Top seller: Tesla leads rising electric vehicle market

Top seller: Tesla leads rising electric vehicle market

Last week, a survey by S&P Global Mobility, reported by Axiosfound that electric vehicle (EV) registrations more than doubled by 2021, with Tesla still holding more than 60 percent of the market in the United States.

Now, another set of figures shows that the industry continued to grow in the first quarter of this year.

Counterpoint Research found that worldwide shipments of electric vehicles increased by 79 percent in the first quarter of 2022, reaching a total of 1.95 million units shipped. Battery vehicles make up 73 percent of the total, with plug-in hybrids making up the rest.

Tesla reminded the rest of the market of its “phenomenal growth” during the year, especially after it opened production capacity in China and Germany.

“In the first quarter of 2022, it sold more vehicles than the next three OEMs combined in the BEV segment,” Counterpoint said. “Tesla faces competition from BYD, NIO and XPeng in China, as Volkswagen gears up to compete on the global front. Despite this competition, Tesla is likely to remain the market leader in the BEV segment for years to come.”

However, Tesla did register a negative consecutive quarter in the second quarter, even though it posted its third-largest quarter on record, behind only the previous two.

“The EV market is witnessing a boom. However, shipments would have been higher if the automotive supply chain was not affected by the Ukraine crisis and new COVID-19 waves in China in March 2022”, senior research analyst Soumen Mandal said in the issue.

“With EVs accounting for just 12% of total passenger car shipments in Q1 2022, there is a lot of room for expansion. New players are entering the market to take advantage of the opportunity. To counter new entrants, existing players are using advanced technologies to have an improved battery, a superior IVI system and higher levels of ADAS in their EV models as key selling points.”

According to Counterpoint, Tesla now has 16.7 percent of the global EV market share, followed by Wuling at 8.9 percent, BMW at 6 percent, Volkswagen at 5.2 percent and BYD at 4.8 percent.

In terms of individual models, Tesla’s Model Y holds the market share at 8.48 percent, followed by the Tesla Model 3 at 6.61 percent and the Wuling Hongguang Mini EV at 5.46 percent.

“Technological development is the main reason behind the increase in EV shipments. Battery technology recent breakthroughs. These developments have allowed batteries to have a longer range and longer life,” added Mandal. “Range anxiety, one of the barriers to electric car adoption, has decreased. The development of a composite charging network infrastructure, government subsidies for the purchase of EVs and rising fuel prices coupled with increasing environmental awareness are other reasons.”

Stephen Silver, a technology writer for The National Interest, is a journalist, essayist and film critic, who is also a contributor to The Philadelphia Inquirer, Philly Voice, Philadelphia Weekly, the Jewish Telegraphic Agency, Living Life Fearless, Backstage magazine, Broad Street Review and Splice today. Stephen is a co-founder of the Philadelphia Film Critics Circle and lives in suburban Philadelphia with his wife and two sons. Follow him on Twitter at @StephenSilver.

Image: Reuters.