China remains at the forefront of electric vehicle production and sales. However, markets such as the U.S. and Europe are closing the gap with respect to the stratospheric figures in Asia.
According to data from Jato Dynamics, a company that conducts automotive market analysis, the market share of BEVs (Battery Electric Vehicles) in the United States rose to 5.1%, between January and October 2022. During the first 10 months of 2021, BEVs accounted for 2.9% of the total market.
Two years earlier, in January-October 2020, they accounted for 1.7% of total 0km sales and 1.3% in 2019. The popularity of the Tesla Model Y along with the good start of electric pick-up trucks such as GMC Hummer EV and Ford F-150 Lightning, explain part of the rapid growth.
They estimate that in 2023 this trend will continue to increase following the arrival of new, more affordable electric SUVs and pick-ups.
Taking the 23 markets in Europe, electrified cars accounted for 12% of 0km sales through October 2022. This equates to 1.09 million units, out of the total 9.09 million of the entire market. This figure rises to 1.86 million if plug-in hybrids are added.
Despite the numbers between Europe and North America, the gap has narrowed considerably since 2020. Back then, 2.5 electric vehicles were patented in Europe for every electric vehicle sold in the US.
The boom in the old continent is due to better infrastructure, more consumer choice and good deals. In fact, it is easier to get a new electric car than a combustion one, due to legal provisions from the European Union.
A major stumbling block in these figures is the semiconductor crisis that is here to stay, the few available are being used in the most popular models (mainly SUVs), or in those that are easier to sell (electric vehicles, thanks to public incentives).
Next year, these two markets are expected to see further growth. The rapid transformation is driven by a more competitive offer and even more accessible and interesting products will arrive in 2023.