Tesla and Toyota models amongst most successful selling vehicles in 2022

Recent data released by JATO Dynamics presented the findings for the global vehicle market last year.

Pure electric vehicles had a strong showing in the top 10 list for the world's best-selling passenger cars of 2022 with two Tesla models making it on the list. The Tesla Model Y came in an impressive third place with 747 units sold and a 91 per cent increase from 2021, whilst the Tesla Model 3 sneaked in at a tenth place.

Munoz spoke glowingly of Tesla's success, commenting: "It is a historic moment to see a pure electric vehicle not only so close to the top position but a relatively new brand getting so far in the global ranking, particularly given they are not the most affordable vehicles."

The Tesla Model Y has also grown in popularity in the European markets this year with it being among the registered models in Germany, Finland, Denmark and more.

Toyota had five models make the top 10 including the Toyota RAV4 and Toyota Corolla sedan, which came in first and second with 1016 and 992 units sold respectively. The other Toyota models on the list included the Toyota Camry, Toyota Hilux and Toyota Corolla Cross.

Last year saw the total volume of battery electric vehicles (BEVs) increase by an incredible 66 per cent as 7.37 million units were registered in total. This was a year-on-year increase of 2.9 million units from 2021, which surpassed the 2.4 million difference between 2020 and 2021.

The global market share for BEVs surged from 5.5 per cent in 2021 to 9.3 per cent in 2022. The regions which managed to secure a double-digit share of the global market were China and Europe with 15.6 per cent and 12.2 per cent respectively.

JATO Global Analyst, Felipe Munoz, spoke on electrical vehicles potentially sustaining its current success. He said: "The EV boom looks set to endure. Governments in the developed world have continued to offer generous incentives, encouraging consumers to make the switch away from ICE vehicles, while average prices have decreased thanks to the introduction of more affordable models by OEMs."

The most registrations of electric vehicles (EVs) occurred in Norway as 71 per cent of vehicles registered in the country last year were BEVs. Despite this, Hong Kong recorded the highest increase in market share as the amount jumped from 24.4 per cent in 2021 up to 53.1 per cent in 2022.

Area Manager for JATO Dynamics China, Bo Yu, has expressed why drivers are moving to EVs, stating: "The scrappage program for those vehicles at least six years old, and the tax exemption for new electric vehicles up to certain price is pushing many consumers to make the switch from petrol to electric".

China was the biggest market worldwide in terms of volume as they accounted for 53 per cent of global sales, which is much larger than the country's overall global light vehicle sales of 32 per cent. Success in China comes from not having to wait long for BEVs in comparison to ICE models.

Tesla lost market share to Chinese original equipment manufacturers (OEMs) as they slipped down three points of share to 17.6 per cent. This was despite Tesla fronting the charge for EVs last year with a rise of 43 per cent in sales.

The top-selling OEM globally last year was Toyota, as the model accounted for 13 of every 100 new light vehicles bought. Toyota's positive results in its new biggest market, China, managed to increase its global market share by 0.3 points.

This success is down to Toyota having both SUVs and hybrids on offer. Last year Toyota managed to outsell Volkswagen Group to become the top-selling SUV maker in the world.

Chinese manufacturer BYD became the fastest-growing OEM last year as it managed to gain 1.5 points of the global market share because of the appealing offering with all mainstream segments in addition to a strong EV selection.

Chinese brands grew globally in 2022 as approximately 1.5 million light vehicles which were created by OEMs in the country were sold internationally. This was an increase of 48 per cent from 2021 and the growth is partly accounted to there being a larger push with affordable EV segments.

Growth with China's OEMs has been felt across emerging markets as their market share leapt from 4.8 per cent in 2021 to 6.4 per cent in 2022. Despite this appearing a small amount, it has actually driven market share away from carmakers in Europe and Korea.

Across Europe and Asia, the market share of China's OEMs increased by more than double as it lifted from 6.2 per cent in 2021 to just under 13 per cent last year. The Chinese OEMs also had similar market share percentages in the Middle East last year, whilst they had a 10 per cent market share in Africa and eight per cent in Latin America.

Looking ahead, Munoz touched on how the rest of the world will react to Chinese OEMs succeeding. He commented: "China's OEMs at the forefront of the EV transition are rapidly gaining a foothold across markets with an increasingly competitive and affordable offering. To meet this challenge, Tesla has started to cut prices and established Western OEMs will be forced to follow suit if they are to maintain their position in the market."

Elsewhere, SUVs had an increase in sales of 2.3 per cent in the last year which ensured they sold a record 32.8 million units. This was despite the overall global vehicle market dropping by two per cent in 2022 compared to 2021.

In turn, the global market share of SUVs increased from 39.7 per cent in 2021 to 41.3 per cent in 2022. Europe saw the quickest growth regarding SUVs as the market share there increased by 4.3 points and accounted for a record 43 per cent of all light vehicle sales.

A reported 54 per cent of total light vehicle sales across North America were down to SUV sales whilst this type of vehicle represented 41 per cent of the Chinese market.

Last year compact SUVs were the most popular type of this vehicle sold globally with 15.6 million units. Meanwhile, 7.6 million small SUVs were sold with midsize SUVs selling 5.05 million units and 4.5 million luxury SUVs.

More conventional and standard segments such as hatchbacks, sedans, MPVs and wagons declined by two per cent to 33.3 million units due to the recent increase in SUV sales. North America saw a drop of two per cent in sales of pickup trucks as despite it being the biggest market for those vehicles, the demand dropped in that region.

Elsewhere, Honda Chief Executive Toshihiro Mibe has announced that despite the Japanese automaker looking to make waves in the EV market, combust engines may possibly last for another two decades. However, Honda is set to release two brand new electric SUVs next year, the Honda Prologue and Acura ZDX.