SE Asia was the hottest major EV market globally in Q2, growing nearly 10X YoY driven by key countries in Indochina
BYD took top position in unit sales share followed closely by domestic market favorite Vingroup
Chinese OEMs advanced the most, underscoring strong demand for lower-tier price segments
Hong Kong, Jakarta, New Delhi, London, Boston, Seoul – September 21, 2023
According to Counterpoint Research’s latestSE Asia Passenger Electric Vehicle Tracker, Q2 2023battery electric vehicle (BEV) unit sales in the region grew by 894%, driven by strong demand across Thailand, Vietnam, Indonesia, and Malaysia.
Base effects are in play as markets are very early stage, but significant progress is being made with EV share of overall passenger vehicle sales rising to over 6% during the quarter, with key Asian OEMs capitalizing on strong initial demand.
Passenger EV* Unit Sales Share and YoY Growth by Auto Group
Source: Counterpoint Research SE Asia Passenger EV Tracker. *Battery electric vehicles (BEV) only.
“What we’re seeing is just the beginning with SE Asia’s biggest markets starting to scale. It’s happening as government efforts to promote electrification dovetail with a flurry of products coming online that might not be budget, but are a lot more accessible to more buyers in the region,” saysSoumen Mandal, Senior Analystfor Automotive. “Vietnam and Thailand are great examples, with automakers introducing lower-priced models targeting the broadest range of consumers.”
“The result has been a big decline in prices over the past year as OEMs like Vinfast and BYD introduced cars with better sticker appeal. Comparing the top 5 best sellers YoY, prices have come down over 20%.”
Chinese OEMs are set to become the biggest beneficiary of SE Asia’s appetite for EVs over the short term, and Thailand will be a hot spot as this new breed of automakers sets up shop in the Kingdom – the region’s auto manufacturing hub;traditional players like Toyota are leaving the door open as they falter in the transition to EVs。
“There’s a big window of opportunity especially for someone like BYD, which has enjoyed a massive home market head start,” notesIvan Lam, Senior Analystfor Manufacturing. “Scale and end-to-end manufacturing prowess gives it a competitive advantage few EV players can match – affordable cars, robust supply, more frequent product launches. This might not sound exciting in terms of traditional combustion engine vehicles, but in EVs, it’s revolutionary.”
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Every second BEV sold in the US in Q2 2023 was a Tesla.
BEV sales by foreign brands more than doubled YoY to 81,000 units.
Annual BEV sales are expected to exceed 1 million units by the end of 2023.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – September 4, 2023
US passenger battery electric vehicle* (BEV) sales grew 57% YoY in Q2 2023, according to the latest research from Counterpoint’sUS Passenger Electric Vehicle Model Sales Tracker。The US maintained its status as the second-largest BEV market, a position it achieved by surpassing Germany in the previous quarter. BEVs constituted more than 7% of total passenger vehicle sales in the US in Q2. During H1 2023,Tesla’s tally exceeded the combined BEV sales of the next 14 automotive groups by 122,000 vehicles.
Commenting on the market dynamics,Research Analyst Abhik Mukherjeesaid, “Building on the existing momentum, the US automotive industry maintained its upward trajectory in Q2 2023. Total passenger vehicle sales surged by over 16% YoY. BEV sales are on the rise, driven by theEV tax creditand increasing environmental awareness among consumers. US-based brands likeTesla, GM, Ford, Rivian, LucidandKarmacaptured nearly three-quarters of total BEV sales. Among foreign-origin brands operating in the US, European manufacturers claimed the largest market share, followed by South Korean and Japanese brands. Total BEV sales by brands of foreign origin, such asHyundai Kia, Volkswagen Group, Mercedes-Benz, BMW, Volvo, Toyota, Subaru, JaguarandLand Rover,jumped by more than 100% YoY to nearly 81,000 units.”
The top five best-selling BEV models in the US accounted for more than 60% of the market’s overall BEV sales during the quarter. Tesla’sModel YandModel 3together accounted for 55% of the BEV market. TheRivian R1Temerged as the third best-selling model during Q2 2023. This is the first time a Rivian model has secured a position in the top five since the introduction of its first vehicle in late 2021.
Commenting on the market outlook,Research Director Jeff Fieldhacksaid, “If the current growth trajectory continues, annualBEVsales in the US will exceed1 million unitsby the end of 2023. However, rising inventories are expected to become a problem for automakers. EV-related investments by auto OEMs are rapidly growing across the North American continent. These investments, which cover EV production ramps, components and battery, and charging infrastructure, have already crossed$100 billion。Most EV brands are preparing to launch new models or update existing models from 2024 onwards. To address the inventory challenges, OEMs will either need to reduce prices or limit production, both of which will hurt their financial performance.”
*指批发销售数据,即交付from factories by the respective brand/company.
Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Thailand accounted for over 75% of BEV sales in the SEA region during Q1 2023.
Three out of every four BEVs sold were from a Chinese automaker.
The top three groups accounted for 68% of BEV sales.
