Global electric vehicle market grew 29.0 percent annually in April 2022

The global electric vehicle (EV) market sales in the first quarter far outperformed expectations although many EV automakers increased the prices of their models in response to rising raw material costs. However, coupled with lockdowns in some regions in China due to its Zero-Covid policy, this exacerbated supply chain constraints and weakened April sales prospects. According to Researcher and Research LLC, the global EV market sold 540,952 units in April 2022, with a year on year (YoY) growth of 29.0% and a month on month (MoM) decline of 33.0%. The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 69.8% and 30.2%, respectively, compared with 66.0% and 34.0% of the same period last year, BEV showed a slight growth.   Figure 1  Sales units of the global top 10 EV sales countries in April 2021 vs April 2022   China, the US, Germany, France, the

2022-05-14T05:50:51-07:00May 16th, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , , |

The proportion of LFP battery in electric vehicle will continue to hit record highs in 2022

According to Researcher and Research LLC, a new high share of lithium-iron-phosphate (LFP) battery in global electric vehicle (EV) market (in terms of MWh) was 19.2% in March 2022, as shown in figure 1. We expect the share of EV using LFP battery continues to reach new highs this year, mainly driven by sales from Tesla, BYD, GM (Wuling), Chery, GreatWall, XPeng and etc.   Figure 1  Share (MWh) of LFP battery in global EV market   Most of EV models using LFP battery were manufactured and sold in the Chinese market last year, and the share of LFP battery in the Chinese EV market has challenged the dominance of ternary lithium battery such as nickel-manganese-cobalt (NMC) and nickel-cobalt-aluminum (NCA). With the successive shipments of some of Tesla’s models equipped with LFP battery, LFP battery has entered the global market. The performance of early LFP battery was seriously behind

2022-04-29T06:13:18-07:00May 2nd, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , , |

Global electric vehicle market grew 70.7 percent annually in Q1 2022

According to Researcher and Research LLC, the global electric vehicle (EV) market grew to 2.004 million units in the first quarter of 2022, with a year on year (YoY) growth of 70.7%, as shown in figure 1.   Figure 1  Global quarterly EV sales and annual growth rates, Q1'21-Q1'22   The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 72.8% and 27.2%, respectively, compared with 67.5% and 32.5% of the same period last year, BEV was on a rise. In terms of EV sales volume and market shares in major countries, China remains the world's largest EV sales country, with an annual growth rate of 145.0% and a market share of 56.5%, up significantly from 39.4% in the same period last year. With annual growth of 61.1%, the US had overtook Germany to become the world's second-largest market by sales, as shown in figure

2022-04-16T20:48:04-07:00April 18th, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , |

Global electric vehicle market grew 91.7 percent annually in February 2022

According to Researcher and Research LLC, global electric vehicle (EV) market grew to 543,818 units in February , 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, compared with 64.7% and 35.3% of the same period last year, BEV was on a rise. In terms of EV sales volume and market shares in major countries, China remains the world's largest EV sales country, with an annual growth rate of 182.8% and a market share of 54.3%, up significantly from 36.8% in the same period last year, as shown in figure 1. With annual growth of 65.9%, the US continued overtaking Germany to maintain the world's second-largest market by sales, with its market share falling to 11.0% from 12.7% in the same period last year. Germany, the third-largest sales country, grew 24.2% a

2022-03-18T05:23:08-07:00March 21st, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , |

Global electric vehicle market to grow year on year at 104.9% in January 2022

According to Researcher and Research LLC, despite the negative impact of global shortages of automotive chips, global electric vehicle (EV) market grew to 652,733 units in January, with a year on year (YoY) growth of 104.9%. The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 73.1% and 26.9%, respectively, compared with 69.1% and 30.9% of the same period last year. BEV had grown more and its mainstream status was firmly established. In terms of EV sales volume and market share in major countries, China remains the world's largest EV sales country, with an annual growth rate of 137.5% and a market share of 58.2%, up from 50.2% in the same period last year, as shown in figure 1. With annual growth of 118.9%, the US overtook Germany to become the world's second-largest market by sales, with its market share rising to 8.2% from 7.7% in

2022-04-04T05:55:10-07:00February 21st, 2022|Categories: Global EV Snapshot|Tags: , , , , , , , , , , , , |

