TrendForce:2022 annual global sales of new energy vehicles exceeded 10 million, with China accounting for 63% of the market.

CTOnews.com, February 21, TrendForce Jibang Consulting released a report today that global sales of new energy vehicles (NEV, including pure electric vehicles, plug-in hybrid electric vehicles, and hydrogen fuel cell vehicles) in 2022 were about 10.65 million, an increase of 63.6 percent over the same period last year.

According to the report, there were 7.89 million pure electric vehicles (BEV), up 68.7 percent from the same period last year, and 2.74 million plug-in hybrid electric vehicles (PHEV), up 50.8 percent from the same period last year. China and Western Europe are still the two main markets, but the difference in market share has widened, with China accounting for 63 per cent of the market and Western Europe accounting for 29 per cent.

▲ Touyuan: TrendForce Jibang Consulting BEV, in 2022, pure electric car brand still takes the first place with Tesla (Tesla), but its market share has dropped to 16.6%. BYD's market share in pure electric vehicles has increased to 11.5%. The growth is mainly due to the fact that BYD's low-cost dolphins contribute about 23% of sales, and the gap between the two markets is only 5 percentage points.

In terms of PHEV, BYD topped the list with sales of 9.46 million, with an annual growth rate of 247% and a rapidly expanding market share to 34.5%. The report said that although PHEV sales doubled in China in 2022, there was a decline in Europe, so the brand strategy will be the key to determine PHEV sales in all regions this year.

According to the CTOnews.com report in January this year, data from the China Automobile Association show that in 2022, China's automobile production and sales completed 2702.1 and 26.864 million vehicles respectively, an increase of 3.4 per cent and 2.1 per cent respectively over the same period last year. Among them, new energy vehicles continued to grow explosively, with production and sales of 705.8 and 6.887 million vehicles respectively, an increase of 96.9% and 93.4% respectively over the same period last year, with a market share of 25.6%.

In addition, TrendForce Jibang Consulting said that the current observation of the car market is mixed, but new energy vehicles will continue to rise, and sales are expected to reach 14.51 million this year, an increase of 36.2% over the same period last year.