The global electric vehicle market is growing rapidly, and with it, the number of companies making EVs.
In 2022, global sales of full-electric cars reached 7.6 million units, up from just 3.2 million in 2020. This excludes additional sales of plug-in hybrid cars that run on a mix of petrol or diesel and electricity.
This growth is being driven by a number of factors, including government incentives, rising fuel prices, and increasing consumer awareness of the environmental benefits of EVs. And the attraction of new models, with state-of-the art features.
As the market grows, so too does the competition among EV makers. The top five makers of battery electric vehicles in the world by sales in 2022 were: Tesla, BYD, Volkswagen, SAIC and General Motors
These five companies accounted for over 50% of global EV sales in 2022. Tesla is the leader in the EV market, with sales of over 1.3 million units in 2022. BYD is the second-largest, with sales of over 900,000 units in 2022, although if you include hybrids, they take the top slot with a total of around 1.8 million.
Volkswagen, SAIC, and General Motors are all growing rapidly in the EV market, and they are expected to continue to gain sales in the coming years, making it a highly competitive field.
In addition to the top five EV makers, there are a number of other companies that are making significant inroads in the EV market. These include Rivian, Lucid, and Nio. These companies are all backed by large amounts of capital, and they are all developing innovative new EVs.
The growth of the EV market is having a major impact on the global automotive industry. Traditional automakers are being forced to adapt to the changing market conditions, and they are all investing heavily in EV development. Some automakers, such as Volkswagen and Volvo, have even announced plans to phase out the production of gasoline-powered vehicles in the coming years.
The growth of the EV market is also having a positive impact on the environment. EVs produce zero emissions, which can help to reduce air pollution and improve public health. The transition to EVs is essential for addressing the climate crisis, and it is already having a positive impact on the environment.
According to the International Energy Agency (IEA), electric cars saved 32 million tonnes of CO2 in 2022 globally. This is equivalent to the emissions from over 6 million gasoline cars.
The key trends in types of electric vehicle
The types of electric cars on the market are constantly evolving and in recent years, we have seen the rise of a number of new EV segments.
The luxury end of the scale, led by automakers such as Tesla, Audi, and Mercedes-Benz is particularly vibrant. These cars offer a combination of performance, luxury, and range that is unmatched by other types of EVs.
When it comes to more mass-market options, BYD, Volkswagen, Nissan, and Hyundai are investing heavily in EV development. These companies are developing EVs that are affordable and accessible to a wider range of consumers, with range improving all the time.
There’s also significant growth in commercial EVs with companies such as Rivian and Tesla developing electric trucks, vans, and buses that are designed to meet the needs of businesses.
And let’s not forget very small vehicles, so-called micromobility EVs, that are designed for short-range travel. These vehicles include electric scooters, bikes, and skateboards and many cities are seeing a real proliferation of them.
As the EV market continues to evolve, we can expect to see even more innovative and exciting models on the road in the years to come. We can also expect ferocious competition from the manufacturers and that is likely to be good news for consumers.
