Electric Vehicle (BEV/PHV/FCV) Sales Monthly Report (February 2023)

Electric vehicle sales in February increase 42.0% y/y to 690,000 units

2023/03/24

Share of electric vehicles (BEV/PHV/FCV)

  This report presents new car sales volumes (MarkLines aggregate data, excluding commercial vehicles; estimates are included) and analyzes sales trends of electric vehicles (BEV: battery electric vehicles / PHV: plug-in hybrid vehicles / FCV: fuel cell vehicles) in the global market in 14 countries, including 11 major countries, which account for approximately 80% of global car sales, and three Nordic countries (*Note).

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Click here to see January report

  11 major countries: China, U.S.A., Japan, India, Germany, France, Brazil, U.K., South Korea, Canada, Italy

  3 Nordic countries: Norway, Sweden, Finland

  These 14 countries account for about 90% of global electric vehicle sales.

  (*Note) Reasons for high electrification rates in Nordic countries

  1. The population’s environmental awareness has always been high.
  2. A high percentage of electricity is generated from renewable energy sources such as hydroelectric power and wind power (awareness of the need to use abundant renewable energy for electric vehicles).
  3. Generous policies such as subsidies, tax incentives, and charging infrastructure development.
  4. A wide range of electric vehicle models is available.

 

*Note 1: Vehicle data rounded off to the nearest thousand units
*Note 2: The sales volume (shipment volume) for China has been changed to an aggregate figure excluding exports.

 

  Sales of electric vehicles in the 11 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (14 countries in total) reached 690,000 units. This is a year-over-year (y/y) increase of 42.0%, and a month-over-month (m/m) increase of 26.4%. Cumulative sales in January and February increased by 18.5% y/y to 1.236 million units.

  The share of electric vehicles considering all powertrains was 16.2%, an increase of 2.5 points from the previous month. On the other hand, the share of HVs (hybrid vehicles) decreased by 0.5 points to a 6.3% share. In each of the 14 countries, the markets are recovering compared to January, resulting in an overall increase in sales volume. However, the volume, which had been on the rise in the second half of 2022, has not returned to the level of the second half of 2022, as the number of vehicles sold has decreased significantly due to the effects of the Chinese New Year holiday and the reduction of preferential electrified vehicle measures, such as tax deductions in each country. MarkLines will closely monitor how long it will take for the market to return to the level of the end of last year and what kind of policies will affect the market.

 

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