Total global car sales will decline in 2022, but electric vehicles still continue to grow against the trend


Global electric vehicle sales continue to grow in 2022

After a strong increase in 2021, total vehicle sales in 2022 will fall by almost 0.5% to about 75 million units. Electric vehicle sales rose in all markets, driven by increased model numbers, high fuel prices and targeted policy support. By 2022, more than a quarter of sales in China, more than a fifth in the EU, and nearly a tenth in the US. According to the latest estimates from the IEA, global electric car sales will grow by about 60% in 2022, surpassing 10 million for the first time, up from 6.6 million in 2021.

If the sales of pure electric vehicles are estimated to be about 7 million in 2022, the sales of pure electric vehicles in China will be about 5.365 million, an increase of 81.6%; Europe will be about 1.58 million, an increase of 29%, and the United States will grow by about 66%.

The global electric vehicle market will continue to grow in 2023. Bloomberg New Energy Finance predicts that sales of electric vehicles (new energy passenger vehicles) will reach 13.6 million this year, of which about 75% are pure electric vehicles. By the end of this year, the number of electric vehicles in the world is expected to reach 40 million, accounting for about 3% of the total number of cars in the world.

SUVs Dominate the Global Car Market

The global car market will not perform well in 2022, but SUVs are an exception; SUVs emit nearly 1 billion tons of CO2. SUVs will account for 46% of global car sales in 2022, with growth in the US, India and Europe. An increasing number of SUVs are electric, accounting for around 16% of total SUV sales in 2022, higher than the average overall market share for EVs. For the first time ever, electric SUVs accounted for more than half of global EV sales last year. There are more than 400 electric car models to choose from in the global market in 2022, about 55% of which will be SUVs; up from about 40% four years ago. SUVs account for one-third of global oil demand and CO2 emissions, increasing oil consumption by an average of 20%. The 330 million SUVs currently on the road collectively emit nearly 1 billion tonnes of CO2.

Innovating battery technology and resizing vehicles to address electric SUV risks

Rapidly increasing the number of electric vehicles is critical to achieving net-zero emissions by mid-century, but SUVs will require larger batteries and higher demand for key minerals. Responding to these risks will require downsizing vehicles and investing in innovative battery technology.

Reference sources: IEA, China

Member Registration

Related Stories