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Global electric vehicle market highlights:
BEV sales during Q2 2023 grew over 50% YoY.
One in every 10 cars sold during Q2 2023 was a pure battery electric vehicle (BEV).
China remained the leader in global BEV sales followed by USA and Germany.
BEV sales in the USA grew by almost 57% YoY, the highest among the top 3 EV markets.
Tesla Model Y retained its title as the ‘best-selling’ passenger car globally.
With the present growth trajectory, total BEV sales are expected to reach over 10 million units by the end of 2023.
Top Electric Vehicle Brands highlights:
Tesla: Tesla sales soared by 83% YoY during Q2 2023. Tesla Model Y accounted for 64% of Tesla’s global sales. Model Y retained its title as the ‘best-selling’ passenger car model globally.
BYD Auto: During Q2 2023, BYD Auto’s BEV sales grew by 96% YoY, faster than Tesla. BYD Yuan Plus (or Atto 3) was the best-selling BYD model followed by BYD Dolphin and BYD Seagull. BYD Seagull was introduced in April 2023 during the Shanghai auto expo. BYD Seagull also ranked #9 among the top 10 best-selling BEV models globally. BYD exported over 35,000 EVs during Q2 2023. Almost two-thirds of its exported BEVs were sold in Thailand, Israel and Australia.
Volkswagen Group: BEV sales of VW group grew by 48% YoY during Q2 2023. VW ID.4, Audi Q4-etron and VW ID.3 are the top 3 best-selling models of the group, accounting for nearly 50% of the group’s total BEV sales.
* Our present analysis takes Pure Battery EVs (BEVs) into account. We have removed Plug-in Hybrid EVs (PHEVs) from our analysis to avoid confusion.
For our detailed research on the global EV sales market in Q2 2023, clickhere。
For a more detailed electric vehicle model sales tracker, click below:
Global Passenger Electric Vehicle Model Sales Tracker: Q1 2018 – Q2 2023
This report tracks the global passenger vehicle sales* by brand and by model across 23 regions (China, USA, Germany, UK, France, Spain, Japan, India, Italy, South Korea, Thailand, Indonesia, Vietnam, Brazil, Argentina, Russia, Malaysia, Philippines, Singapore, ROE, LATAM, MEA and Oceania) quarterly. The report will help to understand regional trends, brand dynamics and type of EV penetration. The period covered in this report is from Q1 2018 to Q2 2023.
*Sales here refers to wholesale figures, i.e., deliveries out of factories by respective brands/companies.
*Under electric vehicles, the report only considers battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Hybrid electric vehicles and fuel cell vehicles (FCVs) are not included.
Table of Contents:
• Definition • Pivot Table • Flatfile
Note: Numbers based on passenger vehicles only. For EVs, we consider only BEVs and PHEVs. Hybrid EVs and fuel cell vehicles (FCVs) are not included in this study.
EV sales penetration dropped to 18.4% in Q1 2023 from 27.6% in Q4 2022
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,y 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 sales是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 by梅塞德斯-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.”
*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.
*国家在这项研究中包括奥地利、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.
Tesla sold more EVs than the next 18 automotive groups combined in Q1 2023.
Brands like Hyundai, Audi, BMW, Volvo and Nissan remain ineligible for the EV tax credit.
US EV sales expected to reach near 1.5 million units in 2023 if economic conditions continue to improve.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – June 15, 2023
US passenger electric vehicle* (EV) sales soared over 79% YoY in Q1 2023, according to the latest research from Counterpoint’sUSA Passenger Electric Vehicle Model Sales Tracker。This strong growth helped the USsurpassGermany to become the world’ssecond-largest EV market,largest being China。Battery EVs (BEV) accounted for 81% of all passenger EV sales in the US while plug-in hybrid EVs (PHEVs) made up the rest. In Q1 2023,Tesla’s salesoutperformedthe combined sales of thenext 18 automotive groups, which collectively represent 34 automotive brands.
