According to Researcher and Research LLC, global electric vehicle (EV) market grew to 543,818 units in February 2022, with a year on year (YoY) growth of 91.7%. The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 69.7% and 30.3%, respectively. In terms of EV sales volume and market shares in major countries, the proportion of the top 10 was up to 88.9% from 83.6% of the same period last year, but only China increased significantly, and the UK and the Netherlands grew slightly. In terms of EV and BEV penetration among major countries, Norway had the highest global EV penetration, and the US had the lowest EV penetration while Italy had the lowest BEV penetration

 

Taipei, Taiwan, March 22, 2022—According to Researcher and Research LLC, global EV market grew to 543,818 units in February, with a YoY growth of 91.7%. The proportions of BEV and PHEV were 69.7% and 30.3%, respectively, compared with 64.7% and 35.3% of the same period last year, BEV was on a rise.

In terms of EV sales volume in major countries, China remains the world’s largest EV sales country, as shown in figure 1. The US continued overtaking Germany. The proportion of the top three countries rose to 74.5% from 63.7% in the same period last year, but this growth was driven by China’s rising market share. Fourth place went to France, followed by the UK. The share of the top five countries increased to 81.5% from 72.2% in the same period last year.

The proportion of the top 10 was up to 88.9% from 83.6% of the same period last year, but only China increased significantly, the UK and the Netherlands grew slightly, while the individual growth rates of the rest countries were lower than that of the global market and showed a decrease in market shares.

 

Sales units of the global top 10 EV sales countries

Figure 1  Sales units of the global top 10 EV sales countries

 

In terms of EV and BEV penetration among major countries, Norway had the highest global EV penetration, growing to 86.1% from 79.1% in the same period last year, and remarkably, Norway also had the highest BEV penetration in the world, significantly increased from 47.5% to 75.6%, as shown in figure 2. In contrast, the US had the lowest EV penetration among the top 10 countries, with EV and BEV penetration rates growing from 3.0% and 2.2% to 5.7% and 4.2%, respectively.

Italy led only the US in EV penetration among the top 10 countries, but had the lowest BEV penetration. The proportions of its EV and BEV increased from 5.8% and 2.4% to 7.7% and 2.8%, respectively.

 

Changes in EV and BEV penetration rates of the global top 10 EV sales countries

Figure 2  Changes in EV and BEV penetration rates of the global top 10 EV sales countries

 

The ripple effects of the Russian invasion of Ukraine, including rising prices of raw materials and the shutdown of factories, have had a profound impact on the auto industry. In addition to making the economic situation more uncertain, rising oil prices will directly affect petrol car sales and drive demand for EVs. However, the growth of the global EV market must be viewed with caution as rising and tightening supplies of key materials are affecting the EV supply chain. We currently maintain our previous estimate for the 2022 global EV market at 10.702 million units, representing an annual growth rate of 67.5%.

However, regarding the proportion of BEV and PHEV sales, we are optimistic about the subsequent market demand for PHEV, so we increased the proportion of PHEV. The proportion of BEV and PHEV has been adjusted from 67.2% and 32.8% to 65.3% and 34.7%, respectively. Dr. Y.-C. Hsu, co-founder & CEO at Researcher and Research LLC explained that “Due to the rising cost of batteries, the price of EV will rise, which will affect the sales strength of BEV. In addition, the prices of PHEV models in China are closer to those of internal combustion engine (ICE) passenger cars in the same market segment. Thus PHEV will have stronger growth momentum.”

 

 

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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