EV Global Domination

EV Global Domination

By Erika Masako Welch, 04 October 2023

Previously: Strategic Drivers for Mass EV Adoption

Global EV Stock 2021Infobyte: Global EV Stock 2021

China continues to dominate the global EV market, nearly doubling the number of EVs on Chinese roads since the end of 2021 – from 7.9 million EVs to 14.1 million at the end of 2022. 2022 also marked the year that more than half of all EVs in the world are in China, with China’s EV stock accounting for 54.4% of global EV stock. This is largely due to the government’s long-held ambitions to become an EV-leading nation, a key component to China’s “Made in China 2025” vision and strategy. China’s leading automaker, BYD, outpaced Tesla’s global production figures for the first time in 2022 as well, and continues to outsell Tesla in H1 2023 (See BYD feature story). 

Related: BYD Speeds Ahead in the EV Race, Surpassing Tesla and Into the Metaverse

Global EV Stock 2022Infobyte: Global EV Stock 2022

The EU follows China, with the 2nd largest global EV stock claiming 30% global EV market share. In the European Union, Germany still leads the pack, with 1.9 million EVs on the road. All other EU nations had less than 1 million EVs on the road in 2022, with France, and the UK pursuing Germany’s EV adoption rate. America’s leadership position continues to get slashed, as its global market share shrinks from 14% down to 11.4% in the past year. Roughly half of all EVs in the United States continue to be registered within a single State: California. On a country by country basis, the US still holds onto the #2 position, as the country home to the 2nd largest stock of EVs, with 3 million electric vehicles on the road. Germany is expected to overtake the US in the coming two years. 

To read more about the state of the electric vehicles revolution in 2023 – read the full report here.

Related Report

The State of the Electric Vehicle Revolution 2023

Global electric vehicle (EV) stock has surpassed 30 million, and China is home to over half of all the EVs on the world’s roads. 1 in 7 new cars sold last year was electric, and by 2030, we will have 138 Million EVs.

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