What’s good for the EV market is good for the display market. In Q1’23, US passenger electric vehicle (EV) sales soared by 79% YoY, as per the latest research from Counterpoint. This significant increase has elevated the US to surpass Germany and become the world’s second-largest EV market, trailing only behind China. However, Chinese car brands are also ambitiously expanding their reach overseas.
On the US front, battery EVs (BEV) dominated the market with an 81% share of all passenger EV sales, with plug-in hybrid EVs (PHEVs) accounting for the remainder. Tesla was the standout performer, outselling the combined sales of the next 18 automotive groups.
According to a report by TrendForce, the Chinese EVs accounted for an impressive 25% of the country’s auto exports in 1Q23. TrendForce attributes this to China’s early and comprehensive development of its EV industry, an unrivaled supply chain, abundant production capabilities, and the successful utilization of cost-effective LFP battery technology.
Western Europe and Southeast Asia are the prime targets for China’s aggressive EV expansion. Chinese EVs, known for their affordability and intelligence, cater perfectly to Western Europe’s demands as the region moves to phase out fossil-fueled vehicles. Meanwhile, Southeast Asia, an emerging market with low EV penetration, presents another enticing opportunity, with a particular emphasis on Thailand.
TrendForce’s forecasts are bullish for Chinese automakers, projecting their market share in Western Europe’s EV market to surge from 6% in 2022 to 9% by 2023, led by SAIC Motor’s flagship brand, MG. In Southeast Asia, Chinese brands are predicted to command a whopping 63% market share, challenging the dominance of Japanese automakers.
Looking ahead, the US EV sector is poised to grow thanks to government policies and investments in the EV battery supply chain, EV charging stations, and battery recycling plants. If the economic conditions continue to improve, US EV sales are expected to reach around 1.5 million units in 2023. The global EV market is set to witness a robust competition between the established US brands and the emerging Chinese automakers in the coming years.
