2022 EV Sales Break Records in the EU

Despite 2022 being a difficult year for vehicle sales, EVs remained mostly unaffected and even set a record within the European Union, according to ACEA data released earlier this month. With a total of 1.3 million registered vehicles, APVs accounted for 53.1% of the European Union vehicle market in Q4 of 2022, overtaking fuel-powered vehicles for once.

Alternative-propulsion vehicles are those that either don’t utilize conventional petroleum-based fuels such as diesel and gasoline or that employ a hybrid method that combines a fuel-powered engine with a renewable power source, such as a rechargeable battery.

The battery electric vehicles (BEVs), which are fully electric, likewise set records during the year 2022, earning 12.1% of the market share, up from 9.1% in the year 2021 and 1.9% in the year 2019.

The BEV market, which had the biggest growth, was especially strong in Q4 of last year, the benchmark period focused upon by ACEA while conducting the research. Newly registered BEVs in the European Union rose by 31.6%, totaling 406,890 vehicles. The majority of EU markets saw an increase in battery electric vehicle sales, with Germany recording the highest number at 198,293 vehicles sold, while France came in second at 62,155 sold vehicles, and Sweden took third place recording 37,013 sales.

Those nations that performed poorly in terms of overall battery electric vehicle sales were Cyprus, which recorded 108 vehicle sales, Estonia with 202 vehicles, and Bulgaria with 325 vehicles sold in 2022.

The performance of hybrid vehicles was also not too poor, with an overall market share reaching 22.6%, up by 22.2% from the same time in 2021. About a decade ago, electric cars, both battery electric and plug-in hybrid vehicles, accounted for only 0.5% of the entire vehicle industry.

The ACEA report lacked the necessary information to assess the overall total of electric vehicles within the EU as a whole, although the 2021 figures from Eionet can provide a better idea of the market. Its data showed that Norway (86%), Iceland (64%), Sweden (47%) Denmark (35%), and Finland (32%) had the greatest percentage of newly purchased electric vehicles. The nations that recorded the least percentage gains included Cyprus (0.8%), Slovakia (2.1%), Czechia (3.3%), Estonia (3.02%) and Poland (3.2%).

The European Union is among the most robust markets for electric vehicles across the globe, coming in second behind China, which again set records during 2022 by selling 5.67 million electric vehicles and PHEVs, more than twice as many as were sold the year before, according to the China Passenger Car Association.

These growing numbers of EVs on the roads in different countries paint an optimistic picture for manufacturers such as Cenntro Electric Group Ltd. (NASDAQ: CENN) because the world is theirs to conquer if they come up with models that appeal to consumers.

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