BYD’s Atto 3 was the best-selling BEV.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul –July 20, 2023
Southeast Asia’s#(SEA’s) passenger battery electric vehicle (BEV) sales* grew by almost 10 times YoY in Q1 2023, according to the latest research from Counterpoint’sSEA Passenger Electric Vehicle Model Sales Tracker。The share of BEVs in total passenger vehicle sales experienced significant growth in Q1 2023, reaching 3.8% compared to a mere 0.3% one year ago.Thailandemerged as the leading country, capturing over 75% of the BEV sales, followed by印尼andVietnam。Thailandalso boasted the highest proportion of BEVs in total passenger vehicle sales, followed by Singapore and Vietnam. However, plug-in hybrid electric vehicle (PHEV) sales saw a modest YoY growth of 5.8%.
Commenting on the market dynamics,Research Analyst Abhilash Guptasaid, “Thailand’s government-led efforts to promote EV sales have yielded positive outcomes, while Indonesia and Vietnam are also performing well in the region. However, Malaysia, Philippines and Myanmar require additional regulatory support and encouragement to foster EV growth. Despite overall passenger vehicle sales remaining relatively stagnant, the sales of BEVs have experienced a significant andrapid expansion。Besides, the market for hybrid electric vehicles (HEVs) has experienced remarkable growth in SEA, playing a pivotal role in the transition from traditional internal combustion engine (ICE) vehicles to EVs.”
Gupta added, “Chineseauto groups are experiencing rapid growth and outpacing their competitors in the SEA region, with their market share increasing from 38% a year ago to nearly 75%. In Q1 2023,BYD Groupemerged as the BEV leader in the SEA region, capturing the majority of sales, followed byHozon New Energy, andSAIC Group。These top three groups collectively accounted for over 68% of the BEV market. In the PHEV market,Geely Holding Groupclaimed the top position, followed byBMW Group, andMercedes-Benz Group。”
BYD’s Atto 3 was the best-selling BEV across SEA, followed by the Neta V and Tesla Model Y. In PHEVs, Volvo’s XC60 sold the most, followed by the BMW 3 series and Mercedes-Benz E-Class.
Commenting on the market outlook,Senior Analyst Soumen Mandalsaid, “In addition to offering subsidies and tax incentives, Thailand’s government has set ambitious goals to position itself as a global hub for EV production. The country’s EV sector has witnessed a significant rise in foreign direct investment (FDI) in the past year. Notably, several Chinese automakers, including Great Wall Motors, BYD, Hozon New Energy and Changan Automobile, have shown interest in establishing or have already commenced the construction of production facilities inThailand。Similarly,印尼announced a subsidy package in March 2023 to promote the purchase and manufacturing of EVs, with a special focus on increasing local production. This move is expected to further accelerate the production and sales of EVs in the region.”
Mandal added, “The Chinese presence in the SEA EV market is poised to strengthen as they establish regional manufacturing bases, thereby driving further growth in the EV sector. The overall sales of EVs are experiencing an upward trajectory in the SEA region. The outlook appears promising, and there is an expectation that the share of BEVs in total vehicle sales will reach6%by the end of this year.”
*指批发销售数据,即交付from factories by the respective brands/companies.
#SEA here includes Indonesia, Malaysia, Myanmar, Philippines, Singapore, Thailand and Vietnam.
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Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media, and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects, and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Tesla Model Y was the best-selling EV model across all major countries except Spain.
EV sales penetration is expected to exceed 25% again by the end of the year.
London, New Delhi,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – July 5, 2023
Europe’s passenger electric vehicle* (EV) sales increased by more than 13% YoY in Q1 2023, according to the latest research from Counterpoint’sEurope Passenger Electric Vehicle Model Sales Tracker。While overall passengercar salesin Europe are showing signs ofimprovement, they have not yet reached pre-COVID-19 levels. In terms ofoverall EV sales, Germany led the pack, closely followed by the UK, France, Italy, the Netherlands and Norway. Meanwhile, the share of EVs in total passenger vehicle sales was the highest in Norway and the Netherlands.
In Q1 2023,Battery EV(BEV) salesjumped 32% YoYwhile plug-in hybrid EV (PHEV) sales declined 13% YoY. Consequently, the EV share of total passenger vehicle salesdeclinedduring the quarter from that a year ago.
Meanwhile, there has beennotable progressin the European market for Hybrid EVs (HEV) and mild-hybrid EVs (MHEVs). This indicates that Europe is making efforts to tap into the lower-end EV market while simultaneously developing battery ecosystems and fostering a circular economy. These initiatives are being undertaken before placing a stronger emphasis on pure EV sales.
