Bangalore, Aug. 22, 2022 (GLOBE NEWSWIRE) -- Mobility Foresights has released Global EV quarterly update report : Q2-2022
EV Volumes (BEV+PHEV+HEV) in Q2-2022 crossed 3.5M units globally.China and Europe continued to be the market drivers in Q2-2022 as both regions crossed 1Million EV sales in the period.
The volume growth in EVs in 2022 will be propelled by China and Europe.However, the expected surge in battery costs could drive the price of EVs sold in 2026 up anywhere between $1,500 and $3,000 per vehicle.
Recent developments in batteries include silicon-anode lithium-ion batteries developed by Enovix from California and the Solid State Batteries by Solid Power.
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Key Updates in Regional Sales
- In Q2-2022, top 3 regions (China. Europe & US) accounted for ~88% of the global EV sales in the period i.e., 3.1M units out of 3.5M units
- In Europe EVs (BEVs+HEVs+PHEVs) accounted for 41% of the overall Passenger Vehicles sold in the Q2-2022 period. The share was ~37% for the year 2021
- In China, the EVs share increased sharply as ~28% of the new passenger vehicles sold in Q2-2022 were EVs. In H1-2022, total number of EVs sold crossed 3M and the number is expected to breach 6M units in 2022
- In markets like GCC (Gulf Cooperation Council) and ASEAN the Q2-2022 sales were <5,000 for the quarter
Key Updates in EV Component sourcing
EV Battery updates
- Solid-state EV battery Suppliers have initiated the internal testing in H2-2022 and the mass production is expected to begin by 2024
- Battery prices are expected to rise 22% by 2026 due to scarcity of Lithium post 2023 period. However, throughout 2022 and and till the end of 2023 the prices are expected to be stagnant
- CATL’s 1st generation sodium-ion batteries will be used across EVs and stationary storage, targeting a launch in 2023.
- BYD is developing 2nd gen Blade battery with a high energy density of 180 Wh/kg, a nearly 17% increase from current density
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EV On-Board Charger, DC-DC Converter updates
- Toyota integrated the On-Board Charger and DC-DC Converter to fit into its bZ4X BEV model and the vehicle was launched in April 2022
- Si-C 800-V supportive EV inverter is the preferred option by the OEMs for the upcoming EV lineup. On that front, BorgWarner developed a 800-V EV inverter is designed with “Viper” technology which helps in limited consumption of Semiconductor & SiC material
E-Axle
- Nidec Corporation will be building an e-axle production plant in Pinghu, Zhejiang Province in China
- E-axle developed by BluE Nexus Corporation, AISIN Corporation, and DENSO Corporation was fitted in the Toyota’s bZ4X model
Key Updates in EV Incentives
- China is planning to extend EV subsidies, and the government considers it necessary to stimulate the market, besides tackling slow growth in the auto industry till 2023.
- China plans to build enough charging stations for 20 million electric vehicles by 2025
- In Japan, incentives for battery electric cars and PHEVs doubled from 400,000 yen to 800,000 yen ($7,743) and from 200,000 yen to 400,000 ($3,872) yen respectively.
Key Updates in EV Charging Stations
- In Q2 2022, Tesla had a fast expansion rate of its Supercharging network. The number of new stations amounted to 247 in U.S
- ABB E-mobility and Shell planned to launch the network of Terra 360’s, the world’s fastest electric car charger capable of charging 100km in less than 3 minutes.
- Oil Companies in India have planned to set up 22,000 EV charging stations in prominent cities and on national highways across the country.
To know more about Global Electric vehicle market, read our report
COMPANIES PROFILED
- BYD
- JAC
- Geely
- Chery
- Roewe(SAIC)
- BMW
- Tesla Motors
- VW Group
- Renault- Nissan- Mitsubishi Alliance
- Hyundai-KIA Motors
- Robert Bosch GmBH
- Continental AG
- Magna International
- CATL
- Panasonic Corporation
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