Commenting on the market dynamics,Research Analyst Abhik Mukherjeesaid, “Total US passenger vehiclesales improvedYoY in Q1 2023. The US economy is showing signs of recovery withlower inflationandimproving consumer sentiment。Although EV sales saw strong growth during the quarter, those of conventional passenger vehicles remained flat. One reason was the introduction of anEV tax credit of up to $7,500, which has played a crucial role in driving up EV sales. Currently,around 20 models在总提供的特斯拉,通用汽车、福特、Stellantis, Rivian and Volkswagen are eligible for the tax credit. However, strict eligibility conditions set by the US government haveexcludedbrands such as Hyundai, Nissan, BMW, Audi and Volvo from benefiting from the EV tax credit scheme in 2023.”
Thetop 10 EV modelsin the US accounted for69%of overall passenger EV sales during the quarter. Tesla’s Model Y retained its title of the best-selling EV model, while it also earned the title ofbest-selling passenger carmodel globally. Apart from BEVs, PHEVs are also gaining popularity in the US.
Commenting on the market outlook,Research Director Jeff Fieldhacksaid, “With the US economy showing signs of recovery, the auto industry, particularly the EV sector, is being helped by government policies announced last year. Tax credits for new and even used EVs are helping consumers, while investments in streamlining theEV battery supply chain,establishment of a robust network of EV charging stations and the setting up of battery recycling plants nationwide will all support EV sales growth. Therefore, we expect US EV sales to reach around1.5 million units in 2023if economic conditions continue improving.”
*Sales refer to wholesale figures, i.e. deliveries 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.
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’sGlobal 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 theleader。在中国,电动汽车销售经历了惊人的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.特斯拉削减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,梅塞德斯–Benz,Nissan,HondaandToyota, reduced their vehicle prices by a couple of hundred dollars to tens of thousands of dollars, which eventually stoked a competitiveprice warin China. Initially, it was thought that the price 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。”
*Sales refer to wholesale figures, i.e. deliveries 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.
Volkswagen Group led in connected car sales, closely followed by Toyota Group.
4G cars captured more than 95% of connected car sales in 2022.
Tesla broke into the top-10 connected car sales rankings for the first time.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – April 24, 2023
Global connected car sales* grew 12% YoY in 2022 with the share of connected cars in the overall car sales exceeding 50%, according to the latest research from Counterpoint’sSmart Automotive Service。TheUSremained the strongest market for connected cars followed by China andEurope。These three markets accounted for nearly 80% of the total connected car sales globally in 2022. Despite having a relatively small share of connected car sales, Japan experienced the highest growth in connected car penetration.
Commenting on the market dynamics,Research AnalystAbhilash Guptasaid, “The penetration of connectivity in cars improved during 2022 after struggling in 2020 and 2021. In 2022, new facelift versions of older models like the Honda Civic, Toyota Corolla, Ford Escape and Chevrolet Equinox were introduced with upgraded 4G connectivity and new features. Some prominent features include remote lock/unlock, remote engine start/stop, climate control, vehicle status, location tracking, geofencing, emergency assistance, in-cabin music, video streaming, and over-the-air updates. Next-generation vehicles are being introduced with various connected and autonomous features that require high-speed internet access available through 5G. However, as of now, 5G remains a niche, available only in premium cars like the Ford F-150 Lightning, Cadillac LYRIQ, Mercedes-Benz EQS, Audi e-tron GT, BMW iX and GWM Haval HG.”
Gupta added, “With consumers’ focus shifting to connectivity in the car, non-connected car shipments are steadily declining. The top five automotive groups accounted for nearly half of the connected cars sold in 2022. Volkswagen Group led the charts in terms of connected car sales volume, closely followed by Toyota Group. Tesla broke into the top 10 for the first time.”
Commenting on the market outlook,Senior AnalystSoumen Mandalsaid, “The shift towards digitization in cars is increasing at a rapid pace and is visible in the consistent rise of connected car penetration globally. Currently, 4G dominates the connected car market with almost95%share. But as the automotive market is transitioning towards electrification, software-defined vehicles and autonomy, the need for seamless and faster in-vehicle connectivity will be fulfilled through 5G. By2030, more than 90% of connected cars sold will have embedded 5G connectivity. Connected car sales are expected to grow at a CAGR of 13% between 2022 and 2030.”
*Sales here refer to wholesale figures, i.e. deliveries out of factories by respective brands, and consider only passenger cars with embedded connectivity.