Commenting on the market dynamics,Senior Analyst Soumen Mandalsaid, “In Q1 2023, mostEuropean EV saleswere captured by the top five automotive groups – Volkswagen Group, Tesla, Stellantis, Mercedes-Benz and Hyundai-Kia. They accounted for nearlytwo-thirdsof the market share. When it comes to pure electric vehicles (BEVs),Teslaholds the second position, slightly behindVolkswagen。In the plug-in hybrid electric vehicle (PHEV) market, Volkswagen takes the lead, followed byMercedes-BenzandBMW。”
“Chinese EV manufacturersstruggled to increase their market share in Europe during the quarter. However,MG, BYD, NIO, ORAandAiwaysmanaged to improve their sales compared to the previous year. On the other hand,LYNK & CO,HongqiandXpengfaced challenges in the European market. Nevertheless, we expect Chinese automakers to be able to enhance their market share in the coming quarters by offering cost-effective vehicles with advanced features, as the EV market is expected to perform better.”
Thetop-selling EV modelduring Q1 2023 was theTesla Model Y, followed by theVolvo XC40,Tesla Model 3, Volkswagen ID.3, and Audi Q4 e-tron. These top five models account for nearly a quarter of the total shipments. The Tesla Model Ydominatesthe market across major European countries, demonstrating Tesla’s strong brand presence in the region, except in Spain where it faces more competition.
Discussing the market outlook,Research Vice President Peter Richardsonsaid, “The penetration of EVs in total passenger vehicle sales in Europe experienced adeclinethis quarter, dropping to 18.4% from 27.6% in Q4 2022. This is a significant shift compared to the previous trend of continuous QoQ growth. Except France, all major countries experienced this decline during Q1 2023.”
“Several factors contributed to this decline, including theunstable economic conditionsand the removal of EV subsidies by Norway. Germany, the largest EV market in Europe, experienced a decline as thelooming recessionandcautious consumer spendinghurt the EV market. These circumstances impacted the overall adoption of EVs in the region. However, since April, the European region has shown signs of recovery. As a result, we expect the share of EVs to rebound andsurpass 25%again by the end of this year.”
*指批发销售数据,即交付from factories by the respective brands/companies.
*The countries in this study include Austria, Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, the Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, the UK and Ukraine.
*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not covered by this study.
Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
One in every seven cars sold during Q1 2023 was an EV.
Tesla Model Y becomes the best-selling passenger car model globally for the first time ever.
EV sales are expected to reach over 14.5 million units by the end of 2023.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – June 7, 2023
Global passenger electric vehicle* (EV) sales in Q1 2023 rose 32% YoY, according to the latest research from Counterpoint’s全球Passenger Electric Vehicle Model Sales Tracker。One in every seven cars sold during Q1 2023 was an EV. Battery EVs (BEVs) accounted for 73% of all EV sales during the quarter, while plug-in hybrid EVs (PHEVs) made up the rest.
TheUSsurpassedGermanyto become the world’s second-largest EV market in Q1 2023 whileChinaremained the领袖。In China, EV sales experienced a remarkable 29% YoY growth, despite a 12% decline in overall sales of passenger vehicles in the country. In the US, EV sales soared over 79% YoY during the quarter. The top 10 automotive groups, encompassing 48 automotive brands, dominated the global EV market in Q1 2023, capturing three-fourths of the total global EV sales.
Commenting on the market dynamics,Research Analyst Abhik Mukherjeesaid, “Global EV sales were largely driven by China with 56% of total EV sales in Q1 2023 coming from this market. The elimination of the NEV purchase subsidy in China resulted in lower-than-expected EV sales in January 2023.Tesla slashed pricesfor its models globally in January, following which other automotive brands announced similar cuts for their car models starting in February, which led to an improvement in EV sales. During February and March, almost 40 automakers, includingBYD,NIO,Xpeng,Volkswagen,BMW,Mercedes–Benz,Nissan,HondaandToyota, reduced their vehicle prices by a couple of hundred dollars to tens of thousands of dollars, which eventually stoked a competitiveprice war在中国。最初,人们认为价格war would end soon and that auto OEMs would benefit from increased sales. However, as the price war continues to stretch, several automakers in China have reported reduced earnings and even losses.”
Thetop 10 EVmodels accounted for37%of the total passenger EV sales in Q1 2023. Tesla’s Model Y remained the best-selling model globally followed by Tesla’s Model 3 and BYD’s Song. In Q1 2023, Tesla’s Model Y achieved the notable distinction of becoming thebest-sellingpassenger car modelworldwide, surpassing even conventional fuel vehicles.
Commenting on the market outlook,Senior Analyst Soumen Mandalsaid, “Although sales of the traditional internal combustion engine (ICE) vehicles remained stable in Q1 2023 compared with that in the year-ago period, the significant growth in EV sales indicates arapid transitionfrom traditional vehicles to EVs.”
“By the end of 2023, global EV sales are expected to surpass14.5 million units, according to our forecast. With the implementation of the EV tax credit subsidy in the US, EV sales in the country are projected to significantly increase this year. To meet the eligibility criteria for the tax credit, automotive OEMs are moving to partner with battery suppliers and establish battery manufacturing plants across North America. Consequently, the US is poised tosurpassthe EU in the race tobuild EV batteries。”
*指批发销售数据,即交付from factories by the respective brand/company.
