Global sales of pure electric vehicles (EVs) surged 68% to reach 7.8 million in 2022, accounting for 10% of the market share for the first time, as per preliminary statistics from UK-based auto market research company ALG and global EV database provider EV-volumes. According to a Gwadar Pro's report,  over half of the pure EV sales has been registered in China. In 2022, the sales of pure electric vehicles grew 81.6% to 5.365 million in the country, data from China’s ministry of industry and information technology shows. In a January press briefing, the ministry said China’s new energy vehicle production and sales have ranked first in the world for eight consecutive years. 

In 2022 alone, the country’s production and sales of new energy vehicles reached 7.058 million and 6.887 million respectively in 2022, occupying a global market share of 25.6%. A similar EV boom can also be seen in Europe. In 2022, Europe witnessed a 29% increase in the sales of pure electric vehicles to 1.58 million.  The market penetration rate of pure electric vehicles in Germany, the UK, and France reached 18%, 17%, and 14%, respectively. In Germany, the largest automotive market in Europe, the proportion of electric vehicle production to new car production reached 25%, and over 30% of newly registered cars were electric vehicles.

Encouraging signs are also observed in other countries and regions including Pakistan. The South Asian country produced its first EV in 2022 after the Pakistani government unveiled a series of incentive policies including the National Electric Vehicles Policy in 2019.  Despite unstable global macroeconomics and increased raw material prices, EV research institutions believe that the global EV market will continue to grow in 2023. 

BloombergNEF predicts that global sales of new energy passenger vehicles will reach 13.6 million this year, with about 75% being pure electric vehicles.  By the end of this year, the global EV stock is expected to reach around 40 million, accounting for about 3% of the total global vehicle stock, a significant increase from 1% in 2020. The International Energy Agency also predicts that by 2030, sales of electric vehicles will account for more than 20% of total global vehicle sales, and the demand for charging facilities in many markets will increase significantly. 

Credit : Independent News Pakistan-INP