The US electric vehicle market almost doubled last year, with BEV registrations surging to 5.6 percent of light-vehicle registrations, compared to 3.1 percent in 2021.
New electric vehicle registrations numbered 756,534 in 2022 (+57 percent), Experian data cited by Automotive News shows. Interestingly, the spectacular growth of the EV market occurred as the overall light-vehicle market saw an 11 percent drop in registrations to 13.6 million.
Tesla accounted for 64 percent of the US EV market, with 484,351 registrations – a 41 percent increase over 2021. Almost half of those were made up by the Tesla Model Y, with 228,312 new registrations (up 35 percent).
Among the top five most popular EVs last year, Tesla had four, with its Model Y, Model 3, Model S, and Model X being joined by the Ford Mustang Mach-E, which ranked third.
Despite the increase in registrations, Tesla’s share of the US EV market fell to 64 percent last year from 71 percent in 2021 after launches of popular new models such as the Cadillac Lyriq, Ford F-150 Lightning, Kia EV6, and more.
Ford ranked second behind Tesla in US EV registrations with a 7.5 percent market share and 56,464 registrations (more than double compared to 2021), while Chevrolet took third place with 4.8 percent market share and 36,245 registrations (+41 percent), largely thanks to the budget-priced Bolt EV and EUV.
Hyundai Motor Group brands followed, Kia with 3.8 percent market share and 28,506 registrations (more than triple compared to 2021) and Hyundai with 3.5 percent market share and 26,825 registrations (+142 percent). Audi was the best-selling traditional luxury brand with 2.1 percent market share.
That said, legacy automakers struggled to maintain the necessary production levels to meet demand. In addition, big brands such as Chevrolet have yet to kick off their planned EV offensive. The bowtie brand is preparing to launch the Equinox EV and Blazer EV SUVs and Silverado EV pickup this year.
Analysts expect Tesla’s market share to recede as legacy automakers and EV startups such as Rivian ramp production. However, the company’s sales leadership is likely to remain as Tesla is proving a difficult rival to dislodge atop the sales charts.
The EV maker continues to have a “tremendous first-mover advantage as it was the first brand to offer truly aspirational EVs to the early adopters,” Ed Kim, president and chief analyst at AutoPacific, told Automotive News.