*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.
Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
EV sales during 2022 were over 10.2 million units, a 65% YoY growth.
7 out of the top 10 EV models were from Chinese brands in Q4 2022.
EV sales are expected to reach nearly 17 million units by the end of 2023.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – March 6, 2023
Global passenger electric vehicle* (EV) sales in Q4 2022 rose by 53% YoY to bring the 2022 total to over 10.2 million units, according to the latest research from Counterpoint’s全球Passenger Electric Vehicle Model Sales Tracker。在2022年第四季度,电池电动汽车(BEV)占almost 72% of all EV sales, while plug-in hybrid EVs (PHEVs) accounted for the rest. The top three EV markets were China, Germany and the US. The top 10 EV automotive groups, which hold more than 39 passenger car brands, contributed to almost 72% of all EV sales in Q4 2022.
Commenting on market dynamics,Research Analyst Abhik Mukherjeesaid, “EV sales were at an all-time high during Q4 2022. The annual total for 2022 would have reached close to 11 million units had fresh COVID-19 infections not surfaced in China.COVID-19 infections in Chinaduring November and December affected automotive production and sales and disrupted the component supply chain. Despite these headwinds, Chinese brands managed to record strong growth. In fact, in 2022, many Chinese brands started to expand in markets like Europe, Southeast Asia and Latin America. Chinese brands are likely to dominate inSoutheast Asiaand Latin America as there are very few brands operating in these regions. But a fight for market presence is expected in Europe.”
Thetop 10 EVmodels accounted for one-third of the total passenger EV sales in Q4 2022. Tesla’s Model Y remained the best-selling model globally followed by BYD’s Song. The Model Y also became the top-selling model in Europe for two consecutive months in Q4 2022. 7 out of the top 10 best-selling EV models in Q4 2022 were from BYD and Wuling. These two brands predominantly operate in China, highlighting the positive evolution of the country’s EV market.Discussing the market outlook,Senior Analyst Soumen Mandalsaid, “EVs are becoming mainstream faster than expected. By the end of 2023, EV sales are expected to reach nearly 17 million units. This year, the US’ EV sales will see aboost随着模型变得更负担得起由于the $7,500 tax credit. The end of the purchase subsidy in China might push EV manufacturers to increase their prices. BYD has already implemented one price hike in January. But these price hikes are unlikely to affect EV sales in one of the most matured EV markets. Lithium prices are also expected to come down during the second half of 2023, which will benefit EV sales.”
*指批发销售数据,即交付from factories by the respective brands/companies.
*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.
Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Three of the top five best-selling EV brands in Q3 2022 were from China.
十大电动汽车模型accounted for more than 35% of global EV sales.
EVs constituted over 15% of the world’s passenger vehicle sales in Q3 2022.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – December 1, 2022
Global passenger electric vehicle* (EV) sales grew 71% YoY in Q3 2022, according to the latest research from Counterpoint’s全球Passenger Electric Vehicle Model Sales Tracker。In total EV sales, battery EVs (BEVs) accounted for almost 74% and plug-in hybrid EVs (PHEVs) the rest. China remained the market leader in EV sales, followed by Europe and the US. China’s EV sales increased by over 100% YoY to exceed 1.7 million units from just 0.88 million units in Q3 2021. BYD Auto continued to lead the global EV market during the quarter. The Chinese automaker also managed to widen its gap with the second-placed Tesla.
Commenting on the market dynamics,Senior Analyst Soumen Mandalsaid, “As semiconductor supplies ease, together with better availability of raw materials for batteries, global EV sales are increasing. Among nations, China is dominating the global EV market single-handedly. Three of the top five best-selling EV brands are from China. All three brands operate predominantly in China, highlighting theChinaEV market’s positive evolution.”
Market Summary
BYD Autoremained the global market leader, shipping more than 537,000 EV units, an increase of 197% YoY. Its top three models – BYD Song, BYD Qin and BYD Han – contributed to over 56% of the company’s sales during the quarter. BYD’s overseas operations have been picking up fast; it sold almost 17,000 EV units across various regions including Europe, Latin America, Southeast Asia, Middle East and Africa, and Oceania in Q3 2022.
Tesla’s global sales grew 43% YoY in Q3 2022 to over 343,000 units.The companysaw increased demand for its vehicles in Europe this quarter. The smoothing production ramp in its Berlin factory helped deliver a record number of Model Ys in Germany this quarter. However, deliveries fell short of expectations due to logistics bottlenecks.
Wulinggrew by 31% YoY to hold the third rank in the global EV market. The brand’s Hongguang Mini EV model has remained the undisputed market leader since its release in the second half of 2020. Mini-electric car sales in China are high as they cost less, are eligible for subsidies and serve the purpose.
Volkswagen’s EV sales increased by 28% YoY to recover from their Q2 dip. The ID.4, ID.3 and ID.6 series had the top-selling Volkswagen models during the quarter. The company showed impressive results in China with its EV sales growing 79% YoY and 35% QoQ. Although the brand’s sales in Europe and the US recovered sequentially, neither region registered YoY growth.