The comprehensive and in-depth ‘Global Connected Car Tracker,Q1 2019-Q4 2022’ and ‘Global Connected Car Forecast, 2019-2030F’ are now available for purchase atreport.www.arena-ruc.com。
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.
BEVs accounted for 80% of EV sales in the US in 2022.
In 2022, Tesla captured over 50% of the US EV market.
EV sales are expected to exceed 1.9 million units in 2023.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul –April 4, 2023
Passenger electric vehicle* (EV) sales** in the US grew 54.5% YoY in 2022, according to the latest research from Counterpoint’sGlobal Passenger Electric Vehicle Model Sales Tracker。Battery EV (BEV) sales grew by almost 70% YoY to account for more than 80% of allEV salesin 2022. Tesla remained the market leader in 2022 with more than 50% market share. Tesla sold more cars than the other17 automotive groupscombined.
Commenting on the market dynamics,Research AnalystAbhik Mukherjeesaid, “Although overall passenger vehicle sales in the US declined in 2022, EV sales increased to represent 7% of all US passenger vehicle sales.Teslais dominating the US EV market while other automotive giants likeFord,General Motors,Stellantis,VolkswagenandHyundaiare struggling to provide strong competition. But still, we are seeing new players likeLucidMotors,Karma,FiskerandVinfastentering the US EV space, underlining the market’s potential. Moreover, with the recentprice cutsby Tesla and all versions of Tesla’s Model Y becoming eligible for theEV tax credit subsidy, it is expected that Tesla will take an even higher market share.”
The top10 best-sellingEV models accounted for69%of total EV sales in the US. All four Tesla models were present in the top-10 bestseller list for 2022. Hyundai’s IONIQ 5 and Kia’s EV6 made a significant impact, entering the list within a year of their US launch.
Discussing the market outlook,Research DirectorJeff Fieldhacksaid, “High interest rates due to macroeconomic pressures during 2022 negatively affected vehicle sales in the US. In2023, EV sales are expected to reach over1.9 million unitsbut only if economic headwinds do not severely impact the market, like in 2022. With automotive OEMs and battery manufacturers joining hands to set up battery manufacturing plants across the US, the battery supply chain is expected to become smoother and component costs will moderate, making the potential US EV market greater than10 million per year by 2030。”
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.
EVs contributed over 29% of Europe’s total passenger vehicle sales in Q4 2022.
Chinese EV brands sold nearly 58,000 units in Europe during 2022.
Europe’s EV sales are expected to exceed 4 million units in 2023.
London, New Delhi,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul – March 6, 2023
Europe’s passenger electric vehicle* (EV) sales in Q4 2022 grew over 34% YoY to bring the 2022 total to over 2.7 million units, according to the latest research from Counterpoint’sGlobal Passenger Electric Vehicle Model Sales Tracker。Battery EVs (BEVs) continued to increase their share, growing by 36% YoY to account for almost 63% of all EV sales, while plug-in hybrid EVs (PHEVs) accounted for the rest. Germany was the largest EV market in Europe with almost 39% of total sales, followed by the United Kingdom and France. Germany also remained Europe’s fastest-growing EV market in Q4 2022 with 75% YoY growth, while Norway and Sweden’s overall passenger vehicle sales had the highest EV share in the continent. In terms of brands, Tesla managed to overtake梅塞德斯Benzto grab the top spot in Europe.
Commenting on the market dynamics,Research Analyst Abhik Mukherjeesaid, “EV sales in Europe are increasing at a slower pace than expected. But since many European brands target to convert most of their models to electric by 2025, we expect EV sales to accelerate in the next two years. European automakers need to keep a close eye on Chinese competitors. MostChinese brands, like BYD, Lynk, NIO and XPeng, made their European debut in 2021, selling just under 21,000 EVs cumulatively. In 2022, Chinese brands sold almost 58,000 EVs, capturing over 2% of the market. With the current trajectory, their share is expected to double to around 5% by the end of 2023.”
Market summary
Teslabecame Europe’s top-selling EV brand in Q4, dethroning Mercedes Benz. Tesla’s Model Y also became thebest-selling EVin Europe during Q4 and for the full year of 2022, followed by its Model 3. Production capacity at Tesla’s Berlin factory reached 3,000 units per week in November 2022. The factory played a crucial role in Tesla becoming the best-selling EV brand.
