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

Electric vehicle sales in March increase 24.0% y/y to 941,000 units

2023/04/25

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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  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 1) Some corrections have been made to past vehicle data.
              The sales volume (shipment volume) for China are aggregate figures excluding exports.

 (Note 2) 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 3) Vehicle data rounded off to the nearest thousand units

 

  Sales of electric vehicles in the 11 major countries and the 3 Nordic countries of Norway, Sweden, and Finland (14 countries in total) reached 941,000 units. This reflects a year-over-year (y/y) increase of 24.0%, and a month-over-month (m/m) increase of 37.2%. Cumulative sales from January to March increased 2.170 million units a similar 20.4% increase y/y, .

  Sales in the 14 countries, including all powertrains, totaled 5.551 million units, the second highest sales month in two years since March 2021, as shown in the graph below. In addition to a significant increase in sales in Japan and the UK, where sales tend to grow in March every year, increases in the U.S. and China, the two largest markets, also contributed to the overall increase in volume.

  The share of electric vehicles considering all powertrains was 17.0%, an increase of 1 point from the previous month. HVs decreased 0.1 points to a 6.7% share. Although growth has been gradual, sales of electric vehicles have also returned to the level of the end of last year, and we plan to keep an eye on future growth.

 

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