Top

Global EV Shipments Up 79% YoY in Q1 2022; Tesla Remains Leader

  • 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 the COVID-19 pandemic 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’s Global 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 Analyst Soumen Mandal said, “The EV market is witnessing a boom. However, shipments would have been higher if the automotive supply chain was not affected by the Ukraine crisis and 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: Tesla has 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 the Shanghai Gigafactory 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, NIO and 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, BMW has 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.

Counterpoint Research Global top 5 EV brands Q1 2022
Source: Counterpoint Research Global Electric Passenger Vehicle Model Shipments Tracker, Q1 2022

Discussing the reasons for the rise in EV shipments, Mandal further added, “Technological development is the key reason behind the increase in EV shipments. Battery technology has 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 President Neil Shah said, “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.”

The top 10 EV models accounted for a third of global 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.

Counterpoint Research Global Top 10 EV model market share
Source: Counterpoint Research Global Electric Passenger Vehicle Model Shipments Tracker, Q1 2022

Commenting on the market outlook, Research Vice President Peter Richardson said, “With many countries aiming to phase out gasoline-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 Global Passenger Car Forecast, EV shipments are expected to exceed 10 million units in 2022 and reach around 58 million units in 2030. 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.

The comprehensive and in-depth ‘Global Electric Passenger Vehicle Model Shipments Tracker, Q1 2018-Q1 2022’ is now available for purchase at report.counterpointresearch.com.

Feel free to reach us at press@counterpointresearch.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.

Analyst Contacts

 Soumen Mandal

The Branding Source: New logo: Twitter

Peter Richardson

The Branding Source: New logo: Twitter

Neil Shah

The Branding Source: New logo: Twitter  

Counterpoint Research

The Branding Source: New logo: Twitter

press(at)counterpointresearch.com

 

Related Reports:

Counterpoint research is a young and fast growing research firm covering analysis of the tech industry. Coverage areas are connected devices, digital consumer goods, software & applications and other adjacent topics. We provide syndicated research reports as well as tailored. Our seminars and workshops for companies and institutions are popular and available on demand. Consulting and customized work on the above topics is provided for high precision projects.

Term of Use and Privacy Policy

Counterpoint Technology Market Research Limited

Registration

In order to access Counterpoint Technology Market Research Limited (Company or We hereafter) Web sites, you may be asked to complete a registration form. You are required to provide contact information which is used to enhance the user experience and determine whether you are a paid subscriber or not.
Personal Information When you register on we ask you for personal information. We use this information to provide you with the best advice and highest-quality service as well as with offers that we think are relevant to you. We may also contact you regarding a Web site problem or other customer service-related issues. We do not sell, share or rent personal information about you collected on Company Web sites.

How to unsubscribe and Termination

You may request to terminate your account or unsubscribe to any email subscriptions or mailing lists at any time. In accessing and using this Website, User agrees to comply with all applicable laws and agrees not to take any action that would compromise the security or viability of this Website. The Company may terminate User’s access to this Website at any time for any reason. The terms hereunder regarding Accuracy of Information and Third Party Rights shall survive termination.

Website Content and Copyright

This Website is the property of Counterpoint and is protected by international copyright law and conventions. We grant users the right to access and use the Website, so long as such use is for internal information purposes, and User does not alter, copy, disseminate, redistribute or republish any content or feature of this Website. User acknowledges that access to and use of this Website is subject to these TERMS OF USE and any expanded access or use must be approved in writing by the Company.
– Passwords are for user’s individual use
– Passwords may not be shared with others
– Users may not store documents in shared folders.
– Users may not redistribute documents to non-users unless otherwise stated in their contract terms.

Changes or Updates to the Website

The Company reserves the right to change, update or discontinue any aspect of this Website at any time without notice. Your continued use of the Website after any such change constitutes your agreement to these TERMS OF USE, as modified.
Accuracy of Information: While the information contained on this Website has been obtained from sources believed to be reliable, We disclaims all warranties as to the accuracy, completeness or adequacy of such information. User assumes sole responsibility for the use it makes of this Website to achieve his/her intended results.

Third Party Links: This Website may contain links to other third party websites, which are provided as additional resources for the convenience of Users. We do not endorse, sponsor or accept any responsibility for these third party websites, User agrees to direct any concerns relating to these third party websites to the relevant website administrator.

Cookies and Tracking

We may monitor how you use our Web sites. It is used solely for purposes of enabling us to provide you with a personalized Web site experience.
This data may also be used in the aggregate, to identify appropriate product offerings and subscription plans.
Cookies may be set in order to identify you and determine your access privileges. Cookies are simply identifiers. You have the ability to delete cookie files from your hard disk drive.