According to a research published on Monday, global sales of passenger electric vehicles (EVs) increased by 53% year-on-year in the fourth quarter of 2022, bringing the total number of units sold in 2022 to over 10.2 million, or more than 1.2 crore.
The Tesla Model Y continued to be the best-selling model worldwide, followed by the BYD Song model, which is manufactured in China.
According to Counterpoint Research, during the fourth quarter of 2022, sales of battery electric vehicles (BEV) accounted for roughly 72 percent of total EV sales, while sales of plug-in hybrid electric vehicles (PHEV) accounted for the remaining sales.
Senior analyst Soumen Mandal predicts that the number of electric vehicle (EV) sales would approach about 17 million units by the end of the year 2023.
China, Germany, and the United States were the top three electric vehicle markets in 2022. In the fourth quarter of 2022, about 72 percent of total EV sales were generated by the top 10 automotive groups for electric vehicles, which together hold more than 39 passenger car brands.
“If new Covid-19 infections hadn’t emerged in China, the annual total for 2022 would have come near to 11 million units by that point. The illnesses that occurred in China during the months of November and December had an impact on the production and sales of automobiles as well as the supply chain for component parts “according to the analyst of research Abhik Mukherjee.
Notwithstanding the challenges they faced, Chinese brands were able to achieve significant expansion.
In the year 2022, a large number of Chinese brands began their expansion into international markets such as Europe, Southeast Asia, and Latin America.
“Since there are not many companies selling their products in Southeast Asia and Latin America, it is likely that Chinese brands would come out on top in these two regions. Nonetheless, it is anticipated that there will be competition for market presence in Europe, “Mukherjee remarked.
In the fourth quarter of 2022, sales of passenger electric vehicles represented for one-third of the total volume of EVs sold.
According to Mandal, the number of electric vehicle sales is projected to approach approximately 17 million units by the end of 2023.
“It is possible that electric vehicle makers would have to raise their prices as a result of China ending its purchasing subsidy programme. BYD has already carried out one round of price increases, which occurred in January. But, it is highly doubtful that these price increases will have an effect on EV sales in one of the most established markets for EVs “added Mandal.