Volkswagen’s EV sales grew by almost 48% YoY in Q4, helping it stay the second best-selling EV brand in Europe. Volkswagen has been spearheading its ID models and the launch of an updated version of the ID.3 model will help the brand hold its position more firmly.
梅塞德斯-Benzsold over 76,000 EVs in Europe during Q4, a growth of 46% YoY. The top-selling models were the A-Class, EQA and GLE-Class. PHEVs accounted for almost 67% of Mercedes’ Q4 EV sales. Tesla and Volkswagen pushed梅塞德斯to third place in Q4 2022.
Discussing the market outlook,Senior Analyst Soumen Mandalsaid, “EVs contributed over 29% of Europe’s total passenger vehicle sales in Q4 2022. We expect that more than4 million EVs将于2023年在欧洲销售。Ch的崛起inese brands will likely pose a threat to local manufacturers. Lynk & Co, a subsidiary of Geely Holding, sold over 20,000 PHEVs during Q4 2022, with its Lynk 01 model entering the list of top 10 best-selling EV models in Europe. The implementation of strict laws to limit carbon emissions makes battery manufacturing costlier across Europe, thus making European-produced EVs more costly than those imported from China. Unless policies are brought for vehicle imports, the sales of Chinese EVs will continue to increase across Europe.”
*Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.
*国家在这项研究中包括奥地利、Belgium, Bulgaria, Croatia, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Luxembourg, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden, Switzerland, United Kingdom 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.
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’sGlobal Passenger Electric Vehicle Model Sales Tracker。During Q4 2022, battery EVs (BEV) accounted for 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 aboostas models become slightly more affordable due to 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.”
*Sales refer to wholesale figures, i.e. deliveries 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.
The annual Consumer Electronics Show (CES), held in Las Vegas from January 5 to 8 this year, focused primarily on theautomotive,IoT, smart home, healthcare, metaverse andXR, AI and computing segments. Counterpoint’s automotive team analyzed over 150 automotive-related announcements during CES to identify key trends. The main focus of the automotive industry at this year’sCESwas on electric vehicles (EV), followed byautonomous vehicles, infotainment,connectivity, components and maps. There was a lot of excitement surrounding autonomous vehicles at the event, but EVs accounted for the biggest share of news flow.
Here are the top 10 automotive announcements from this year’s CES, according to Counterpoint analysts:
1. Qualcomm unveils Snapdragon Ride Flex SoC to bringsoftware-defined vehicles to reality
高通Snapdragon骑Flex SoC,宣布disruptive solution for expanding its low-power, advanced computing capabilities into the automotive space as part of its Snapdragon Digital Chassis initiative. This solution is built on a heterogenous compute architecture that addresses multiple workloads and is pre-integrated with the Snapdragon Ride Vision Stack. This gives automakers the flexibility to use the Ride Vision Stack across all vehicle tiers without sacrificing performance. In addition, its cloud-native architecture enables a smooth workflow for software development and deployment. The Snapdragon Ride Flex SoC is expected to go into production by 2024.Qualcommis striving to maintain its leadership position in the software-defined vehicle era and make the transition easier for automakers and tier-1 suppliers.
For a more detailed report on CES 2023’s automotive announcements, click here:
2. Sony Honda Mobility introduces Afeela EV brand
Sony Honda Mobility finally announced its JV brand Afeela, which will bring its first EV model to North America in 2026 followed by Japan and Europe. Afeela’s first production model was teased at CES 2023. Sony and Honda announced their JV back in March 2022. Afeela will introduce a series ofEVmodels that will carry Sony’s expertise in IVI systems, ADAS components and in-cabin electronics, while Honda will contribute to the brand’s performance with its e-powertrain system as well as battery sourcing and charging capabilities. According to the announcement, Afeela aims to offer better vehicles at a relatively lower cost. These EVs are expected to be positioned above Honda’s own EVs, but whether Afeela will share the same slot with Honda’s premium Acura brand is yet to be determined.
