Strategyand - Electric Vehicle Sales Review, 2Q 2023

The Electric Vehicle Sales Review for Q2 2023 is a report that analyzes the growth of the BEV (battery electric vehicle) market across the globe. The report found that the BEV market grew by more than half its size across all analyzed markets in one year. In almost all major markets, BEV sales grew far more than the total light vehicle market. For example, in the ten Western European focus markets, BEV sales increased by 49% in the second quarter of 2023 in comparison with the equivalent period last year, whereas the total market grew by 17%. In the United States, the corresponding percentages were 67% and 19%, and in China 49% and 29%. The report also notes that COVID-19 lockdowns and supply chain delays created an upward pressure on prices, but as supply has now stabilized and production is increasing, competition among OEMs to attract mainstream consumers is leading to price reductions. The report concludes that the growth of the BEV market depends to a large extent on its maturity. For example, in Norway, where BEV market share has already reached 83%, the BEV market has increased by just 2% compared to the same period in 2022. Conversely, in BEV markets that have been slow to take off, such as India and Turkey, where BEV market share hovers at around just 2%, BEV sales grew by 139% and 341% respectively in the first half of 2023.