Most popular BEV manufacturers worldwide 2022
With around 1.3 million sales, Tesla was the market leader for battery-electric vehicles in 2022. Most of the brand's success came from its Model 3 and Model Y quarterly deliveries, which steadily increased throughout the year. Chinese brands SAIC and BYD also recorded high sales volumes in 2022, partly because China is the largest market for electric vehicles.
Battery-electric vehicles gain global momentum
The battery-electric vehicle (BEV) market has grown in previous years, reaching 18 million BEVs in circulation in 2020. Bolstered by increased environmental consciousness and governmental imperatives to improve transport emissions, the electric vehicle market is expected to be worth over one trillion U.S. dollars by 2026. Technological advances also contribute to BEVs becoming more attractive to consumers. Improvements in electric vehicle range help BEVs better match consumers' driving range expectations. The COVID-19 pandemic further contributed to a rising interest in electric vehicles as consumers’ concern for sustainability and air-quality improvements increased as the environmental impact of traveling became more apparent.
Infrastructure challenges might stunt growth
While the impetus on growing the global electric vehicle fleet pushes sales forward, the global charging infrastructure struggles to meet an increasing demand. The volume of publicly available fast electric vehicle chargers worldwide has been increasing, but most consumers expected to charge their vehicles at home, using private charging solutions with often prohibitive costs of installation. The accessibility of public charging solutions also has room for improvement, with most countries recording under 30 charging locations per 100 kilometers of roadway in 2021. In order to meet governmental targets for the national electric vehicle fleet, a better emphasis on access to affordable and sustainable charging is needed.
Battery-electric vehicles gain global momentum
The battery-electric vehicle (BEV) market has grown in previous years, reaching 18 million BEVs in circulation in 2020. Bolstered by increased environmental consciousness and governmental imperatives to improve transport emissions, the electric vehicle market is expected to be worth over one trillion U.S. dollars by 2026. Technological advances also contribute to BEVs becoming more attractive to consumers. Improvements in electric vehicle range help BEVs better match consumers' driving range expectations. The COVID-19 pandemic further contributed to a rising interest in electric vehicles as consumers’ concern for sustainability and air-quality improvements increased as the environmental impact of traveling became more apparent.
Infrastructure challenges might stunt growth
While the impetus on growing the global electric vehicle fleet pushes sales forward, the global charging infrastructure struggles to meet an increasing demand. The volume of publicly available fast electric vehicle chargers worldwide has been increasing, but most consumers expected to charge their vehicles at home, using private charging solutions with often prohibitive costs of installation. The accessibility of public charging solutions also has room for improvement, with most countries recording under 30 charging locations per 100 kilometers of roadway in 2021. In order to meet governmental targets for the national electric vehicle fleet, a better emphasis on access to affordable and sustainable charging is needed.
