100% Electric Vehicles = 11% Of New Vehicle Sales Globally!

And 16% of new vehicles sold across the world have a plug.

Global plugin vehicle registrations were up 55% in October 2022 compared to October 2021, reaching 932,000 units, the second best result ever. That was only behind the record 1,040,000 registrations of the previous month of September.

With such a strong month in October, plugins represented 16% share of the overall auto market. Full electrics (BEVs) reached 11% share of the market! And these numbers could have been even larger if the overall market had not been in “recovery mode.” That, added to the fact that plugless hybrids (HEVs) posted their highest growth rate since last January (+17% YoY), confirms once again the significant correlation between the HEV and pure ICE (internal combustion engine) markets.

In October, the BEV growth rate (+54% YoY) was slightly smaller than that of plugin hybrids (+60%), but if we exclude China from the plugin hybrid vehicle (PHEV) tally, we discover that PHEVs would be up by just 5%. Still, this is the first time since February that plugin hybrids are up without the help of the Chinese market. Much of it can be explained by the fact that a number of European markets, most notably Germany, are going to end incentives on PHEVs by the end of this year. We can expect a PHEV registration peak by year end in Europe, which will help the plugin hybrid numbers globally in the next couple of months.

Year to date, the plugin vehicle share was stable at 13% (9.4% BEV). With the plugin market now consistently reaching two-digit results in market share, one can say that EV disruption is knocking on the global automotive market’s doors. Expect the floodgates to open next year!