The top EVs that made a mark globally in 2022 in different countries are:-
Well, your guess is right for the top position, and if you have not, then you need to brush up on your knowledge about electric vehicle companies in the USA.
Tesla proved its worth, even though it has a lot of issues with the supply chain and other stuff. But Tesla is the favorite, and everybody wants a piece of it.
- Tesla Model Y
- Tesla Model 3
- Ford Mustang Mach-E
- Hyundai Ioniq 5
- Kia EV 6
- Volkswagen ID.4
- Chevrolet Bolt EUV
It can be seen that home-country EV companies are favorites among the Chinese. Not a single foreign company can be associated with the top position, even though they sold but not like their local peers.
- SAIC-GM-Wuling Hongguang Mini EV
- BYD Qin Plus PHEV
- BYD Han EV
- Xiaopeng P7
- Li Xiang One
- Chery eQ
Well, it is surprising that home-country companies were not the favorites, but Tesla did score heavily in the European market.
- Tesla Model Y
- Tesla Model 3
- Volkswagen ID.4
- Renault Zoe (France)
- Fiat 500e (Italy)
- Volkswagen ID.3 (Germany)
- Peugeot ID.3 (France)
Other major markets:
- Nissan Leaf (Japan and USA)
- Mitsubishi Outlander (Japan)
- MG ZS EV (UK and Australia)
- Hyundai Kona EV (South Korea and Europe)
The highlights takeaways:
- Globally, EV sales have been dominated by Tesla, led by the Model Y and Model 3.
- Compact and affordable EVs are sold mostly in China, and demand is high. The consumer wants small, functional EVs for urban transportation. One of the best solutions for high-density markets
- VW, Renault, and other local models witnessed huge demand in Europe.
- At present, the biggest EV markets are the USA, Europe, and China.
- In 2022, EV passenger vehicles will account for over 10% of sales in China, Europe, and the USA.
- Over 10 million EVs were sold globally, 60% more than in 2021.
- Around 80% of the US EV market is dominated by Tesla, compared to 25% in other regions.
- Europeans prefer localized and practical EVs for daily and commercial purposes.
- In 2022, Norway will have the highest EV adoption rate, as per expert news, due to extensive charging networks and purchase incentives.
Let’s now analyze the way EV models have been sold in the market.
- Tesla is the market leader, powerfully dominating the US. The sales pattern shows the initial demand for new models is extremely high and tampers with the market once the early adopter is satisfied.
- SUVs and CUVs are preferred more, such as the Model Y, Mustand Mach-E, and Ioniq 5, and consumer preference is also greater in terms of flexibility, space, and other benefits.
- Markets with extensive charging networks have higher EV adoption rates.
- Markets with strong government purchase incentives saw high sales growth in EVs.
- There is no “one size fits all” approach for the EV automakers. Long-range EVs for the US, China-focused tech, and local-style EV preferences for Europeans
- Prices for EV models tend to be high, and they are upsold for extra profit versus economy models.
The key projections based on the current observation of the EV market in 2023 show the following insights:
- The IEA expects 14 million sales in EVs by the end of 2023, representing a 35% year-on-year increase with new purchases.
- Electric cars account for 18% of total car sales in 2023.
- China is the first leading, the second largest market is the USA and Europe is the third largest for electric cars.
- According to EnergySage, the Tesla Model Y and Tesla Model 3 could be the top two best-selling EVs in the USA; till now, total EV sales have accounted for 68%.
- According to EVreporter, in February 2023, Tata Motors is expected to be the leader in the Indian EV market with a market share of 82.9%.
- According to the IEA, electric cars were sold globally with an expectation to increase by 35% year-on-year in 2023 and reach 14 million by the end of the year.
If we compare the 2023 market to 2022, we observe the following facts:
- The EV market is globally growing rapidly, with sales increasing by 60% in 2022 and expected to increase by another 35% in 2023. EV market global sales increased from 4.6% in 2020 to 14% in 2022 and reached 18% in 2023.
- The three largest markets for EVs are China, Europe, and the United States, accounting for more than 90% of global sales in 2022. China is the leading market, with one in every four cars bought as an EV. In Europe, one in every five cars is an EV, and the USA saw massive EV growth of 57% in 2022.
- An increased demand for battery size in electric cars due to the demand for longer driving ranges and manufacturers offering more models with larger batteries. Demand for SUVs and long-range models in the USA is high, leading to the need for the largest average battery size.
- The EV market is also widely diversified, with more EV models available in 2023 than in 2015.
According to the IEA’s stated policy scenario, the share of electric car sales will increase to 35% in 2030. China is expected to remain the largest EV market; the US is expected to double its market share by the end of the decade; and Europe is expected to maintain its current 25% share.