According to TrendForce’s latest research, global sales of new energy vehicles (NEVs) rose by 63.6% YoY to 10.65 million units for 2022. Of this total, sales of battery-electric vehicles (BEVs) comprised 7.89 million units and registered a YoY growth rate of 68.7%; and sales of plug-in hybrid electric vehicles (PHEVs) comprised 2.74 million units and registered a YoY growth rate of 50.8%. China and Western Europe remained the two largest regional markets for NEVs by vehicle sales in 2022, but the difference between them in terms of percentage of the annual global sales widened further. China’s share of the global market reached 63%, whereas Western Europe’s share came to 29%. In this press release, NEV as a category encompasses BEVs, PHEVs, and fuel-cell vehicles (FCVs).
BEV Further Caught Up to Tesla in Market Share for BEVs by Offering Low-Priced Models
In the BEV market, Tesla remained the top brand by vehicle sales for 2022, but its market share slipped to 16.6%. Conversely, BYD raised its market share for BEVs to 11.5% in the same year and narrowed the gap with Tesla to just around 5 percentage points. BYD’s growth was mainly attributed to its popular electric subcompact hatchback named Dolphin. With an emphasis on affordability, this model accounted for 23% of BYD’s BEV sales in 2022. Moving into 2023, Tesla and BYD have adopted noticeably different strategies. Tesla have slashed vehicle prices across all regions where it operates. As for BYD, it has taken up the challenge of establishing itself in the high-end segment of the BEV market by creating an offshoot luxury car brand named “YangWang”. Looking at the ranking of the top 10 BEV brands by vehicle sales for 2022, there were some changes from the preceding year for places from 5th to 10th. Ora, XPENG, and Renault exited from the top 10 group, whereas the long-established luxury car brand BMW entered the group for the first time and took 9th place by doubling its BEV sales.
BYD Remained Leader in PHEV Sales for 2022, Whereas European and Japanese PHEV Brands Experienced Decline in Sales
In the PHEV market, BYD was at the top of the 2022 ranking with 946,000 units and a massive YoY growth rate of 247%. BYD’s market share also expanded rapidly to 34.5%. Other PHEV brands were unable to raise their market shares significantly in 2022. The positions of the luxury car brands BMW and Mercedes-Benz stayed the same in the ranking. Li Auto performed relatively well because it had expanded the range of its offerings, so it rose to 5th place. Jeep took 7th place owing to the rise in the sales of its PHEVs in the US. Conversely, Volvo, Volkswagen, and Toyota all posted a drop in sales and market share. Audi, which was 7th place in the 2021 ranking, exited the top 10 group in 2022. TrendForce says even though PHEV sales doubled in China in 2022, the European market experienced decline during the same year. As for 2023, PHEV sales in different regional markets will be dependent on brands’ respective strategies.
TrendForce also points out that carmakers are steadily improving vehicle production flow this year. With the effects of the COVID-19 pandemic gradually fading away, consumers are raising the mobility demand related to work and leisure. This development will contribute to the growth of car sales. On other hand, global inflation, rising interest rates, and the recent wave of corporate layoffs are going to impact consumer confidence during this year. Current observations indicate that the mood of the car market is mixed. Still, global NEV sales are projected to keep rising in 2023, reaching an annual total of 14.51 million units and registering a YoY growth rate of 36.2%.
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