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
Amphenol Reports Q1 2024 Results, Announces New Stock Repurchase Program
04/26/2024 | BUSINESS WIREAmphenol Corporation reported first quarter 2024 results. In addition, the Company is announcing a new three-year, $2 billion stock repurchase program.
Chinese Smartphone Market Maintains its Recovery Momentum at 6.5% Growth in 1Q24,
04/26/2024 | IDCAccording to preliminary data from the International Data Corporation (IDC) Worldwide Quarterly Mobile Phone Tracker, China smartphone shipments grew 6.5% year over year (YoY) to 69.3 million units in 1Q24.
Nanotechnology Market to Surpass $53.51 Billion by 2031
04/25/2024 | PRNewswireSkyQuest projects that the nanotechnology market will attain a value of USD 53.51 billion by 2031, with a CAGR of 36.4% over the forecast period (2024-2031).
Technica USA Presents Inaugural Supplier Alliance Award at IPC APEX EXPO 2024
04/24/2024 | Technica USADuring IPC APEX EXPO 2024, Technica USA took the opportunity to thank all of their supply partners that made the effort to join them for the exhibition in their booth, as well to all of our SMT partners that had their own booths, with the latest in automation and process technology.
IDTechEx Report Unveils 3D Electronics Status and Opportunities
04/22/2024 | PRNewswire3D electronics is an emerging manufacturing approach that enables electronics to be integrated within or onto the surface of objects. 3D electronic manufacturing techniques empower new features, including mass customizability, greater integration, and improved sustainability in the electronics industry.