GAC Motoremerged as the fifth top-selling brand, overtaking BMW and Mercedes-Benz. During Q3 2022, GAC sold more than 85,000 units to record a YoY growth of 145%. GAC spearheaded its Aion series, with the Aion Y as the top-selling model. The company operates only in China.
Chinese EV brandsare making strong and steady progress. BMW has been pushed to sixth place by GAC Motor. Other brands like NIO, Xpeng, Lynk & Co and Geometry have started building a strong global presence, whereas traditional European automakers like Audi, Volvo, Peugeot and Renault are struggling to keep up with the competition. Among the top 25 EV brands in Q3 2022, 14 were from China.
十大电动汽车模型accounted for more than 35% of global EV sales in Q3 2022. Tesla’s Model Y remained the best-selling EV model. Six out of the top 10 best-selling EV models were from BYD Auto.
Commenting on the market outlook,Research Vice President Peter Richardsonsaid, “EVs represent a growing share of global passenger vehicle sales. Currently, EVs account for more than 15% of global passenger vehicle sales. EVs are becoming the preferred choice for first-time car buyers across developed regions. This is also encouraging new players to enter the market. In addition, different battery chemistries that require little or no lithium are also being developed, with the new technologies promising similar or better efficiency compared to existing ones.” *指批发销售数据,即交付from factories by the respective brands/companies.
*For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.
Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
Global passenger electric vehicle (EV) sales* reached 2.18 million units in Q2 2022.
BYD Auto overtook Tesla to become the top-selling EV brand globally.
排名前十的EV模型占30%以上f global EV sales in Q2 2022.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – August 29, 2022
Global passenger electric vehicle* (EV) sales grew 61% YoY to reach 2.18 million units in Q2 2022, according to the latest research from Counterpoint’s全球Passenger Electric Vehicle Model Sales Tracker。In total EV sales, battery electric vehicles (BEVs) accounted for almost 72% and plug-in hybrid electric vehicles (PHEVs) for the rest. China remained the market leader in EV sales, followed by Europe and the US. China’s EV sales increased by almost 92% YoY in Q2 2022 to reach 1.24 million units from just 0.64 million units in Q2 2021.
Commenting on the market dynamics,Senior Analyst Soumen Mandalsaid, “As the globalsemiconductor shortagehas eased a bit, automakers are able to cater to the increasing demand for EVs. Moreover, EV sales would have been higher if China had not experienced fresh COVID-19 outbreaks during March. Stringent lockdowns in and around major provinces halted the production ramp-up during April, which resulted in China’s passenger vehicle market recording its biggest drop since the COVID-19-hit March 2020. The situation improved only after lockdowns were lifted during the latter half of May. The second half of 2022 is expected to deliver better results, but economic downturns, energy crisis, supply chain bottlenecks and rising geopolitical tensions may hinder the growth of China’s automotive market, especially EVs.”
Market Summary
BYD Auto: For the first time, BYD Auto became the top-selling EV brand, dethroning Tesla. During Q2 2022, BYD Auto shipped more than 354,000 EV units, an increase of 266% YoY. The company officially stopped production and sales of internal combustion engine vehicles in March 2022 and has been focusing on the development of BEVs and PHEVs. More than 60% of BYD’s sales during the quarter came from its top three models – BYD Song, BYD Han and BYD Qin. The company is slowly penetrating the European market. It has already begun operations in Norway and is looking to start business in Germany, Sweden and the Netherlands.
Tesla:Tesla’s global sales during Q2 2022 grew 27% YoY to over 254,000 units, falling short of expectations. Although business in the US increased, its China business was affected by COIVD-19 shutdowns. Tesla sold just 98,000 cars in China during Q2 2022. Cumulative sales in China during April and May fell by 49% YoY. This was the lowest for the automaker since the COVID-19-hit 2020. But its sales during June improved by almost 115% YoY. Despite COVID-19 clouding Tesla’s Q2 sales, it remained the global leader in the BEV segment.
Wuling: The joint venture between SAIC, GM and Wuling has proved to be a success as the Wuling Hongguang Mini EV is the best-selling EV model in China. The model has been the undisputed market leader since its release in the second half of 2020. During Q2 2022, Wuling grew by 16% YoY to hold the third rank in the global EV market.
BMW: BMW’s EV sales during Q2 2022 increased by 18% YoY. The company has a more prominent presence in the PHEV segment. However, its BEV sales experienced a higher QoQ growth rate (18%) in Q2 2022 compared to its PHEV sales (2%). BMW’s aim to have 2 million BEV units on the road by the end of 2025 is motivating it to make significant developments in the EV category. The BMW X3 and i-series models are spearheading the company’s push in the BEV segment, while the 5-Series, 3-Series and X5 models are doing the same in the PHEV segment.
