Scorching Sales: Electric Cars Break Record Market Share in Q1 2022
Electric vehicles gain significant market dominance, escalating rapidly in the automotive sector. - Electric vehicles capture increasing segment within automotive industry
Here's a lowdown on the electric vehicle (EV) market's stunning start this year. According to a pre-release analysis by renowned consultancy firm PricewaterhouseCoopers (PwC), one out of four cars sold in the first quarter was electric or a plug-in hybrid—setting a record for the highest ever market share in Q1.
Pure electric vehicles (BEVs) saw an astounding 42 percent increase, amounting to 2.7 million BEVs and 1.4 million plug-in hybrids (PiHs) sold across 40 major markets. These markets account for the majority of global new car sales, with a total of 16.7 million cars sold during the first three months of 2022.
China continued to lead the charge in BEV development, driving a 55 percent increase to 1.6 million units sold. German automakers suffered setbacks in China, facing a 33 percent reduction in sales. Despite this, strong performance on the German market and a 39 percent uptick in EV sales—ending a prolonged stagnation period—helped them grow overall by 38 percent in Europe. The Old Continent as a whole witnessed around a 28 percent increase in BEV sales, totaling 574,000 units.
In Europe, German brands have been making a mark, challenging Tesla's dominance in registration statistics. In China, however, Geely and Wuling-branded models took over top spots once occupied by Tesla. The American market remains firmly in Tesla's grasp, with the Model Y and Model 3 still holding the top positions. In China, no German model makes it into the top 10, while the Volkswagen ID.4 and BMW i4 secure spots 7 and 9, though a considerable distance behind Tesla's leading models.
Felix Kuhnert from PwC expressed delight at German automakers' recent performance, lauding their introduction of increasingly competitive models that help narrow the gap with competitors. "Quality and safety" concerns, spurred by "serious accidents involving Chinese brands," also appear to be beneficial to German manufacturers. However, Kuhnert emphasized the pressing need for cost and battery price reductions.
Jörn Neuhausen, a PwC consultant, highlighted the crucial role batteries play for European manufacturers, as "today almost all electric cars have batteries from Chinese manufacturers." He stressed the importance of Europe establishing its own battery production and supply infrastructure for greater independence from global markets. Neuhausen underlined the significant economic implications of the rapidly growing electric vehicle market.
- Automotive Industry
- Electric Vehicles
- PricewaterhouseCoopers
- China
- Europe
- Market Share
- Record Sales
- Germany
- USA
For the most accurate and up-to-date information, consider referring directly to PwC reports for specific data regarding Q1 2022. The information presented here is based on general trends and statistics from various sources.
- The automotive industry witnessed remarkable sales in Q1 2022, as electric vehicles (EVs) broke a record for the highest market share.
- According to PricewaterhouseCoopers (PwC), electric cars and plug-in hybrids accounted for one out of four cars sold during this period.
- In Europe, German automakers saw a 38 percent growth in sales, contrasting China's 33 percent decrease for German brands.
- In the USA, Tesla maintains a strong grip on the electric vehicle market, with the Model Y and Model 3 still in the top positions.
- China continues to lead BEV development, driving a 55 percent increase in sales, while Germany has improved performance with a 39 percent uptick in EV sales.
- European manufacturers, such as German brands, are introducing more competitive models, according to Felix Kuhnert from PwC, which helps narrow the gap with competitors.
- Jörn Neuhausen, a PwC consultant, emphasized the importance for Europe to establish its own battery production and supply infrastructure to achieve greater independence from global markets.