According to new research, electric vehicle (EV) shipments increased 79% year over year (YoY) in the first quarter of 2022 to reach 1.95 million units, with Tesla recording amazing growth over a year.
Battery electric cars (BEVs) made up 73% of these, with plug-in hybrid electric vehicles (PHEVs) accounting for the remainder, according to market research firm Counterpoint. Shipments for the business increased by 68% year over year in the first quarter and are anticipated to reach 1.3 million units by the end of 2022.
“With EVs comprising just 12 percent of the total passenger vehicle shipments during the first quarter of 2022, there is a lot of scope for expansion. Fresh players are entering the market to benefit from the opportunity,” Senior Research Analyst Soumen Mandal, said in a statement.
Currently, Tesla is at the top of the EV market.
“To counter new entrants, existing players are using leading-edge technologies to have improved battery, superior IVI system, and higher levels of ADAS in their EV models as major selling points,” Mandal added.
First-quarter sales of EVs in China were led by BYD Auto. Its EV shipments surged dramatically year over year by 433% to surpass 0.28 million units.
In terms of EV shipments, China continued to lead the market, followed by Europe and the US. From just 0.5 million units in the first quarter of 2021 to more than 1.14 million units in the first quarter of 2022, China’s EV shipments climbed by 126% YoY.