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Adamas Intelligence: slowdown in EV unit sales being offset by steady increase in average battery capacity

The rate of global battery capacity deployment growth (up 45% YoY) continues to run well ahead of global EV unit sales growth (up 33% YoY), which to-date amounts to just under 13.5 million BEVs, PHEVs and HEVs sold worldwide, according to Adamas Intelligence.

In Q3 2023, 182.6 GWh of battery capacity was deployed onto roads worldwide, up 11% quarter-over-quarter and 39% over the same quarter the year prior, according to data from the Adamas Intelligence EV Battery Capacity and Battery Metals Tracker.

Through the first nine months of 2023, a total of 477.5 GWh have been rolled onto roads globally in newly sold passenger EVs, up 45% year-over-year and just a short of the 2022 calendar total.

Notably, PHEVs have seen a 50% surge in sales growth so far this year, coupled with an 20% increase in the average PHEV’s battery capacity, from 17.3 kWh to 20.4 kWh. Consequently, PHEVs captured 12% share of the market by GWh deployed through the first nine months of this year versus just 10% the same period last year.

According to Adamas data, China had the highest total battery capacity deployed in newly sold EVs in the third quarter of 2023 at 98.7 GWh, a 16% increase compared to the second quarter of this year and a 30% jump over the same quarter the year prior. Over the same period, China’s share of the global market slid to 54% in Q3 2023, down from 58% a year ago.

In second place, the US deployed 27.4 GWh onto roads in Q3 of this year, up 9% quarter-over-quarter and 49% over the same quarter the year prior. The US captured 15% of the global market in the latest quarter, up from 14% this time last year.

In third spot, Germany deployed 11.5 GWh in Q3 2023, up 28% versus the quarter prior and 51% over Q3 2022. Germany maintained its share of the global market at 6% in Q3 2023.

In fourth, the UK saw 6.9 GWh deployed onto the wrong side of its roads in Q3 2023, up 14% quarter-over-quarter and 50% year-over-year. The UK represented a mere 4% of the global market in Q3 of this year, up from 3% in Q3 2022.

Rounding off the top five was France with a total of 4.6 GWh deployed in Q3 2023, down 10% quarter-over-quarter but up 53% versus the same quarter the year prior—the fastest growing market among the top five. In total, France captured just under 3% of the market in the latest quarter, down from just above 3% the quarter prior and roughly unchanged year-over-year.


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