China is the main driver of strong growth in global electric vehicle sales
According to preliminary statistics from Elsey Automotive market consultancy and EV Data, global sales of pure electric vehicles reached 7.8 million in 2022, a year-on-year increase of 68%, with new vehicles accounting for 10% of sales for the first time. The Wall Street Journal reported that the strong growth came against a backdrop of a 1% year-over-year decline in global new-car sales. According to Standard & Poor's automotive research arm, the global trend toward electrification of vehicles is unstoppable.
China and Europe have been the main drivers of strong growth in global electric vehicle sales. In 2022, the production and sales volume of new energy vehicles in China reached 7.058 million and 6.887 million, respectively, with year-on-year growth of 96.9% and 93.4%, accounting for 25.6% of the market share. The production and sales volume of new energy vehicles in China has ranked first in the world for eight consecutive years. Among them, 5.365 million pure electric vehicles were sold, up 81.6 percent year on year. In 2022, pure electric vehicle sales in Europe rose 29 per cent year-on-year to 1.58m units. Germany, the UK and France have 18 per cent, 17 per cent and 14 per cent pure electric vehicle market penetration respectively. In Germany, Europe's largest car market, electric vehicles accounted for 25 percent of new car production in 2022, with more than 30 percent of new car registrations being electric.
In other countries and regions, development of electric vehicles is also accelerating. New car sales in the US fell 8 per cent last year, but pure electric vehicle sales rose about 66 per cent year on year to account for 5.8 per cent of total new car sales. New registrations of electric vehicles in South Korea rose 72.7% last year, according to data released by the Ministry of Land, Infrastructure and Transport. Sales of new electric vehicles rose 41 per cent in Brazil and 106 per cent in Chile last year.
Despite the global macroeconomic, power battery raw material prices and other uncertainties, relevant research institutions still generally believe that the global electric vehicle market will continue to grow in 2023. Bloomberg New Energy Finance forecasts that global new-energy passenger car sales will reach 13.6 million this year, about 75 percent of which will be pure electric vehicles. By the end of this year, there are expected to be 40 million electric vehicles on the road, accounting for about 3% of the world's total, up from 1% in 2020.
The IEA expects electric vehicle sales to account for more than 20 per cent of total global vehicle sales by 2030, with demand for charging facilities rising sharply in several markets. At present, many countries are still relatively backward in the construction of charging infrastructure, which urgently needs to be improved. Electric vehicles are expected to account for 4% of total electricity demand by 2030, putting power supply to the test.
The IEA recommends that countries continue to increase policy support to accelerate the development of heavy-duty electric vehicles, accelerate the electrification of vehicles in emerging economies and developing countries, increase EV infrastructure and smart grids, and build a safe, stable and sustainable EV supply chain.
China and Europe have been the main drivers of strong growth in global electric vehicle sales. In 2022, the production and sales volume of new energy vehicles in China reached 7.058 million and 6.887 million, respectively, with year-on-year growth of 96.9% and 93.4%, accounting for 25.6% of the market share. The production and sales volume of new energy vehicles in China has ranked first in the world for eight consecutive years. Among them, 5.365 million pure electric vehicles were sold, up 81.6 percent year on year. In 2022, pure electric vehicle sales in Europe rose 29 per cent year-on-year to 1.58m units. Germany, the UK and France have 18 per cent, 17 per cent and 14 per cent pure electric vehicle market penetration respectively. In Germany, Europe's largest car market, electric vehicles accounted for 25 percent of new car production in 2022, with more than 30 percent of new car registrations being electric.
In other countries and regions, development of electric vehicles is also accelerating. New car sales in the US fell 8 per cent last year, but pure electric vehicle sales rose about 66 per cent year on year to account for 5.8 per cent of total new car sales. New registrations of electric vehicles in South Korea rose 72.7% last year, according to data released by the Ministry of Land, Infrastructure and Transport. Sales of new electric vehicles rose 41 per cent in Brazil and 106 per cent in Chile last year.
Despite the global macroeconomic, power battery raw material prices and other uncertainties, relevant research institutions still generally believe that the global electric vehicle market will continue to grow in 2023. Bloomberg New Energy Finance forecasts that global new-energy passenger car sales will reach 13.6 million this year, about 75 percent of which will be pure electric vehicles. By the end of this year, there are expected to be 40 million electric vehicles on the road, accounting for about 3% of the world's total, up from 1% in 2020.
The IEA expects electric vehicle sales to account for more than 20 per cent of total global vehicle sales by 2030, with demand for charging facilities rising sharply in several markets. At present, many countries are still relatively backward in the construction of charging infrastructure, which urgently needs to be improved. Electric vehicles are expected to account for 4% of total electricity demand by 2030, putting power supply to the test.
The IEA recommends that countries continue to increase policy support to accelerate the development of heavy-duty electric vehicles, accelerate the electrification of vehicles in emerging economies and developing countries, increase EV infrastructure and smart grids, and build a safe, stable and sustainable EV supply chain.