Volkswagen: Volkswagen’s EV sales declined 9% YoY in Q2 2022. Its shipments across Europe and the US declined by 44% YoY and 74% YoY, respectively. Bottlenecks in the supply of semiconductors and other automotive components due toRussia’s invasion of Ukraine, together with rising inflation, pushed EV sales down in these two markets. However, sales in China grew 115% YoY in Q2 2022. Apart from the supply chain crisis, the company’s internal issues and failure to develop new proprietary software for its vehicles are impacting the company’s EV shipment targets.
Source: Counterpoint Research Global Passenger Electric Vehicle Model Sales Tracker, Q1 2018 – Q2 2022
Discussing the reasons for the rise in EV sales,Research Vice President Neil Shahsaid, “Incentives play a crucial role in increasing EV adoption. For example, China’s strong incentive program for both automakers and consumers has helped the country become the global EV leader. China extended its consumer-side subsidies until 2023, even after deciding to end them in 2021. Moreover, China’s dual-credit policy for automakers has been a massive success and the government is planning to phase out consumer-side subsidies as its EV market reaches maturity. In contrast, lower subsidies inEuropeancountries have led to slow growth in EV sales. China’s EV market grew by over 90% YoY in Q2 2022, whereas Europe’s EV market increased by just 16% YoY. Rising EV sales in European nations have led to a discontinuation of many consumer-side subsidies on car purchases with the focus shifting to establishing improved charging infrastructure, including incentives for consumers to install charging points.”
Further commenting on EV subsidies, Shah said, “Recently, theUShas brought a new EV policy which includes attractive incentives for both automakers and consumers. Benefits upto $12,000 are available for automakers and consumers on the purchase of a new EV. As a result, we expect to see an increase in EV sales in the US. Apart from these big markets, smaller markets like India, Japan, Thailand, South Korea and Malaysia have started providing various benefits for EV buyers and automakers either directly as a rebate in prices or tax exemption.”
排名前十的EV模型占30%以上f global EV sales in Q2 2022. Tesla’s Model Y remained the best-selling EV model. Wuling’s Hongguang Mini EV moved up to the second place, pushing Tesla’s Model 3 to third place. The Hongguang Mini EV’s long streak of being the best-selling model in China was broken by the Model Y in June 2022. Six out of the top ten best-selling EV models during the quarter were from Chinese OEMs and are mostly only available in China.
Source: Counterpoint Research Global Passenger Electric Vehicle Model Sales Tracker, Q1 2018 – Q2 2022
Commenting on the market outlook,Research Vice President Peter Richardsonsaid, “The automotive industry isunlikely to fully recoverfrom the semiconductor shortages until 2023. We do not expect global passenger EV sales to exceed 10 million units in 2022 considering the COVID-19 outbreaks, production shutdowns due to the power crisis, component shortages and rising consumer price inflation.”
*Sales here refer to wholesale figures, i.e. deliveries out of factories by respective brands/companies.
*Under electric vehicles (EVs), we are considering only battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Hybrid electric vehicles and fuel cell vehicles (FCVs) are not included in this study.
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Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
For an automotive market like Japan, which is the base of global giants like Toyota, Honda, Nissan and Mazda, and saw early entry of hydrogen-fuel vehicles, it is easy to assume that the country would be a big market for new energy vehicle (NEV) makers. But the numbers tell a different story. According to the latest Counterpoint Research全球Passenger VehicleTrackers, the NEV penetration in Japan is around 1% compared to around 15% in China.
The total NEV sales in Japan from 2018 to 2021 were just 4% of the total sales in China in 2021. It is easy to conclude that Japan is not an attractive market for EV makers. But opportunities can be found when taking an in-depth look into the market. In fact, the Japanese government is now actively pushing EVs by providing subsidies to set up EV charging stations.
FCEV vs BEV: What will be the future trend?
The debate on fuel cell electric vehicles (FCEVs) andbattery electric vehicles(BEVs) has been going on for years now. Many in countries like Japan and South Korea still believe that hydrogen fuel will be the future, while China has been pushing BEVs. Leading NEV maker Tesla has also bet on BEVs and made it to the top of the China NEV market by achieving almost 50% share in H1 2022.
The FCEV has many advantages but the BEV can be scaled up in a shorter time due to a more favorable infrastructure construction cost for the government and enterprises. Moreover, the BEV beats the FCEV both in terms of unit price and cost of use. Given the current macroeconomic headwinds, any plan to set up FCEV infrastructure will find few takers in the government or industry in the near future.
The Nissan Leaf BEV was the best-selling NEV model in Japan in 2021, with more than twice the sales as the second-placed Mitsubishi Eclipse Cross, a plug-in hybrid electric vehicle (PHEV).
Why BYD decided to enter Japan electric car market?
China’s BYD recently launched three electric car models in Japan – Seal, Atto 3 and Dolphin. As discussed above, Japan’s NEV market is comparatively small. So, what are the factors driving BYD’s Japan electric car market entry? We discuss them below:
Not a newbie in Japan’s vehicle market:BYD is already selling its electric buses in Japan. Furthermore, through tie-ups with Japanese companies including Toyota, Kansai Electric Power Company and Keihan Bus Company, BYD has a better understanding of the country’s consumption patterns.
