A recent report from research firm IDC has revealed that the worldwide electronic vehicle market reached almost 11 million units in 2022, with a penetration rate of 14%.
Driven by improved supply, high oil prices, government subsidies, and price-guaranteed promotions by car companies, China’s electronic vehicle market reached almost 7 million units with a penetration rate of 31.3% in 2022.
“Top performers have bigger market share,” said Adela Guo, research director for automotive semiconductor research at IDC Asia Pacific.
The top 3 players worldwide — BYD, Tesla, and SAIC-GM Wuling — occupied 36.11% of the market in 2022.
While in China the top 3 players — BYD, SAIC, and Tesla — occupid 53% of the market in 2022. In the China EV market, the top 10 players are dominated by local brands except for Tesla in the third position with a market share of 10.3% in 2022.
“The industry transition will be fast, both opportunities and challenges exist. Only by establishing advantage in advance, can the players get ahead of their competitors and win the final victory,” said Guo.