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2023/02/21
According to TrendForce’s latest research, global sales of new energy vehicles (NEVs) rose by 636% YoY to 1065 million units for 2022 Of this total, sales of battery-electric vehicles (BEVs) comprised 789 million units and registered a YoY growth rate of 687%; and sales of plug-in hybrid electric vehicles (PHEVs) comprised 274 million units and registered a YoY growth rate of 508% 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 166% Conversely, BYD raised its market share for BEVs to 115% 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 345% 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 1451 million units and registering a YoY growth rate of 362%
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2023/02/09
According to TrendForce’s analysis, global car sales dipped by 01% YoY to 8105 million vehicle units for 2022, showing almost no change from the 2021 figure However, there is a chance for the global car market to return to positive growth this year TrendForce currently projects that global car sales will increase by 38% YoY to 841 million vehicle units for 2023
TrendForce’s data reveal that car sales in China totaled 269 million vehicle units for 2022, reflecting a YoY growth of 37% China’s demand has been the key pillar that supports the entire global market for new cars Conversely, the annual car sales figures from the US and Western Europe both came to a decade low for 2022 The US posted just 137 million vehicle units, reflecting a YoY decline of 81% Western Europe posted just 118 million vehicle units, reflecting a YoY decline of 46% The new car market of Eastern Europe recorded a YoY drop of 273% as well for 2022 Due to the impact of its military conflict with Ukraine, Russia saw a contraction of around 1 million vehicle units in new car sales compared with 2021 Turning to the emerging markets, their performances were relatively strong in 2022 With an annual sales figure of 43 million vehicle units, India overtook Japan to become the world’s third largest car market for the first time Also, car sales in Indonesia registered a positive growth for the second consecutive year and returned to the pre-pandemic level
TrendForce points out that carmakers still sit on a certain amount of unfulfilled vehicle orders that have been carried over from last year Therefore, a part of the projected sales growth in 2023 will be attributed to this demand By region, China’s new car market will show a small or flat YoY growth for 2023 mainly because of the change in the vehicle purchase tax on cars that run on fossil fuels This tax was halved last year, thereby encouraging Chinese consumers to purchase new cars in advance Consequently, car sales in this country cannot be easily drummed up this year A stronger policy incentive might be needed in order to effectively stimulate demand
Turning to the US, there is a potential for growth in 2023 because its sales figure for 2022 is a low base for comparison Furthermore, there are signs that consumer confidence has returned in this country On other hand, the average price for new cars in the US has been on a very sharp upward climb, and the recent hikes in interest rates have created an unfavorable situation for people that want to obtain auto loans The effects of these trends on the US car market cannot be ignored As for Western Europe, its sales figure for 2022 is also a low base for comparison However, the Russia-Ukraine military conflict continues, and the challenges associated with the region-wide energy shortage have yet to be resolved These factors will influence the growth of the Western European market during 2023
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2022/11/24
TrendForce’s latest research finds that global sales of new energy vehicles (NEVs), which encompass battery-electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel-cell vehicles (FCVs), rose by 70% YoY to 287 million units for 3Q22 Of the quarterly total, BEV sales accounted for 2147 million units and registered a YoY growth of 75%, whereas PHEV sales accounted for 714,000 units and registered a YoY growth of 57%
In the global ranking of BEV brands by vehicle sales for 3Q22, Tesla took first place with 344,000 units While Tesla managed to maintain its market share at 16%, its lead over second-placed BYD in sales figure had narrowed further BYD sold 259,000 BEVs in 3Q22, posting a massive YoY growth of 182% It is also worth noting that the gap between Tesla and BYD in BEV sales has been smaller than 100,000 units for two quarters straight SGMW and Volkswagen respectively stayed at third and fourth in the ranking, showing no change from the previous quarter As for fifth to 10th, TrendForce especially points out that these places were all taken by Chinese brands Looking at the global top 10 BEV brands for 3Q22, MG Motor (that has been acquired by SAIC Motor) and Geometry entered this group for the first time mainly thanks to the robust demand from China Conversely, Hyundai, Kia, and XPeng Motors were pushed out of the top 10 XPeng stated that the deliveries of its new electric SUV G9 would ramp up this October Whether XPeng will remain in the group of top 10 for 2022 depends on its performance in the fourth quarter
Turning to the global ranking of PHEV brands by vehicle sales for 3Q22, BYD was at the top with 279,000 units and held a market share of 391% As for other PHEV brands, they still were unable to raise their market shares above 10% even though they posted a QoQ increase in vehicle sales Looking at the two German luxury car brands that are involved in the PHEV segment, Mercedes-Benz rose to second place in the ranking because of a QoQ gain for vehicle sales in both the home market and China BMW saw falling sales for its PHEVs in Europe, so it posted a decline in units and slipped down in the the ranking Chinese brand AITO entered the group of the global top 10 PHEV brands for the first time in 3Q22 and was immediately placed fifth AITO is a brand under Seres and is in close cooperation with Huawei, and its vehicle models feature many technologies from Huawei as well Going forward, the market performances of AITO’s vehicles will actually be an important indicator of Huawei’s progress in the development of an automotive business
