Sales of Electric Vehicles in the World Exceed 10 Million Units, and Market Shares of BYD Soar

In the past five years, global electric vehicle sales have achieved leapfrog development, rising from 2 million units in 2018 to more than 10 million units in 2022, and the market share has surged from 2.5% to 14%. The wave of electrification is gradually radiating from a single market to the world. In the last few months of 2022, global sales of electric vehicles hit monthly new highs one after another, with a record-breaking 1.2 million units in December 2022, boosting annual sales to reach more than 10 million units for the first time.

The market shares of BYD almost doubled in 2022, climbing from 9.1% in 2021 to 18.3% in 2022. However, the market share of several other mainstream electric vehicle makers shrank, Tesla's shares, for instance, dropped from 14.4% in 2021 to 13% in 2022, and SGMW’s shares also dipped 2.2%.