According to Researcher & Research LLC, the global electric vehicle (EV) market grew to 543,818 units in February 2022, with a year-on-year (YoY) growth of 91.7%.
The proportion of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) was 69.7% and 30.3%, respectively. In terms of EV sales volume and market share in major countries, the proportion of the top 10 ranged from 83.6% in the same period last year to 88.9%, but only increased significantly in China, and slightly increased in the UK and the Netherlands.
In terms of EV and BEV penetration in major countries, Norway had the highest global EV penetration, the US had the lowest EV penetration while Italy had the lowest BEV penetration.
Taipei, Taiwan, March 22, 2022- The global EV market grew to 543,818 units in February, a 91.7% year-on-year growth. The ratio of BEV and PHEV was 69.7% and 30.3%, respectively, as compared to 64.7% and 35.3% in the same period last year, with BEV increasing.
In terms of EV sales volume across major countries, China remains the largest EV sales country in the world, as shown in Figure 1. America continued to overthrow Germany.
The proportion of the top three countries increased from 63.7% in the same period last year to 74.5%, but the increase was driven by China’s increasing market share. France got fourth place, followed by Britain. The share of the top five countries increased to 81.5% from 72.2% in the same period last year.
The proportion of the top 10 ranged from 83.6% to 88.9% in the same period last year, but only increased significantly in China, with the UK and the Netherlands increasing slightly, compared with the rest of the country’s individual growth rates. Global markets and market shares saw a decrease.
Sales units of the global top 10 EV sales countries
In terms of EV and BEV penetration among major countries, Norway had the highest global EV penetration, increasing from 79.1% in the same period last year to 86.1%, and remarkably, Norway also has the highest BEV in the world. penetration was significantly increased from 47.5% to 75.6%, as shown in Figure 2. In contrast, the US had the lowest EV penetration among the top 10 countries, with EV and BEV penetration rates increasing from 3.0% and 2.2% to 5.7% and 4.2%, respectively.
Italy led only the US in EV penetration among the top 10 countries but had the lowest BEV penetration. Its EV and BEV ratios increased from 5.8% and 2.4% to 7.7% and 2.8%, respectively.
Changes in EV and BEV penetration rates of the global top 10 EV sales countries
The ripple effect of the Russian invasion of Ukraine, including rising raw material prices and the closure of factories, has had a profound effect on the auto industry.
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Apart from making the economic situation more precarious, rising oil prices will have a direct impact on sales of petrol cars and demand for electric vehicles.
However, the growth of the global EV market should be viewed with caution as the ever-increasing and tighter supply of key materials is affecting the EV supply chain.