Market Trends of electric commercial vehicle battery pack Industry
BYD AND TESLA ARE LEADING THE CHARGE IN THE EV MARKET AND SHAPING THE FUTURE
- In 2022, BYD was the market leader in electric vehicle sales and held a share of 13.3%. BYD's leading position can be attributed to several factors. It has been an early and prominent player in the EV industry, with a strong focus on producing electric vehicles and related technologies. The company's early entry into the market allowed it to establish a solid foundation and gain recognition among consumers. BYD has also been actively expanding its operations globally, forging partnerships, and investing in research and development, all of which contribute to its leading position.
- Tesla has been at the forefront of electric vehicle innovation and has played a crucial role in popularizing EVs worldwide. Tesla was a significant player in the EV industry in 2022, with a market share of 12.2%. Tesla's strong brand image, cutting-edge technology, and extensive Supercharger network have contributed to its success.
- Among the other players in the EV market, there are several notable companies that hold significant market shares. BMW's established reputation in the automotive industry, coupled with its commitment to electric mobility through its "BMW i" sub-brand, has contributed to its market presence. Similarly, Volkswagen, which held a market share of 3.9% in 2022, has been actively investing in electric mobility under its "Volkswagen Group" umbrella. These companies, along with others like Mercedes-Benz, Kia, and Hyundai, are recolonizing the EV industry by leveraging their existing brand recognition, introducing compelling electric vehicle models, and investing in technology to enhance the range and performance of their electric offerings.
Understand The Key Trends Shaping This Market
Download PDF
TESLA AND BYD DOMINATED THE BEST-SELLING EV MODELS OF 2022
- The best-selling EV models in 2022 were dominated by two key OEMs: Tesla and BYD. Tesla held a strong market position with two of its models, the Model Y and Model 3, capturing the first and third spots, respectively. The Tesla Model Y was the most popular plug-in electric vehicle, with global unit sales of roughly 771,300 in 2022. That year, deliveries of Tesla's Model 3 and Model Y surpassed 1.2 million, a Y-o-Y increase of 36.77% for Tesla's best-selling models. While two of the five best-selling plug-in electric vehicle (PEV) models were Tesla-branded, the battery electric vehicle manufacturer faced competition from Asian brands in 2022. China-based BYD overtook Tesla as the best-selling PEV brand in 2022, relying on a large offering of plug-in hybrid electric models. Following closely behind the Tesla Model Y, the BYD Song Plus (BEV + PHEV) secured the second spot, with sales reaching 477,090 units. BYD's established presence in the Chinese market, along with its reputation for producing reliable and technologically advanced electric vehicles, likely contributed to the strong sales performance of the Song Plus models.
- The Volkswagen ID.4 stood out among the best-selling EV models as the only European PEV (Plug-in Electric Vehicle) in the top ten. With a sales volume of 174,090 units in 2022, the ID.4 demonstrated Volkswagen's commitment to electric mobility and its growing presence in the EV market.
- Overall, these top-performing EV models from Tesla and BYD, along with other notable contenders like the Wuling Hong Guang MINI EV and Volkswagen ID.4, demonstrate the increasing consumer demand for electric vehicles.
Understand The Key Trends Shaping This Market
Download PDF
OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- INCREASING GLOBAL DEMAND AND GOVERNMENT SUPPORT PROPELLING ELECTRIC VEHICLE MARKET GROWTH
- EV BATTERY PACK PRICES DECLINED DUE TO ECONOMIES OF SCALE AND TECHNOLOGICAL ADVANCEMENTS, BUT FACED A TEMPORARY INCREASE IN 2022
- THE DECREASING COST OF BATTERIES IS A MAJOR FACTOR IN THE EXPANDING AND MORE ACCESSIBLE GLOBAL EV MARKET
- AUTOMAKERS LAUNCHED NEW ELECTRIC VEHICLE MODELS TO MEET THE INCREASING DEMAND, BOOSTING BATTERY PACK DEMAND WORLDWIDE
- LFP, NMC, NCA, AND NCM BATTERIES ARE LEADING THE WAY, WITH DIFFERENT GEOGRAPHIES SHOWING A PREFERENCE FOR SPECIFIC CHEMISTRIES
- INCREASING GLOBAL DEMAND FOR ELECTRIC VEHICLE BATTERIES AND MATERIALS DRIVEN BY INCREASING ELECTRIFICATION OF VEHICLES, WITH LFP BATTERIES LEADING THE TREND
- INCREASING GLOBAL DEMAND AND TECHNOLOGICAL ADVANCEMENTS DRIVE THE ELECTRIC VEHICLE MARKET AND BATTERY INDUSTRY
