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Global sales of new light vehicles have declined 12% during 2022 up to and including June, to 35.3 million units. Though semiconductor shortages continue to constrain overall market volumes, there are nonetheless pockets of very robust growth; notably low emissions vehicles, and the GreaterChina market.
The lower the emissions, the higher the growth
Global light vehicle unit sales growth YTD
Source: Demand by S&P Global Mobility
In broad category terms, lower emissions types are growing faster. The market for purely internal-combustion-engine vehicles has shrunk by 18% this year and is being substantially outgrown by both plug-in hybrids (up 26%) and pure battery electric vehicles (up 72%). Around one in 12 vehicles sold globally (3.0 million units), this year have been battery electric.
More than half of the world’s BEVs are now sold in China
Global light vehicle unit sales growth YTD
Source: Demand by S&P Global Mobility
China’s BEV market is expanding at a remarkable pace. Greater China BEV sales grew 94% in the year to June to 1.70 million units. While China consumes 28% of the world’s new vehicle demand, the relative size of its BEV market is greater still: Well over half (56%) of BEVs sold globally in 2022 were in Greater China.
Editor’s Note: The summary bullets for this article were chosen by Seeking Alpha editors.
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