International Competition Hotspot: The Electric Vehicle Market

Electric vehicle (EV) sales are growing rapidly. In 2022, global EV sales exceeded 10 million units, with a market penetration rate of 14%, nearly triple the market share in 2020. As demand rises, competition intensifies. Although Tesla remains the most valuable EV company, its market capitalization has dropped by about $870 billion as established Western automakers and new entrants—mainly from China—gain ground. Today, the EV sector includes traditional internal combustion engine giants like Volkswagen, General Motors, and Toyota, whose market share has fallen from 55% to 40%, while Chinese firms such as BYD and Geely are expanding quickly. New players from Turkey (Togg) and Vietnam (VinFast) are also seizing opportunities to leapfrog old technologies and enter the EV space, expanding into U.S. and European markets.

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