Global electric vehicle market review and outlook 2021

According to Researcher and Research LLC, the global electric vehicle (EV) market reached 6.389M units in 2021, with an annual growth rate of 96.9%, the biggest growth in years, as shown in figure1. Figure 1  Worldwide EV sales   This is the result of a long history of policies used by many countries to push automakers to sell EV (e.g., the European CO2 emissions legal target), give subsidies to EV buyers (e.g., subsidies and local incentives in China), or encourage buyers with tax or related incentives (e.g., Federal Tax Incentives and State, Local and Utility Incentives in the US), the demand for EV has shown an obvious growth trend. However, the supply chain is the biggest obstacle to market growth in 2022, with key components such as chips and batteries still in short supply. Therefore, the EV market will face an unprecedented price rise this year, which will definitely

2022-01-28T05:16:21-08:00January 28th, 2022|Categories: Global EV Snapshot|Tags: , , |

Worldwide electric vehicle market sales in October

According to Worldwide Monthly BEV & PHEV Tracker from Researcher and Research, 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%. 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. 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 used primarily as passenger cars) kept declining, while the penetrations of EV and BEV continued to

2021-11-09T01:43:21-08:00November 9th, 2021|Categories: Worldwide Monthly BEV and PHEV Tracker|Tags: , |

Chinese EV OEMs have made inroads around the world

According to Worldwide Monthly BEV & PHEV Tracker from Researcher and Research, Chinese EV OEMs have successfully entered the global market. As shown in figure 1, Chinese OEMs have successively launched models in various countries and have begun to gain some ground. Figure 1  Market shares of Chinese EV OEMs by country, January-September 2021   This is a successful start for Chinese OEMs, but this start is not easy and time-consuming. To achieve such results, there are four main stages: First of all, under the request of the Chinese government, all foreign OEMs entering the Chinese market must establish joint ventures with Chinese companies. This allows local Chinese automakers to gain considerable expertise. Secondly, thanks to the national policy stimulus since 2009, China replaced Norway and the United States to become the world's largest EV market in 2015. Furthermore, although these favorable policies also caused the EV makers with

2021-11-04T21:26:11-07:00November 3rd, 2021|Categories: Worldwide Monthly BEV and PHEV Tracker|Tags: |

Worldwide electric vehicle market sales in Q3 2021

Global electric vehicle (EV) market grew to 1,690,996 units in Q3, with a year-over-year (YoY) growth of 94% and a quarter-over-quarter (QoQ) growth of 16%. Regarding to the proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV), BEV accounted for 72%, up 3% from 69% in the same period of last year, and PHEV type accounted for the rest 28%. In terms of penetration, the global EV penetration surpassed 10% in Q3, and the global BEV penetration surpassed 7%, both of which hit all-time quarterly highs. In terms of EV sales volume and market share in major countries, China remained the world's largest EV sales country, with a 51% market share. The US overtook Germany for the first time this year and became the second largest country this quarter. These three countries accounted for the majority of Q3 sales, with a combined share of 71%. The rest

2021-10-23T06:13:01-07:00October 23rd, 2021|Categories: Worldwide Monthly BEV and PHEV Tracker|Tags: , |

Worldwide electric vehicle market sales in August

According to Worldwide Monthly BEV & PHEV Tracker from Researcher and Research, despite the negative impact of global shortages of automotive chips and seasonal slowdown, global electric vehicle (EV) market grew to 513,841 units in August, shaking off the recession of July, with a year-over-year (YoY) growth of 103% and an month-over-month (MoM) growth of 6%, as shown in figure 1. Figure 1  Worldwide monthly EV sales   The proportions of battery electric vehicle (BEV) and plug-in hybrid electric vehicle (PHEV) were 72% and 28%, respectively, as shown in figure 2. BEV mainstream status was firmly established, up 1% from the previous month, but there was still nearly 30% in PHEV type. Figure 2 Change in the proportion of BEV and PHEV sales   In terms of penetration, as shown in figure 3, the global EV penetration continued to grow in August, approaching 10%, and the global BEV

2021-09-26T21:44:38-07:00September 27th, 2021|Categories: Worldwide Monthly BEV and PHEV Tracker|Tags: , |
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