Global EV market reaches 11 mn units in 2022, China’s BYD leads – EQ Mag

The global electric vehicle (EV) market has reached 11 million units last year with a penetration rate of 14 percent.

The top three players worldwide — China’s BYD, Tesla and SAIC-GM Wuling — occupied 36.11 percent of the market in 2022, according to the IDC.

Driven by improved supply, high oil prices, government subsidies and price-guaranteed promotions by car companies, China’s EV market reached almost 7 million units, with a penetration rate of 31.3 percent.

“Top performers have bigger market share,” said Adela Guo, Research Director, Automotive Semiconductor Research, IDC Asia Pacific.

In China, the top three players, BYD, SAIC, and Tesla, occupy 53 percent of the market.

In the China EV market, the top 10 players are dominated by local brands except for Tesla in the third position with a market share of 10.3 percent.

Source: PTI