3. BMW previews next-gen color-changing concept with ‘digital emotional experience’
BWM previewed its next-gen 3 series concept model based on the Neue Klasse platform. The new i Vision Dee concept (Dee stands for ‘digital emotional experience’) showcased a monolithic exterior styling that can be divided into 240 different segments. The whole exterior can support different design styles like stripes, patterns and animation, and can curate up to 32 different colors. Though detailed specifications have not been shared, i Vision Dee features a new OS and a new fully controllable HUD with windscreen projection. Traditional infotainment has been removed. The dashboard conceals various touch sensors which can be used to display content on the HUD. The model will be powered by BMW’s sixth-generation EV powertrain and is expected to enter production in 2025 as a BMW i3 successor.
4. Volkswagen showcases new ID.7 wrapped in electroluminescent camouflage
Volkswagen showcased its sixth all-electric ID model, the VW ID.7, wrapped in special QR code-inspired camouflage to hide the final styling. The camouflage was inspired by electroluminescent technology which lights up 22 different sectors of the car. Volkswagen disclosed some technical details before the model’s final reveal during the second quarter of 2023. Initially, the ID.7 will have a 77kWh battery pack and a claimed 700-km range. The interior will feature a 15-inch touchscreen infotainment system, an AR-based HUD and a smart HVAC system that can automatically modify the cabin temperature when the key fob is close. Volkswagen expects its new model will compete with Hyundai’s Ioniq 6 and Tesla’s Model 3.
5. LG, Magna form second JV for ‘executable’ autonomous driving, infotainment solutions
Two of the biggest tech companies LG and Magna have again joined hands to develop solutions for automated driving by leveraging their areas of expertise. LG and Magna already have a JV that manufactures e-powertrain and other hardware like inverters, motors and onboard chargers for EVs. The new JV will explore theADASand AV market to develop “executable” automated driving and infotainment solutions to enhance customer experience by addressing the toughest challenges. LG’s vehicle component arm has been eyeing new openings in the automotive market and believes the increased connectivity of cars of the future presents new opportunities.
6. Harman aims to make driving assistance more intuitive, safer
Harman is all set to deliver enhanced in-cabin safety and awareness through its AR-based HUD hardware and AR-based software products. Harman has been a trusted name for vehicle audio for decades but now as the automotive industry makes a transition towards software-based experiences, the company has developed its own technology that enhances the drivers’ experience by bridging the gap between physical and digital worlds in a non-intrusive manner through its AR-based HUDs. Harman’s Ready Vision uses ML-based 3D object detection and computer vision to deliver collision warnings, lane departure, low-speed zone notification, blind spot warnings and lane change assist with high precision without breaking the driver’s concentration. Harman claims Ready Vision works with precision even in the most unfamiliar driving scenarios, making driving safer.
7. BlackBerry has a busy CES with launches, partnerships
BlackBerry’s IVY software platform, developed in collaboration with Amazon, won its first design contract with PATEO for the all-electric VOYAH H97 model’s digital cockpit. BlackBerry also launched QNX Accelerate, which supports the QNX RTOS and QNX OS for safety in the AWS marketplace. Leading tier-1 suppliers like Continental and Marelli are already testing it to create automotive metaverse environments for software-defined vehicles. BlackBerry is partnering with Elektrobit to develop automotive safety solutions using the Rust programming language. It has also formed partnerships with Texas Instruments for embedded software development and with Garmin for improving the in-car experience. These partnerships show that BlackBerry is attempting to regain market presence through its infotainment, security and OS products.
8. Innoviz launches new LiDAR, forms multiple partnerships
Innoviz, a leading player in solid-stateLiDARsensors and perception software, unveiled the Innoviz360, a cost-effective and high-performance LiDAR that will support a range of non-automotive applications such as smart cities, logistics, maritime, heavy machinery, and construction, in addition to Level 4-5 (L4 and L5) autonomy applications. Loxo, a zero-emission autonomous vehicle provider for last-mile delivery, has partnered with Innoviz to use the InnovisOne LiDAR. Deep-tech company EXways, which works in 3D LiDAR processing, has also partnered with Innoviz to leverage the technology for multiple applications.