Moving into 4Q22, TrendForce believes that autumn releases of new vehicle models and year-end promotional activities will be the main drivers of car sales worldwide Consumers have been waiting for new vehicle models or new generations of the existing vehicle models This is one of the reasons why some carmakers saw declining vehicle sales in 3Q22 Therefore, these same carmakers could still get a boost in annual vehicle sales from their performances in the fourth quarter As for the Chinese NEV market, it will stay fairly hot in 4Q22 as car brands operating there continue to provide incentives for vehicle purchases Furthermore, Chinese consumers still want to take advantage of their government’s NEV subsidy program before its termination
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2022/08/16
The new car market remained under the shadow of supply chain shortages and the pandemic in 2Q22 but new energy vehicles (NEVs including battery electric vehicles, plug-in hybrid electric vehicles, and fuel cell vehicles) still outperformed gasoline vehicles and maintained positive growth According to TrendForce data, total sales of NEVs in 2Q22 reached 2192 million units, 535% YoY Sales of battery electric vehicles (BEV) reached 1608 million units, 649% YoY, and sales of plug-in hybrid electric vehicles (PHEV) were 580,000 units, 29% YoY
In BEV brand rankings, although TESLA still tops the list, its market share has dropped sharply and the company’s single-quarter market share has dropped from 201% in 1Q22 to a new low of 159% Due to the loss of production capacity coming from TESLA's Shanghai plant in April caused by China's lockdown measures and the fact that mass production has yet to begin at TESLA's Berlin plant and Texas plant, capacity allocation has become a headache for Tesla At present, in addition to industriously increasing the mass production capacity of its new plants, Tesla is also upgraded its Shanghai plant in July to increase production capacity However, TrendForce believes that it is becoming increasingly difficult for TESLA to recover greater market share as traditional automakers are narrowing the gap with TESLA including in accelerating vehicle launches, increasing the variety of models, strengthening factory manufacturing capabilities, and accelerating iterations of assisted driving systems
Second-ranked BYD has provided a wealth of options in terms of car models and its global market share has risen from 93% in 1Q22 to 112% Chinese brands landed six of the top 10 ranks in 2Q22 due to their huge market advantages Among the top 10 brands that do not rely on China as their most important market are Hyundai and KIA Their primary markets for BEVs are South Korea, Europe, and North America It is worth mentioning that luxury automakers BMW and Mercedes-Benz have climbed to 12th and 14th place after accelerating their transition to BEVs
In terms of PHEVs, BYD ranked 1st with sales of 173,000 units in 2Q22 and a market share of 298% Furthermore, in addition to another automaker which focuses on PHEVs, Li Auto, making it onto the ranking, the top 10 also includes MG (acquired by Shanghai Automobile) and LYNK & CO (a joint venture established by Geely Automobile and Volvo), which have taken advantage of booming demand in China’s domestic market Contrarily, PHEVs in the European market have experienced negative annual growth for two consecutive quarters, inhibiting the growth of European brands PHEVs are hybrids that still emit carbon during in use, but are considered a good alternative for reducing carbon emissions in large and high-emission vehicles Jeep, owned by Stellantis, has remained in the top 10 for four consecutive quarters after turning intently to PHEV electric vehicle technology
Although many obstacles remain for the production processes of the automotive market, TrendForce expects conditions to gradually improve in 2H22 The growth trend of NEVs will remain unchanged and the overall sales forecast remains optimistic The penetration rate of NEVs in the overall automotive market is expected to reach 13% in 2022
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
2022/07/18
According to TrendForce research, sales of electric vehicles (EVs) that can be externally charged or refueled such as BEVs, PHEVs, and FCVs are estimated to exceed 25% of global new vehicle sales by 2025 The main driving force in the market comes from accelerated worldwide decarbonization In order to meet the goals of carbon neutrality, nations and corporations will eliminate internal combustion vehicles that are highly dependent on fossil fuels and also major carbon emitters
Many industries have ascended along with EVs and charging facilities are one of the largest non-vehicle business opportunities The extensiveness of charging facilities is key to the sustainable growth of EVs in any given country According to TrendForce's observations, national budgetary allocations will accelerate towards supporting the construction of charging facilities and establishing systems and standards In addition, the ratio of chargers per EV has also been separated from evaluation benchmarks based solely on quantity of chargers constructed Instead, proper planning is to be carried out according to different locations and specifications which means there are many developmental aspects of charging facilities worth noting, not just quantity constructed
According to TrendForce, the development of charging technology is closely linked with vehicles and facilities including high-voltage fast charging, vehicle-to-grid (V2G), and Plug & Charge, all of which require vehicle and facility collaboration In addition, the imminence of global net zero not only accelerates the production and sales of EVs, it has also focused attention on power sources for supplying EVs Therefore, the use of renewable power generation in charging stations has also become an important trend
Taiwan plans to ban the sale of internal combustion vehicles in 2040 and the "pledge to zero-emissions vehicles" signed at the COP26 United Nations Climate Change Conference also aims to achieve zero emissions for new cars and vans worldwide by 2040 and zero emissions in leading markets before 2035 This period will see a surge in the development of the EV and charging industries
TrendForce will premiere our webinar "Charging Battle for a Low-Carbon Future, Key Deployment in the Electric Vehicle Industry" at 10:00AM on July 13 (Wednesday) The event will be attended by TrendForce Research Manager Caroline Chen and two industry representatives who will share their experience in the current development, key issues, and future trends related to EVs and extend their perspective into the growth prospects of charging facilities
For additional insights from TrendForce analysts on the latest tech industry news, trends, and forecasts, please visit our blog at https://insidertrendforcecom/
