Global EV Sales Increased by 65% YoY in 2022

Electric vehicles are an exciting new segment of the consumer market because of the fact that this is the sort of thing that could potentially end up combining the automotive and tech sectors into one massive industry. There have been a lot of positive signs that suggest that electric cars could be the next big thing, and the growth rate that was seen throughout 2022 seems to confirm that with all things having been considered and taken into account.

Based on the stats that are coming in, it appears that global electric vehicle sales increased by as much as 65% in 2022 as compared to the previous year. With all of that having been said and now out of the way, it is important to note that the fourth quarter of 2022 alone saw an increase of 53% year over year, which reveals that this trend wasn’t a random occurrence but was rather a sign of things to come.

2022 saw global EV sales surpass the ten million unit mark. While that still doesn’t hold a candle to the total units sold in other automotive sectors, it still shows that this industry is breaking records on a regular basis. Current estimations predict that global EV sales could reach 17 million by the end of 2023.

That will represent a 70% uptick which is more or less in line with the growth rate we saw in 2022. Maintaining this growth rate is essential, and China is playing a huge role in keeping the trend moving in the right direction.

As many as 7 out of the top 10 EV brands were Chinese in origin. This seems to suggest that China will be a major player in this nascent industry. That has the potential to make America’s status as a global industry leader less pronounced than might have been the case otherwise. It could also lead to the trade war between China and the US escalating and reaching new heights. This might change the future of the industry, along with spurring a huge amount of innovation and research in both of these countries.

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