Global electric vehicle (EV) market sales were 604,135 units in October, with a year-over-year (YoY) growth of 67% and an month-over-month (MoM) decline of 13%. Notably, the proportion of LFP battery hit a record high at 14% (in terms of MWh), and the global EV penetration surpassed 11% while the global BEV penetration was close to 8%, both of which hit all-time highs. The top three EV sales countries (China, Germany and the US) accounted for 74% of the share and the top 10 maintained at 91%, with South Korea, China and Italy having the highest annual growth rates. As for the global EV sales volume in 2021, we still maintain our previous estimate of 6.389M units with a YoY growth of 97%.

 

Taipei, Taiwan, November 10, 2021—According to Worldwide Monthly BEV & PHEV Tracker from Researcher and Research LLC, global EV market sales were 604,135 units in October, with a YoY growth of 67% and an MoM decline of 13%. The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 71% and 29%, respectively.

Moreover, lithium-iron-phosphate (LiFePO4 cathode, LFP) battery continued to hit a record high in the proportion of batteries used in the global EV market (in terms of MWh), reaching 14% in October 2021, mainly driven by shipments from GM (Wuling), BYD, Tesla, Great Wall, GAC and Xiaopeng. “This is in line with our expectations that the proportion of LFP battery used in EV will reach a new high in Q4 this year. Under the dual consideration of cost and safety, we can see more and more EV models in 2022 using LFP battery to achieve the goal of increasing market size at a lower price. Therefore, the use of LFP battery will grow even further. ”said Dr. Y.-C. Hsu, co-founder & CEO at Researcher and Research LLC.

Another record highs were the penetration rates of EV and BEV. Due to continued shortages of automotive chips and related automotive accessories, sales of internal combustion engine (ICE) passenger cars (including light commercial vehicles (LCV) used primarily as passenger cars) kept declining, while the penetrations of EV and BEV continued to grow. The global EV penetration surpassed 11% in October, and the global BEV penetration was close to 8%, both of which hit all-time highs.

Dr. Hsu reminded that “In addition to the relevant subsidy policies of major countries, most OEMs put a lot of resources into developing their EV business, so that EV production and sales this year will not be affected by the supply chain too much. However, it also shows that the current penetration is not demand-driven. Therefore, the best time to observe is whether EV and BEV penetration will continue to grow as OEMs gradually resume normal production and sales plans for ICE passenger cars after the shortage of relevant components is eased.”

In terms of EV sales volume and market share in major countries, as shown in table 1, China remains the world’s largest EV sales country, with October sales of 337,049 units, up 110% YoY and a 56% market share. Germany and the US were the second and third largest countries, with sales of 54,500 and 51,981 units respectively, both with a market share of 9% and annual growth rates of 11% and 50%, respectively. France overtook UK by less than 3,000 units, while Italy returned to the sixth place. South Korea, as usual, outperformed Norway, Sweden and the Netherlands with large LCV sales. However, the EV market in Norway, Sweden and the Netherlands would surpass that of South Korea if the sales of LCV were not included.

In terms of the top 10 annual growth rates, South Korea had the highest annual growth rate of 154%, followed by China at 110% and Italy at 86%. In terms of monthly growth rate, the Netherlands was the only country growing, with a monthly growth rate of 2%, while all other countries showed decline, led by UK at 48% and Norway at 38%. “Share of the top 10 EV sales countries is as high as 91%, indicating a high degree of market concentration, and that of the top 15 is even more than 95%. Coincidentally, the top 15 all have corresponding subsidy policies, which shows the importance of policies to drive the initial growth of the EV market. In 2022, the position of the top 15 will still be solid, with China, the US and Germany remaining the main drivers of market growth.”said Dr. Hsu.

Regarding to the global EV sales volume in 2021, we still maintain our previous estimate of 6.389M units with a YoY growth of 97%.

 

Table 1  Sales units and shares of the top 10 EV sales countries

Table 1 Sales units and shares of the top 10 EV sales countries

 

Note:

Researcher and Research here defines EV as battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV), with passenger car as the primary purpose.

 

 

About Researcher and Research LLC

Established in January 2020, Researcher and Research LLC determined to be one of the best research companies in the field of market and strategy to help our clients think strategically to assess business investments. We will initially focus on research of electric vehicle (EV) market and automakers’ strategy, and then expand into other areas, such as EV battery supply and demand analysis and self-driving technology research. We believe that quality research will lead to a high level of customer and we are committed to continue to invest more research resources and provide better quality research services.

 

 

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