With the trend of electrification, connection, autonomous driving, and sharing in the automobile industry, the electronic vehicle (EV) market is growing fast.

An EV overview from IDC’s Worldwide Semiconductor Automotive Ecosystem and Supply Chain found that the worldwide EV market reached almost 11-million units, with a penetration rate of 14% in 2022.

Driven by improved supply, high oil prices, government subsidies, and price-guaranteed promotions by car companies, China’s electronic vehicle market reached almost 7-million units with a penetration rate of 31,3%.

“Top performers have bigger market share,” says Adela Guo, research director: automotive semiconductor research at IDC Asia Pacific.

The top three players worldwide – BYD, Tesla, and SAIC-GM Wuling – accounted for 36,11% of the market in 2022. In China, the top three players are BYD, SAIC, and Tesla, occupying 53% of the market. In the China EV market, the top 10 players are dominated by local brands except for Tesla in the third position with a market share of 10,3% in 2022.