Asia Express - Consumer Electronics
Global Electric Vehicle Sales to Grow by 40% in 2023
May 12, 2023

Global sales of electric vehicles (EVs) are expected to grow by 40% from 2022 to reach 14.3 million units in 2023, according to Market Intelligence & Consulting Institute (MIC) at its Forum held from May 9-11. The market share of new EVs is approximately to reach from 15% in 2023 to 22% by 2025. Based on MIC's findings, Europe's market share declined from 43% in 2020 to 25% in 2022, while China's market share grew from 41% in 2020 to nearly 60%. 

MIC also notes that the global EV industry has two development areas in 2023: the first is the end of subsidy policies and the second is trend of affordable EVs. Starting at the end of 2022, the end of subsidies in countries such as China, the UK, Germany, and Norway will likely bring about a wave of industry restructuring, during which weaker carmakers are to be forced to weed out. This has a significant impact on local sales in China, prompting the central government to launch a policy of promoting domestic affordable EVs to quickly stimulate demand in second- and third-tier cities in China. Hence, EVs are not moving toward lower prices but toward affordability, which will further increase the global EV market penetration rate.
Established in 1987, MIC is a division of III (Institute for Information Industry), a major government think tank, and one of the leading IT research institutes in Taiwan.