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The BEV market in the United States finally sparked to life in 2022, having previously appeared to lag behind the development seen in China and much of Europe. Spurred by massive OEM investment in exciting new models, meaningful government incentives and a gradually improving charging infrastructure, BEV sales in the US grew by 88% in 2022 in comparison with the previous year – the highest such increase in all analyzed markets.
China’s BEV market was close behind, sustaining its dramatic expansion of recent years with sales growth of 85% in 2022. Europe’s growth was more modest but nevertheless still significant. The top five European markets grew by 28% in 2022 relative to the previous year. The United Kingdom saw the highest rise among these markets, with growth of 40%. Looking at the fourth quarter of 2022 in isolation, Germany recorded particularly high BEV sales growth of 66% versus the corresponding quarter in 2021, as customers looked to make their purchases before a reduction in incentives kicked in at the start of 2023.
It remains to be seen whether such reduction or even cancellation of incentives, also evident in various other European markets and in China, will have any significant impact on BEV sales growth. In the past, although BEVs have been seen as more expensive to purchase, their total cost of ownership (TCO) over the long term has been lower as a result of incentives and lower running costs.
Top findings
- Despite geopolitical tensions and high energy prices, global BEV sales grew by 70% year-on-year in 2022
- Electric vehicles beat internal combustion vehicles in terms of total cost of ownership even at current electricity prices
- Geopolitical tensions increase pressure on European OEMs to build their own battery production facilities in Europe
- To take advantage of expiring subsidies, customers in Germany bought more hybrids and BEVs than internal combustion vehicles for the first time in the fourth quarter
Electric vehicle sales data
France, Germany, Italy, Spain, and UK
BEV sales in the top 5 European markets grew by 39% in the fourth quarter of 2022 in comparison with the corresponding period in 2021. For 2022 as a whole, BEV sales in the top five markets grew by 28% from the previous year. The UK was the top performer, increasing by 40% over the year.
Two countries were primarily responsible for this growth. Germany registered the highest BEV growth in this period, up by 66% in Q4 2022 vs. Q4 2021, as consumers hurried to avoid the cut in government incentives at the start of 2023. Meanwhile, the UK BEV market grew by 40% over the same period, continuing its significant recent expansion.
Other European markets (+5)
In the other European markets analyzed, Sweden and Norway recorded by far the largest increases in BEV sales in Q4 2022 vs. Q4 2021, up by 84% and 76% respectively. Sweden also recorded the highest rise in these other markets over the full course of 2022, with BEV sales up by 66%.
Turkey
BEV sales in Turkey during the course of 2022 increased by 172% YoY to 7,743 units. PHEV sales in 2022 increased moderately by 15% YoY to just over 1,000 units. Plugless hybrids maintain the biggest share among EVs, accounting for 8% of the total market during the year.
China
Total EV sales in 2022 (encompassing sales of BEVs, PHEVs and hybrids combined) increased by 87% from the previous year, by far the largest such increase in all the analyzed markets.
Japan
Japan’s EV market is almost completely dominated by the sale of hybrids. While more than a million hybrids were sold during the whole of 2022, BEV sales amounted to just 32,000 over the course of the year.
South Korea
BEV sales in South Korea increased by 42% in Q4 2022 from the equivalent period in 2021. This growth in the BEV market was more apparent in the figures for 2022 as a whole, with a rise of 62% from the previous year.
USA
The US BEV market continues to flourish, with sales almost doubling (up by 92%) in Q4 2022 in comparison with the corresponding period in 2021. Indeed, 2022 was a bumper year for the US BEV market, propelled by government incentives, a wide range of appealing new models and improving charging infrastructure. In 2022, the US recorded the highest rise in BEV sales of all global markets analyzed, up by 88%. This performance is all the more impressive when one considers that total 2022 sales of all powertrains declined by 8% in the US, as customers tightened their belts in a challenging economic environment.
About the „Electric Vehicle Sales Review“ by PwC and Strategy&
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide for the fourth quarter of 2022.
