70% increase in sales of battery electric vehicles

SHAFAQNA TURKEY- PwC and consulting group Strategy& have shared their fourth quarter 2022 global battery electric vehicle (BEV) sales report. Report; It reflects data collected from markets such as the US, Europe, China, Japan, South Korea, and Turkey.

Even geopolitical tensions and high energy prices have not reversed this trend: Sales of battery-electric vehicles will grow by 70% year-on-year globally in 2022, according to the report, indicating continued consumer interest in electric transformation. In terms of total cost of ownership, electric vehicles have surpassed combustion engine vehicles, even at current electricity prices.

It accounts for 8% of the total market.

According to information provided by Strategy& Turkey leader Kagan Karamanoglu, 7,743 battery electric vehicles were sold in Turkey during 2022. Karamanoglu continued his words as follows: “Although the amount is small, sales in Turkey increased by 172% compared to the previous year. Plug-in hybrid vehicles (PHEV) sales rose 15% year-on-year to 1,000 units. Hybrid vehicles (HEV) in Turkey continued to hold the largest share among electric vehicles during the year, accounting for 8% of the total market.”

According to the report, which looks at the electric vehicle market by country, the US is seeing significant growth. The expected recovery in the battery electric vehicle market in the US, which has lagged behind the development seen in China and much of Europe, occurred in 2022. It achieved the highest annual growth in electric vehicle sales of any market studied, up 88% from the previous year. Investments by original equipment manufacturers (OEMs) in new and attractive models, government incentives and the development of charging infrastructure have been effective in this growth.

Its sales have doubled

US BEV sales almost doubled year-over-year, up 92% in the fourth quarter of 2022. Despite an 8 percent decline in U.S. powertrain sales in 2022 due to customer austerity in the face of difficult economic conditions, the increase is remarkable in terms of demonstrating a trend to the consumer.

China comes right after the US. Continuing its impressive growth in recent years, sales of battery electric vehicles in the country increased by 85% in 2022. Looking at the total sales of battery, plug-in (rechargeable) and hybrid electric vehicles, one can see that sales are up 87% compared to the previous year. This increase is the highest in the analyzed markets.

Growth in Europe, the third largest focus group, was modest but still significant compared to the US and China.

The top five markets in Europe, France, Germany, Italy, Spain and the UK were up 28% year-over-year. Sales of battery electric vehicles increased by 39% in the fourth quarter of 2022 compared to the same period of the previous year.

Two countries in the foreground

Two countries stood out in this increase: Germany and England. While the UK is the country with the highest acceleration with an annual growth rate of 40%, sales in Germany grew by 66% in the fourth quarter of 2022 compared to the same period of the previous year. This situation in Germany has been described as “the highest growth of battery electric vehicles”. Consumers in Germany acted quickly ahead of government subsidy cuts in early 2023, buying more hybrid and battery electric vehicles than internal combustion engine (ICE) vehicles for the first time in the fourth quarter of 2022.

In other European markets, interest in battery electric vehicles was marked by a notable margin in Sweden and Norway. Sales increased by 84% in Sweden and by 76% in Norway in the fourth quarter of 2022 compared to the same period of the previous year. In addition, Sweden had the highest growth rate of 66% in the group of other European markets in 2022.

Sales exceeded 1 million.

In Asian markets, Japan and South Korea, there is growing consumer interest in next-generation environmentally friendly vehicles. Sales of battery electric vehicles in South Korea grew by 42% in the fourth quarter of 2022 compared to the same period of the previous year. With a 62% growth in 2022 compared to 2021, this figure is quite clear in the last quarter.

On the other hand, in Japan, the trend towards the use of hybrid vehicles prevailed. Sales of hybrid vehicles, which dominate nearly the entire EV market, surpassed 1 million in 2022. Sales of battery electric vehicles remained at 32,000. World