With more countries incentivizing the electric car industry, the global electric vehicle boomed last year to record the sale of a whopping 11 million units.
China's BYD, Tesla and SAIC-GM Wuling emerged as the biggest EV players in the world. They accounted for 36 percent of the market in 2022, data released by IDC showed.
"The industry transition will be fast as both opportunities and challenges exist. Only by establishing advantage in advance, can the players get ahead of their competitors and win the final victory," said Adela Guo of Automotive Semiconductor Research at IDC Asia Pacific.
China continued to drive the EV market, even as the government continued to promote electric vehicles in the backdrop of high oil prices. Besides, the government's assistance, car companies offered subsidies and price-guaranteed promotions. According to IDC, EV companies in China sold 7 million units.
According to IANS, BYD, SAIC, and Tesla -- which are the top three players in China -- accounted for 53 percent of the market. While home-grown led the pack, international EV giant Tesla came in second with a 10.3 percent market share.
One of the key reasons behind the rise of BYD is the support of the Chinese government. The company directly benefits from Beijing's policy of incentivizing buyers of electric vehicles to reduce the country's carbon footprint. BYD is now the largest selling Chinese carmaker.
In China, the New Energy Vehicles category includes plug-in hybrid vehicle, which also have an internal combustion engine, and purely battery operated vehicles. While BYD sells both plug-in hybrids and pure-electric vehicles, Tesla sells only battery-operated vehicles.
While Musk's Tesla still leads the battery-only segment, that lead is consistently being trimmed by BYD, which is backed by legendary US investor Warren Buffett.