Cost competitiveness:Within the same price segment, BYD can offer better vehicles in terms of mileage and other performance parameters.
Investment in charging infrastructure:Either by itself or together with the government, BYD has to increase the number of charging stations and charging points. The difference between China and Japan here is that there is a higher proportion of private charging points in China. But in Japan, more public charging points are needed due to the higher cost of land and parking slots. That is why the Japanese government is providing subsidies to set up EV charging stations.
Localization: The Japanese market has a unique taste in consumer electronics, such as the consumers here prefer to buy the iPhone SE while their counterparts elsewhere are likely to favor bigger-screen smartphones. The same is true for vehicles. The Kei car category, created by the Japanese government for the smallest permissible cars, is popular among local car users. Of the three models launched by BYD, the Dolphin is very similar to a Kei car. The key reasons why Kei cars are welcome in Japan include:
Streets are narrow in Japan, especially in major cities.
There are many mountain roads in Japan.
Parking space is scarce.
China EV makers going overseas: Challenges and opportunities
Unlike the traditional internal combustion engine (ICE) vehicle era, China’s vehicle makers are big players in the NEV arena. Core NEV technologies like battery, motor and electronic control systems are all now being developed in China also. It is undeniable that China’s NEVs now dominate the market volumes globally. China’s NEV companies and even traditional car companies consider it strategically important to enter overseas markets.
Besides China, Europe and US are the other major markets with good EV penetration and growth. The rest of the markets are still in an educational phase. Therefore, some caution is needed for the NEV makers planning to enter markets like Japan.
The acceptance of the NEV:Although the safety levels of BEVs, PHEVs and FCEVs have improved and reached that of ICEVs, it still needs time for a large number of consumers to trust NEVs, especially in the markets dominated by ICEV manufacturers. But the situation is gradually improving with more and more friends, relatives or other known people using NEVs.
Cost:Many times it is the cost that triggers a purchase or replacement decision. For Chinese NEV makers, cost control is important as still many key parts are made only by a few players.
Better products:Besides the coretechnologies汽车的硬件、年代等新的应用程序mart cockpit, driving assistant and driverless option are being introduced on the software side to improve the car user experience. Vehicle makers must continue to focus on removing key pain points of target consumers.
Brand power and market competitiveness:Car consumers are more willing to pay a premium for a known brand name. At the same time, many are looking for more bang for their buck. Therefore, it is important for car makers to study consumer behavior and composition of the market they are planning to enter.
Investment and policies:TheNEVecosystem in many markets is still not mature. Huge investments are required to develop this ecosystem, whether it is manufacturing units, service centers, points of sales or charging stations. With the goal of “zero carbon” in mind, many countries provide incentives to NEV makers and consumers, though the risk of policy change always remains.
In Q1 2022, global electric passenger vehicle (EV) shipments exceeded 1.95 million units.
Passenger battery electric vehicle (BEV) shipments grew 90% YoY during the quarter.
EV shipments are expected to cross 10 million units by the end of 2022 and 58 million units by 2030.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – July 8, 2022
After surviving theCOVID-19pandemic and semiconductor shortages, the global automotive sector continued to recover in early 2022. Passenger vehicle shipments, especially electric passenger vehicle* (EV) shipments, grew during the first quarter. According to the latest research from Counterpoint’sGlobal Electric Passenger Vehicle Model Shipments Tracker, EV shipments grew 79% YoY in Q1 2022 to reach 1.95 million units. Of these, battery electric vehicles (BEVs) accounted for 73% and plug-in hybrid electric vehicles (PHEVs) for the rest. China remained the market leader in EV shipments, followed by Europe and the US. China’s EV shipments increased 126% YoY in Q1 2022 to reach more than 1.14 million units from just 0.5 million units in Q1 2021.
Commenting on the market dynamics,Senior Research AnalystSoumen Mandalsaid, “The EV market is witnessing a boom. However, shipments would have been higher if the automotivesupply chainwas not affected by theUkraine crisisand fresh COVID-19 waves in China in March 2022. With EVs comprising just 12% of the total passenger vehicle shipments during the first quarter of 2022, there is a lot of scope for expansion. Fresh players are entering the market to benefit from the opportunity. To counter new entrants, existing players are using leading-edge technologies to have improved battery, superior IVI system and higher levels of ADAS in their EV models as major selling points.”
Tesla:Teslahas registered phenomenal growth over the course of a year. The company’s shipments grew 68% YoY in Q1 2022 and are expected to cross 1.3 million units by the end of 2022. After operations started at theShanghaiGigafactory in 2019, Tesla’s China shipments skyrocketed. With the Berlin Gigafactory becoming operational in March, Europe sales are likely to increase in Q2 2022. Tesla is currently the global EV market leader. In Q1 2022, it sold more vehicles than the next three OEMs combined in the BEV segment. Tesla will face competition from BYD,NIOand XPeng in China while Volkswagen is gearing up to compete on the global front. Despite this competition, Tesla is likely to remain the market leader in the BEV segment for the next few years.
