Data from Canalys shows the global electric vehicle market grew rapidly in the first half of the year. Year over year, the global electric vehicle market is up 63% with sales in China accounting for 57% of total global volume.
China is known as one of the largest electric vehicle markets in the world apart from North America and Europe. In the first half of 2022, Chinese consumers bought 2.4 million electric vehicles, which is 26% of the total cars sold in the country for the same period. This number is up from 10% compared to the first half of 2021.
In the first half of 2022, consumers in Europe bought 1.1 million and accounted for 20% of sales in the same period. This number is up from 16% over the same period in 2021.
Another big market namely the US lagged with only 414,000 sales in the first half of 2022. However, that number is still considered a significant growth with an increase from 3% market share to 6% in a year.
China’s electric vehicle market is the fastest recovering after supply chain problems caused by the Covid-19 virus pandemic. The fact that many local manufacturers and suppliers are also from China strengthens the recovery of the electric vehicle market in the country.
In addition, the government is providing incentives to further encourage adoption as new electric vehicle brands and models are popping up almost every day.
The European market saw some signs of slowing as overall passenger vehicle sales fell with Tesla leading the market in the old continent with its two models namely the Model Y and Model 3.
In the US market, Tesla also leads the electric vehicle market with 60% of the country’s total EV sales. However, due to the lack of new models in the US, demand significantly exceeds supply.
Rising fuel prices due to war and incentives are the main factors for the demand for electric vehicles. But limited supplies mean consumers have to wait months for their electric vehicles to arrive.