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BEV sales increase dwarfs overall market
In almost all major markets, BEV sales grew far more than the total light vehicle market. In the ten Western European focus markets, BEV sales increased by 49% in the second quarter of 2023 in comparison with the equivalent period last year, whereas the total market grew by 17%. In the United States, the corresponding percentages were 67% and 19%, and in China 49% and 29%.
Europe is the home of the station wagon, boasting almost two thirds of global sales in 2022. Electric station wagons have a major advantage over SUVs, with superior aerodynamics improving their range and efficiency. Little wonder, therefore, that OEMs in the region are looking to offer electric versions, further evidence of the steadily growing electrification of the mainstream car market.
Covid-19 lockdowns and the resulting shortages from supply chain delays created an upward pressure on prices. However, as supply has now stabilized and production is increasing, competition among OEMs to attract mainstream consumers is leading to price reductions. PwC Autofacts® analysis of prices in the German market reveals that BEV discounts are increasing and are now similar to the level offered for ICE models. Moreover, significant discounts are expected to remain in place for the foreseeable future as the scramble for consumers and economies of scale continues.
Top findings
- 52% BEV sales growth across all 20 analyzed markets in Q2 2023 from the same quarter last year
- In the battle for market share, automakers are engaged in a BEV discount battle that is now reaching Europe
- OEMs look to seize station wagon opportunity
- New emissions targets and incentives reflect government ambitions
Electric vehicle sales data
France, Germany, Italy, Spain, and UK
BEV sales in the top 5 European markets grew by 49% in the second quarter of 2023 compared to the corresponding period in 2022. These larger BEV markets all enjoyed significant increases in Q2 2023 vs. Q2 2022, with Germany and UK both growing by 50% and France by 47%. Italy is still struggling to make headway in the BEV market.
The BEV market shares in Spain and Italy lag behind the other countries in the European top five markets, at nearly 6% and 4% respectively. Meanwhile, BEV market shares in France, Germany and UK all hover around the 16% mark, an accepted inflection point at which many more mainstream consumers seriously consider a BEV purchase and growth rates tend therefore to accelerate.
Meanwhile, PHEV sales in the top five markets declined by 6% vs. Q2 2022. This overall reduction can be attributed in large part to a 42% decrease in Germany, following a total elimination of PHEV incentives at the end of 2022.
Other European markets
The largest BEV sales growth in the other European markets was seen in the Netherlands and Austria, with increases of 96% and 66% respectively. It appears that the BEV market share in Norway, easily the highest in the world, is stabilizing at around 83%.
USA
The US BEV market grew by 67% in the second quarter of 2023 vs. the same quarter in 2022, once again propelled by government incentives, popular new models and the development of the country’s charging infrastructure.
US BEV market share currently stands at only 7%. June 2023 was the first time BEV sales exceeded 100,000 in a single month. Hybrid and PHEV sales both recovered somewhat in Q2 2023. Year to date, the HEV market share remains just below that of BEV.
China
China’s BEV sales increased by 49% in Q2 2023 from the corresponding quarter last year. PHEV sales more than doubled in the same time frame, up by 105%, easily the largest increase among the major markets in our study. There had been a noticeable weakening of demand in the first quarter of this year, after the decade-long state subsidy for NEV purchases terminated at the end of 2022.
Japan
Japan’s EV market continues to be almost completely dominated by the sale of HEVs, which boasted an overall market share of 54% in Q2 2023. The BEV market showed some signs of life, growing by 63% from Q2 2022, albeit from a low base.
South Korea
BEV sales in South Korea increased by just 9% in Q2 2023 from the equivalent period in 2022. The BEV market share for the quarter was 9%.
About the „Electric Vehicle Sales Review“ by PwC and Strategy&
PwC Autofacts® and Strategy& have analyzed electric vehicle sales worldwide in the second quarter of 2023.
Steven van Arsdale also contributed to this report.
