Global Electronic Vehicle Market Almost Reached 11M Units in 2022
May 26, 2023 | IDCEstimated reading time: 2 minutes
In a recent report from IDC’s Worldwide Semiconductor Automotive Ecosystem and Supply Chain, IDC provides an illustrative overview of the current industry dynamics and competition landscape of the global Electronic Vehicles (EV) market. With the trend of electrification, connection, autonomous driving, and sharing in the automobile industry, we see the EV market growing fast. In 2022, the worldwide EV market reached almost 11M units, with a penetration rate of 14%. Driven by improved supply, high oil prices, government subsidies, and price-guaranteed promotions by car companies, China’s electronic vehicle market reached almost 7M units with a penetration rate of 31.3% in 2022.
“Top performers have bigger market share,” says Adela Guo, Research Director, Automotive Semiconductor Research, IDC Asia Pacific.
The top 3 players worldwide, BYD, Tesla, and SAIC-GM Wuling, occupy 36.11% of the market in 2022. While in China the top 3 players, BYD, SAIC, and Tesla occupy 53% of the market in 2022. In the China EV market, the top 10 players are dominated by local brands except for Tesla in the third position with a market share of 10.3% in 2022.
IDC’s Advice for OEMs:
Target market: Continue investments in the most valuable markets, China, Europe, and North America which are competitive and valuable markets. Some developing countries also have potential such as Thailand, Philippines, Indonesia, etc.
Cooperate positioning: Automobile enterprises should start from their goals and positioning, then choose the right development path. Leading companies are positioned as energy companies or technology companies, which are bigger than automotive, while maximizing synergies between different business portfolios.
Technology strategy: OEMs need to choose the most suitable technological route, such as low cost, time to market and superior product. Increase investment in research and development to enhance their research and development capabilities, especially for software.
Supply chain strategy: To create a high tenacity supply chain, automotive companies need to consider changing their original pure outsourcing strategy and more actively arranging upstream core components from a strategic perspective, such as investment, cooperation, self-development to enhance the control and discourse power of the industrial chain. At the same time, build a more digital and intelligent supply chain management system to increase resilience and agility.
Talent strategy: OEMs should start as early as possible to discover their talent shortages, especially for internet and communication functions, enlarge their talent pool, try to attract global talent, at the same time, build health and attractive systems to attract top talent and maintain employee satisfaction.
“The industry transition will be fast, both opportunities and challenges exist. Only by establishing advantage in advance, can the players get ahead of their competitors and win the final victory,” ends Guo.
Suggested Items
Wearable Technology Market to Grow by $87.3 Billion from 2024-2028
09/10/2024 | PRNewswireReport on how AI is redefining market landscape- The global wearable technology market size is estimated to grow by USD 87.3 billion from 2024-2028, according to Technavio.
Eltek Appoints Tomer Segev as New Vice President of Marketing and Sales
09/10/2024 | PRNewswireEltek Ltd., a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, is pleased to announce the appointment of Tomer Segev as its new Vice President of Marketing and Sales, effective immediately.
Global Smartphone Production Sees Slight Rebound in 3Q24 but Faces a 5% YoY Decline
09/05/2024 | TrendForceTrendForce reports that global smartphone production experienced a 3% quarterly dip, totaling 286 million units in 2Q24.
Global Wrist-Worn Device Market Ships Almost 44 Million Units in 2Q 2024, Led by China’s 10.9% YoY Growth
09/05/2024 | IDCQ2 2024 Global Semiconductor Equipment Billings Increased 4% Year-Over-Year
09/05/2024 | SEMIGlobal semiconductor equipment billings increased 4% year-over-year to US$26.8 billion in the second quarter of 2024, while quarter-over-quarter billings edged up 1% during the same p