Support at the regional level in China has also helped to advance some of the world’s largest EV makers. Provincial governments are also supporting adoption of NEVs, with 18 provinces to date having set NEV targets. If recent market trends continue, China’s 2030 targets may also be reached ahead of time. China aims to reach a 50% sales share by 2030 in so-called “key air pollution control regions”, and 40% across the country by 2030 to support the national action plan for carbon peaking. All indicators point to further growth: although the national NEV sales target is yet to be updated by China’s Ministry of Industry and Information Technology (MIIT), which is responsible for the automotive industry, the objective of greater road transport electrification is re-affirmed in multiple strategy documents. China has therefore achieved its 2025 national target of a 20% sales share for so-called new energy vehicles (NEVs) 3 well in advance. In 2022, the share of electric cars in total domestic car sales reached 29% in China, up from 16% in 2021 and under 6% between 20. This strong growth results from more than a decade of sustained policy support for early adopters, including an extension of purchase incentives initially planned for phase-out in 2020 to the end of 2022 due to Covid-19, in addition to non-financial support such as rapid roll-out of charging infrastructure and stringent registration policies for non-electric cars. For the first time in 2022, China accounted for more than 50% of all the electric cars on the world’s roads, a total of 13.8 million. Electric car sales increased even while total car sales dipped by 3% in 2022 relative to 2021.Ĭhina accounted for nearly 60% of all new electric car registrations globally. The faster growth in PHEV sales relative to BEVs warrants further examination in the coming years, as PHEV sales still remain lower overall and could be catching up on the post-Covid-19 boom only now BEV sales in China tripled from 2020 to 2021 after moderate growth over 2018-2020. ![]() In 2022, BEV sales in China increased by 60% relative to 2021 to reach 4.4 million, and PHEV sales nearly tripled to 1.5 million. The increase in electric car sales varied across regions and powertrains, but remains dominated by the People’s Republic of China (hereafter “China”). Over 26 million electric cars were on the road in 2022, up 60% relative to 2021 and more than 5 times the stock in 2018 Seen in comparison to recent years, the annual growth rate for electric car sales in 2022 was similar to the average rate over 2015-2018, and the annual growth rate for the global stock of electric cars in 2022 was similar to that of 2021 and over the 2015-2018 period, showing a robust recovery of EV market expansion to pre-pandemic pace. ![]() The exceptional boom in 2021 may be explained by EV markets catching up in the wake of the coronavirus (Covid-19) pandemic. The increase in sales from 2021 to 2022 was just as high as from 2020 to 2021 in absolute terms – up 3.5 million – but relative growth was lower (sales doubled from 2020 to 2021). ![]() As a result, about 70% of the global stock of electric cars in 2022 were BEVs. Increasing sales pushed the total number of electric cars on the world’s roads to 26 million, up 60% relative to 2021, with BEVs accounting for over 70% of total annual growth, as in previous years. Electric car sales continue to increase, led by China The share of electric cars in total car sales jumped from 9% in 2021 to 14% in 2022, more than 10 times their share in 2017. It previously took five years from 2012 to 2017 for EV sales to grow from 100 000 to 1 million, underscoring the exponential nature of EV sales growth. In the course of just five years, from 2017 to 2022, EV sales jumped from around 1 million to more than 10 million. 2 This figure – 10 million EV sales worldwide – exceeds the total number of cars sold across the entire European Union (about 9.5 million vehicles) and is nearly half of the total number of cars sold in China in 2022. ![]() Electric car sales – including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) – exceeded 10 million last year, up 55% relative to 2021. The growth in electric car sales took place in the context of globally contracting car markets: total car sales in 2022 dipped by 3% relative to 2021. Electric car sales 1 saw another record year in 2022, despite supply chain disruptions, macro-economic and geopolitical uncertainty, and high commodity and energy prices.
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