Digitimes Asia: global EV sales reach 9.78 million units in 2022

11 January 2023, 03:28:53

According to Digitimes Research reported by Digitimes Asia, the global sales of electric vehicles have reached 9.78 million units in 2022. The projected growth for this year is 49% to 14 million units sold globally. Of those, 9 million are expected to be sold in China only. Even now, China's share of the global EV sales is higher than 60%. For comparison, Europe sales account for 24% of the total sales, and USA sales account for 9% of the global EV sales.

Digitimes research analysts point out several reasons for China's leadership in the EV market, including government support for EV manufacturers, various type of subsidies for vehicle purchases, the creation of the densest charging infrastructure in the world, the formation of industrial clusters and complete eco-systems related to EVs. China's EV industry has a global market share of over 50% in major segments such as battery raw materials, integration, and charging infrastructure, and exports are still price-competitive.

Furthermore, with the battery accounting for 30-35% of the cost of a vehicle, China holds a major part of this market. The country is the largest supplier and refiner of rare earth metals with 80% of the global share of processing battery raw materials. The largest battery producer for EVs is China-based CATL and it expects its battery capacity to reach 672 GWh annually. For comparison, LG Energy Solution also expects an increase to 430 GWh. Japan-based Panasonic will increase its annual production to 164 GWh.

Europe heavily depends on Chinese brands in the battery production and assembly context. Moreover, the country is a major investor in the local supply chain and EV technologies. All this poses risks to the segment's industrial autonomy.

Due to the US-China trade war, the USA as the third-largest EV market turns to South Korean companies which are expected to account for more than 60% of the battery production capacity in North America.Source

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