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Electric Vehicle Sales Review Q2 2022

Battery electric vehicle sales have stood out as a shining beacon in a rather depressed car market this year

Battery electric vehicle sales buck overall market trend

Global BEV sales in the first half of 2022 rose by 81% compared to the equivalent period last year. This is impressive in its own right, but even more so when one considers that overall global sales of all powertrains actually fell by 12% in the same period.

Much of the increase can be attributed to China, where BEV sales more than doubled in H1 2022 relative to H1 2021 to more than two million. PHEV sales growth was even more rapid in China, up by 170% in H1 2022 vs. H1 2021, although the absolute number of PHEV sales were significantly lower than for BEVs. The particularly high PHEV growth rate can be partially explained by the continuing high cost of the larger BEV batteries and product availability.

The PHEV market in Europe has been heading in the opposite direction, as OEMs prioritize BEV sales in order to meet emissions targets and burgeoning customer demand. In the first half of 2022, overall PHEV sales decreased by 14% in the ten European markets analyzed relative to the same period last year. Given the EU’s recent commitment to measure PHEV CO2 emissions based on what the vehicles actually emit, potentially replacing previous figures often accused of being unrealistically low, the priorities of European OEMs are only likely to be reinforced.

As EV start-ups are now finding it increasingly challenging to raise the market funding they need to continue and expand their operations, established OEMs are in an ideal position to benefit from this market growth.

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Top findings

  • Global sales growth of BEVs loses momentum in short term due to production bottlenecks
  • Nevertheless, BEVs expand market share in Germany and other key markets
  • German OEMs increase BEV market share in key China sales market to 4% in second quarter
  • European automakers push to build independent battery supply chains

Electric Vehicle Sales Data

France, Germany, Italy, Spain, and UK

Despite a comparative slowdown in growth during the first half of the year due to continuing problems with the supply of parts, BEV sales in the top 5 European markets still grew by 24% from the corresponding period in 2021.

The highest growth in this period was registered by the UK, with the BEV market share now standing at 14%. In a move indicating how mainstream BEVs have now become, the UK government has even removed the £1,500 grant for EV purchases. Germany also seeks to reduce BEV incentives significantly starting in 2023, while PHEV incentives are to expire by the end of this year. France’s BEV sales performance in the first half of the year was also strong, up 29% from H1 2021.

Further European markets (+5)

In the other European markets, the Netherlands and Sweden recorded the largest increases in BEV sales, up by 82% and 77% respectively in H1 2022 vs. H1 2021. Sweden’s BEV market share has enjoyed a significant increase in the recent period, trebling from 9% in the year 2020 to 27% in H1 2022. The Netherlands BEV market benefits from a well-developed charging infrastructure.

Focus market: Turkey

As a potential future BEV producer, Turkey has voiced major ambitions to become a leading BEV market. BEV sales in Turkey during H1 2022 increased by 154% YoY to 2,263 units. PHEV sales, on the other hand, remained relatively flat. Overall, total EVs increased sales by 9% YoY during the first half of 2022, accounting for a market share of 8%.

China

BEV sales in China hit the two million mark in the first half of 2022, more than doubling in comparison with the same period in 2021. OEMs’ focus on BEVs ensured that this huge growth materialized in the face of further Covid outbreaks and restrictions, which disrupted supply chains and weakened demand. PHEV growth was even steeper in this period, rising by 170%, and is set to be further bolstered by the arrival this year of several new PHEV models.

Japan

Although the market share of Japan’s EV market is now more than 50%, it relies almost exclusively on the sale of hybrids. BEV sales grew by 76% in H1 2022 vs. H1 2021, but from a relatively low base. The BEV market share is currently just 1%.

South Korea

BEV sales in South Korea increased by 68% in H1 2022 from the equivalent period in 2021, continuing its rapid recent growth. The BEV market share now stands at 10%, compared to just 2% in 2020.

USA

After taking some time to gain momentum, the US BEV market has been continuing its recent rapid rise, up by 78% in H1 2022 in comparison with the same period in 2021. The BEV market share has tripled in the space of 18 months, up from 1.6% for the year 2020 to 4.8% in H1 2022.

This belated growth is set to continue apace. Top US OEMs are investing heavily in new BEV plants and models in an attempt to satisfy mushrooming customer demand, meet tougher fuel economy targets, and show investors that they are making the necessary transition to an BEV-centered future.

About the „Electric Vehicle Sales Review“ by PwC and Strategy&

PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide for the second quarter of 2022.

Contact us

Felix Kuhnert

Felix Kuhnert

Partner, PwC Germany

Dr. Jörn Neuhausen

Dr. Jörn Neuhausen

Director, Strategy& Germany

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