Electric Vehicles Go Big

According to data from the International Energy Agency, more than half of all EVs sold globally in 2022 were SUVs, large cars or crossovers. The U.S. bought far more electric SUVs and large cars last year than the average country: 82% of all U.S. sales fell into these categories. Europe's purchasing behavior showed only a slight tendency to buy big when compared to the rest of the world.

A look at other continents conveys how the market for EVs has pivoted in the past years. Between 2018 and 2022, the number of large EV models on sale has tripled in Latin American as well as in Eastern Europe and the Middle East. In Africa, it even quadrupled. At the same time, the number of small and medium-sized EV models on offer in these regions increased by around 60-160%. Only in Asia, small and medium-sized EVs have kept their relatively strong presence. Still, fewer small and medium-sized EV models are on sale in the region than large EVs.

Globally, the IEA points out that carmakers' focus on large and high-end electric vehicles is hindering adoption in less affluent markets, consolidating the idea that EVs are something most people cannot afford. SUVs and large cars benefit automakers because they are usually pricier, making them more lucrative to sell. For consumers, larger and heavier cars remain more expensive to maintain—no matter if gasoline or electricity is powering them.