Sales of full battery electric vehicles (BEVs) in the US increased 57 percent in 2022 versus 2021, a lower growth rate than the 89 percent YOY increase in 2021, according to analysis by EVAdoption of S&P Global Mobility data.
For the period 2012 through 2022, YOY BEV sales increases ranged widely from a low of 6 percent in 2015 to a high of 265 percent in 2013. The huge YOY increase in BEV sales in 2013 was driven by two models, the Tesla Model S, which was introduced in 2012, and the Nissan LEAF. During the next three years, YOY sales increases were relatively modest due to a lack of compelling new BEV models. However, in 2017 Tesla introduced the Model 3, the first high-volume selling EV in the US, resulting in 2018 sales increasing 113 percent over 2017.
Sales growth then dropped again to modest increases of 15 percent and seven percent in 2019 and 2020 respectively as again no compelling, and high-volume BEV models were introduced in the US. But then again, Tesla introduced the Model Y in 2020 which then saw huge sales in 2021 of an estimated 188,000 units. YOY sales were then quite strong in 2022 with a 57 percent increase over 2021.
Going forward, YOY sales growth should be less volatile with automakers introducing more than 200 new BEV models for the US market through 2030 and ramping up production volume, along with more mainstream consumers beginning to purchase EVs in several markets. Perhaps the biggest factors that could slow BEV sales in an upcoming year are an unfavorable economic environment combined with low gas prices that could drive many consumers to opt for more affordable new or used ICE or regular hybrid models over BEVs.
