Rising fuel prices globally are making electric vehicles more attractive than ever. A Canalys study shows that the demand for electric vehicles (EV) has continued to grow, with 4.2 million vehicles sold worldwide in the first half of 2022, a growth of 63% compared to the first half of 2021. majority of electric vehicles were sold in China.
China has the largest and fastest growing market for electric cars in the world: 2.4 million electric vehicles were delivered to customers in China in the first half of 2022, representing 26% of all sales cars in China. In the first half of 2021, electric cars accounted for only 10% of car sales in China, which means that demand has doubled in one year.
“EV sales in China more than doubled in the first half of 2022, and it is now by far the largest market. 57% of global sales took place in China. It’s also the fastest growing market,” said Jason Low, principal analyst at Canalys.
Canalys estimates, August 2022
1.1 million electric vehicles delivered in the first half of 2022 in Europe
Europe is not to be outdone, with 1.1 million electric vehicles delivered in the first half of 2022, or 20% of its car sales. Europe holds 27% of global market sales for the first half of 2022. Despite accounting for a large share of the market, EV sales in Europe have lost momentum, with 4% growth in electric cars delivered in Europe since the first half of 2021.
The United States accounts for just 10% of the global electric vehicle market, with 413,000 vehicles sold in the first half of 2022. For the United States to see an expansion in demand for electric vehicles, more automakers need to enter in the electric vehicle market.
Leaders in EV manufacturing are BYD, Tesla, SAIC Motor, Volkswagen and Geely. It should be noted that Chinese OEMs dominate EV manufacturing, with BYD, SAIC Motor and Geely among the top five manufacturers.
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