Electric Vehicle Sales Review Q3 2022

China tightens its grip on global battery electric vehicle market

Global battery electric vehicle (BEV) sales reached the two million mark for the first time in the third quarter of 2022, growing by 75% compared to the corresponding period last year. Much of that increase can be attributed to China, where the BEV market continued to expand at breakneck speed. More than 1.5 million BEVs were sold there in Q3 2022, representing a 94% increase vs. Q3 2021.

Constant rapid growth in such a huge market has inevitably cemented China’s BEV standing on the global stage. In the year 2020, just over one half of the total number of BEVs sold in all analyzed markets were sold in China. In Q3 2022, that figure had risen to 73%. Flushed with this success and furnished with all the BEV expertise they have developed at home, Chinese OEMs are now seeking to consolidate their foothold in Europe. Compared to their previous market entries in the past decade, the playing field has now been significantly leveled.

With OEMs and consumers now increasingly focused on BEVs, the PHEV market has been suffering the consequences. While BEV sales grew in all analyzed markets vs. Q3 2021 with the exception of Italy and Norway, PHEV sales declined in all European markets analyzed, and in USA and South Korea too. Again showing its dominant position in the global marketplace, however, China bucked this trend to a remarkable degree.

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Top findings

  • An import surplus for Europe in car sales is already expected for 2024. The reason for this is, among other things, the relocation of BEV production by European and American manufacturers to China
  • By 2025, 800,000 cars from Chinese production could already be sold in Europe
  • The high order backlog for electric cars could buffer the recession in the automotive industry as a whole

Electric Vehicle Sales Data

France, Germany, Italy, Spain, and UK

Despite continuing supply issues and a gloomy economic outlook, BEV sales in the top 5 European markets grew by 18% in the third quarter of 2022 in comparison with the corresponding period in 2021.

BEV market share in France has doubled in less than two years, up from 7% in the year 2020 to 14% in Q3 2022. Germany and the UK now have a virtually identical BEV market share for YTD 2022, at just under 15%. In terms of BEV units sold, however, Germany is by some distance the largest market in Europe. Italy and Spain continue to lag significantly behind, with combined BEV sales of only 19,000 in Q3 2022, and BEV market shares of around 4% for the year to date.

Other European markets

In the other European markets analyzed, Sweden and the Netherlands recorded the largest increases in BEV sales, up by 25% and 20% respectively in Q3 2022 vs. Q3 2021. Norway’s BEV sales actually fell by 21% in the same period. With BEV market share already standing at 78% for the year to date, by far the highest in the world, there are probably few customers left to attract.

Turkey

BEV sales in Turkey during Q1-Q3 2022 increased by 160% YoY to 4,056 units. PHEV sales during the same period increased by 14% YoY, to 537 units. Hybrid sales increased moderately by 3% YoY, however, it remains the most popular type of powertrain in Turkey, accounting for 7% of market share year to date. BEVs and PHEVs together only account for less than 1% of total sales.

China

China registered more than 1.5 million BEV sales in Q3 2022, almost double the amount in the same period in 2021. PHEV sales grew at an even faster rate, increasing by 167% in Q3 2022 vs. Q3 2021. Total EV sales in Q3 2022 thereby surpassed the two million mark for the first time. BEV market share for the year to date stands at 18%, up from just 4% in the year 2020.

Japan

Japan’s EV market relies almost exclusively on the sale of hybrids. There were around 7,500 BEV sales in Q3 2022, a mere fraction of the 270,000 hybrid sales. Hybrid market share stands at 48% for the year to date, dwarfing BEV market share of just 1%.

South Korea

BEV sales in South Korea increased by 71% in Q3 2022 from the equivalent period in 2021, continuing its rapid recent growth. BEV market share for the year to date stands at 11%, compared to just 2% for the year 2020.

USA

US BEV sales doubled in the third quarter of 2022 compared with the same period last year, continuing the market’s rapid recent rise. BEV market share has more than trebled in less than two years, up from 1.6% for the year 2020 to 5% for the year 2022 to date. On the other hand, the PHEV and hybrid markets appear to be slowing, with both registering declines in sales in Q3 2022 vs. Q3 2021. Indeed, it seems that BEV sales will soon overtake hybrid sales in the US.

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

PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide for the third 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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