On May 26th, according to the latest data released by market research firm IDC, the global scale of electric vehicles is expected to exceed 11 million with a penetration rate of 14% by 2022.
Driven by improvements in supply, high oil prices, government subsidies, and promotional efforts by car companies, the Chinese electric vehicle market is expected to reach nearly 7 million units in 2022, with a penetration rate of 31.3%.
The top three global players in 2022 are expected to be BYD, Tesla, and SAIC-GM Wuling, with a combined market share of 36.11%.
In China, the top three players are BYD, SAIC, and Tesla, with a combined market share of 53%.
Note: Among the top 10 companies in the Chinese electric vehicle market in 2022, all except for Tesla have a market share of 10.3% or higher and are domestic brands.
