetration rate of 14%. The EV market is growing rapidly!
The Chinese market made growth happen. High oil prices, government help, and discounts from car makers helped sales. In 2022, almost 7 million electronic vehicles sold in China. That's a 31.3% penetration rate.
BYD, Tesla, and SAIC-GM Wuling were the biggest players worldwide, holding 36.11% of the market in 2022. In China, BYD, SAIC, and Tesla were the top dogs, with a 53% market share. Local brands were the main players in the Chinese market, with Tesla being the only foreign brand in the top 10. IDC gave some advice to EV makers.
