No match found
The BEV market in the United States finally sparked to life in 2022, having previously appeared to lag behind the development seen in China and much of Europe. Spurred by massive OEM investment in exciting new models, meaningful government incentives and a gradually improving charging infrastructure, BEV sales in the US grew by 88% in 2022 in comparison with the previous year – the highest such increase in all analyzed markets.
China’s BEV market was close behind, sustaining its dramatic expansion of recent years with sales growth of 85% in 2022. Europe’s growth was more modest but nevertheless still significant. The top five European markets grew by 28% in 2022 relative to the previous year. The United Kingdom saw the highest rise among these markets, with growth of 40%. Looking at the fourth quarter of 2022 in isolation, Germany recorded particularly high BEV sales growth of 66% versus the corresponding quarter in 2021, as customers looked to make their purchases before a reduction in incentives kicked in at the start of 2023.
It remains to be seen whether such reduction or even cancellation of incentives, also evident in various other European markets and in China, will have any significant impact on BEV sales growth. In the past, although BEVs have been seen as more expensive to purchase, their total cost of ownership (TCO) over the long term has been lower as a result of incentives and lower running costs.
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide for the fourth quarter of 2022.