Global EV sales to take 20% of car market in 2023: ITRI

Taipei, Nov. 20 (CNA) Worldwide sales of electric vehicles are expected to exceed 20 million units this year, accounting for more than 20 percent of the overall car market, an expert from Taiwan's Industrial Technology Research Institute (ITRI) said Monday.

The EV sector is projected to grow faster than the overall vehicle market in 2023, with global sales of electric vehicles to grow 28.3 percent to 20.64 million units, said Hsieh Lu-lin (謝騄璘), a manager of the ITRI's Industry, Science and Technology International Strategy Center (ISTI), at a seminar on the electric vehicle supply chain.

Japan's largest automaker, Toyota Motor, is expected to lead the global EV market, which includes hybrid EVs, with a market share of about 14 percent this year, Hsieh said.

It is followed by Chinese automaker BYD, which is projected to have a market share of 13.9 percent because of a 54.6 percent jump in EV sales this year, according to Hsieh.

Following the easing of the automotive chip shortage amid the global economy's gradual recovery from both the COVID-19 pandemic and Russia's invasion of Ukraine, overall global auto sales for 2023 is expected to rise 6.1 percent to 86.6 million units, Hsieh said.

Despite its economic slowdown, China will remain the biggest car market in the world this year with a market share of 32.2 percent, followed by the United States at 18.2 percent, India at 6 percent, and Japan at 5.6 percent, according to Hsieh.