EV market growth in China, Europe and US: Canalys

electric vehicles Q2 2022

The number of electric vehicles (EVs) sold in the first half of 2022 has touched 4.2 million (+63 percent), according to a report from Canalys.

China witnessed the sale of 2.4 million EVs, 26 percent of all passenger cars delivered in the country against just 10 percent in the first half of 2021.

EVs include battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs).

China

China is the largest and fastest-growing EV market in the world.

EV sales in Mainland China more than doubled in H1 2022 and it is the biggest EV market. 57 percent of global EV sales were in Mainland China. With 118 percent year-on-year growth, it is the fastest-growing market as well, said Jason Low, principal analyst at Canalys.

With this momentum and strong consumer demand, EV sales should top 5 million by the end of 2022 in China, Jason Low said.

BYD dominates the Mainland Chinese market, accounting for six of the top 10 best-selling EV models (when combining BEV and PHEV models). SAIC is in second place with the Wuling Hongguang Mini EV from its SGMW joint venture still proving popular. Tesla was the third biggest automaker in Mainland China in the first half of 2022. It delivered almost 200,000 vehicles to customers during this period.

Europe

EV sales in Europe have lost momentum. With big declines in the overall passenger car market across the continent, EV sales managed 9 percent year-on-year growth in H1 2022. 1.1 million EVs were delivered, which, despite the lower growth rate, still represents an impressive 20 percent share of all cars delivered, up from 16 percent in H1 2021. Sales of plug-in hybrids have fallen considerably in 2022 and this trend will continue in favor of BEVs. But a wait time of nine months to a year for the delivery of a new BEV is typical.

European markets, such as the Nordics, have the highest EV penetration in the world, and might even see signs of market saturation until a new wave of EVs is launched, said Ashwin Amberkar, Research Analyst at Canalys. Tesla holds the top two spots in Europe, with the Model Y SUV ahead of the Model 3 sedan. There have been no new EV launches in Europe to get close to the demand for the two Teslas.

United States

US EV sales benefited from the launch and first deliveries of electric pick-up trucks in H1 2022. Over 413,000 EVs were sold in the US in H1 2022, including over 64,000 electric pick-up trucks. EV sales grew 62 percent year on year and represented 6 percent of all passenger vehicles delivered. The US now accounts for 10 percent of global EV sales.

Despite the improved range of vehicle types and EVs from more brands, Tesla still accounted for almost 60 percent of sales in the US in H1 2022. “Popular car brands in the US, such as Chevrolet, Ford, Honda, Jeep, Nissan and Toyota, currently sell very few EV models between them,” said Chris Jones, VP and Chief Analyst at Canalys.