Innoviz has previously formed partnerships with major automakers such as BMW and Volkswagen, as well as tier-1 supplier Magna. At CES, Innoviz also showcased the InnovizTwo LiDAR, which it claims offers a 30x performance improvement over the InnovizOne and a 70% cost reduction. With the growing adoption of autonomous vehicles, LiDAR technology is expected to be high in demand as major auto OEMs including Mercedes-Benz, Nissan, BMW, Stellantis, Volkswagen and Volvo plan to use it.
NVIDIA is partnering with Hyundai Motor, BYD and Polestar to offer a cloud gaming experience through itsNVIDIA现在GeForce汽车服务。GeForce用户将be able to access over 1,000 paid and free games through this service. While video games are not new in cars, the addition of GeForce will provide a more PC-like gaming experience. This will also drive the trend of cellular connectivity in the passenger vehicle market, as cloud gaming will require embedded 4G or 5Gconnectivity。
10.谷歌推出高清地图,与沃尔沃合作,Polestar
Google announced that it would make HD maps available for Level 2+ autonomous vehicles. The Volvo EX90 and Polestar 3 will use Google’s HD maps service in addition to Google’s Android Auto solution. While Google is gaining some traction in the automotive sector through its Android Auto offerings, it will face strong competition from existing players like HERE and TomTom whose offerings in HD maps and other related services are helping them maintain leadership in thelocation platformmarket. To compete with these leading players and local players like Amap, Navinfo, Naver, MapmyIndia and Zenrin, Google is seeking to enhance the user experience in this segment.
EV sales in the US grew by 52% YoY during Q3 2022.
Top 10 EV models constituted almost 70% of EV sales.
US EV sales are expected to exceed 10 million units annuallyby 2030.
New Delhi,London,San Diego, Buenos Aires, Hong Kong, Beijing, Seoul –January 4, 2023
The US electric vehicle* (EV) sales** grew by almost 52% YoY during Q3 2022 despite macroeconomic headwinds, according toCounterpoint Global Passenger Vehicle Model Sales Tracker。Battery EVs (BEVs) constituted over 80% of the total US EV sales. BEV sales grew by more than 78% YoY during Q3. Tesla’s Q3 sales eclipsed the next 15 brands combined.
Commenting on market dynamics,Associate DirectorHanish Bhatiasaid, “Overall US passenger vehicle sales will likely suffer due to macroeconomic pressures until at least mid-2023. Higher interest rates are hitting both loan and leasing routes to ownership. However, the affordability of EVs will be revitalized once EV policies and credit subsidies take effect.”
Source: Counterpoint Global Passenger Vehicle Model Sales Tracker, Q3 2022
Market summary
Teslasales in the US grew by more than 56% YoY during the quarter. Although Tesla has had some headwinds in meeting orders and delivering vehicles, it has remained the undisputed market leader for at least the previous 19 quarters. The Model Y and Model 3 are its most sold models.
Fordsold over 18,000 EV units during Q3, registering almost 132% YoY growth. With the introduction of the electric version of the best-selling F-150, the company has been able to mark its position in the US EV market.
Chevroletcatapulted its EV sales growth rate by 225% YoY to over 14,000 units. The Bolt and Bolt EUV are the only two Chevrolet EV models being offered currently. The Bolt EUV sales volume almost quadrupled from the previous year. The brand is on track to introduce three new EV models – Silverado EV, Equinox EV and Blazer EV.
Thetop 10 best-selling EV modelsconstituted almost 70% of the country’s EV sales in Q3. Tesla’s Model Y has been the best-selling EV model since the third quarter of 2020.
Commenting on the market outlook,Research DirectorJeff Fieldhacksaid, “Tax credits are expected to boost EV demand. Moreover, a price reduction is expected as more battery manufacturing firms are being set up across the North American continent. Batteries constitute 40% to 45% of the cost of EVs. The availability of multiple battery suppliers and a decrease in logistics costs for batteries will positively impact the US EV market. EV sales in the US are expected to exceed 10 million units annually by 2030 at a CAGR of 37%, according to Counterpoint’sGlobal Passenger Vehicle Forecast。”
*For EVs, we consider only BEVs and PHEVs. This study does not include hybrid EVs and fuel-cell vehicles.
**Sales refer to wholesale figures, i.e. deliveries from factories by the respective brands/companies.
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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Global Passenger Electric Vehicle Market Share, Q3 2021 – Q2 2023