BYD Auto: BYD emerged as China’s top EV seller during Q1 2022. Its EV shipments increased by a whopping 433% YoY to reach more than 0.28 million units. This was due to BYD increasing its production of BEVs and PHEVs while completely halting its internal combustion engine business. In Q1 2022, BYD’s BEV and PHEV shipments grew 271% YoY and 857% YoY, respectively.
Wuling: The joint venture between SAIC, GM and Wuling has proved a success as the Wuling Hongguang Mini EV is the most sold EV model in China. Compared to Q1 2021, Wuling grew by just 14% and currently holds the third rank in the global EV market. Wuling achieved high EV shipments by just operating across China and Indonesia. Expanding across the SEA countries will help its business to grow as competition in the region is not that high. An early entry will help Wuling to secure a significant market share.
BMW: Over the years,BMWhas developed its business more in the PHEV segment than in BEV. BMW’s 16% YoY growth is mostly due to its offering of several new and improved PHEV models. BMW’s BEV shipments are predominantly driven by the company’s i-series models, while BMW Series 3 and Series 5 models are driving its PHEV shipments.
Volkswagen: Volkswagen is working hard to compete with Tesla in Europe, but its efforts have been disrupted by the supply crisis caused by Russia’s invasion of Ukraine. With its ID models, Volkswagen wants to capture a significant share of the EV segment. During Q1, Volkswagen’s EV shipments increased by 25% YoY. China remains Volkswagen’s top EV market, followed by Europe and North America. Across all major regions, the company’s all-electric ID.4 model registered most shipments.
Source: Counterpoint Research Global Electric Passenger Vehicle Model Shipments Tracker, Q1 2022
Discussing the reasons for the rise in EV shipments,Mandalfurther added, “Technological development is the key reason behind the increase in EV shipments.Battery technologyhas undergone recent breakthroughs. These developments have made batteries capable of longer ranges and longer overall lives. Range anxiety, one of the barriers to EV adoption, has reduced. The development of composite charging network infrastructure, subsidies from governments on EV purchases and increasing fuel prices combined with increasing environmental awareness are other reasons.”
On battery technology,Research Vice PresidentNeil Shahsaid, “Different compositions of lithium-ion batteries and the development of LFP batteries have been a game changer in this field. Battery chemistries like NMC, NCA and LFP are used widely for their high energy density and safety. After an increase in the price of lithium due to the Ukraine crisis, OEMs are transitioning to LFP batteries which use very little lithium and are safer than NMC and NCA composition batteries. Alongside LFP, manufacturers are also working on revolutionary solid-state battery technology. Besides being safer, solid-state batteries have higher energy density and will be able to outperform other battery chemistries. In 2021, NIO showcased its new ET7 with a solid-state battery of 150kWh. But this was later replaced by a semi-solid-state battery for the vehicle’s launch in March 2022. Despite several clear advantages, the high cost of solid-state batteries will limit their potential for mass adoption in the near term.”
十大电动汽车模型accountedfor a third ofglobal EV sales in Q1 2022. With Tesla’s new gigafactories coming up across the world, its Model Y and Model 3 currently hold the first two positions. Wuling’s budget model, the Hongguang MINI EV, has been the best-selling model in China for more than 15 months. Seven out of the top ten EV models are from Chinese OEMs. This shows the development of Chinese EV market over the past few years.
Source: Counterpoint Research Global Electric Passenger Vehicle Model Shipments Tracker, Q1 2022
Commenting on the market outlook,Research Vice PresidentPeter Richardson说:“许多国家打算淘汰气体oline-powered vehicles by 2040, car makers are facing a seismic change. Not only are they having to move to electric drivetrains, but cars are becoming smart, connected and increasingly able to drive themselves. This is the most tumultuous period since the auto industry was established more than a century ago. According to Counterpoint’s全球Passenger Car Forecast, EV shipments are expected to exceed 10 million units in 2022 and reach around在5800万年2030台的基础上。There will be a fight for existence as incumbent auto manufacturers use their scale and manufacturing expertise to fend off new entrants that have no legacy business to protect. The current economic headwinds are likely to favor deep-pocketed incumbents, but some new entrants will either survive on their own or be acquired by established players.”
*Under electric vehicles (EVs), we are considering only battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Hybrid electric vehicles and fuel cell vehicles (FCVs) are not included in this study.
Feel free to reach us at press@www.arena-ruc.com for questions regarding our latest research and insights.
Background
Counterpoint Technology Market Research is a global research firm specializing in products in the TMT (technology, media and telecom) industry. It services major technology and financial firms with a mix of monthly reports, customized projects and detailed analyses of the mobile and technology markets. Its key analysts are seasoned experts in the high-tech industry.
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Commenting on the market outlook,
