China Electric Vehicle Market: Industry Analysis And Forecast(2021 to 2029)

China Electric Vehicle Market was volume 2.5 Units in 2021. China Electric Vehicle Market size is estimated to grow at a CAGR of 17.1% over the forecast period.

China Electric Vehicle Market Overview:

China is the world's largest car market. Automobile sales in the year 2020 were 25.3 Mn units, a 1.9 % decrease owing to COVID. This was the third consecutive year of negative YoY growth. Electric vehicles, on the other hand, increased by 10.9 % year over year to 1.4 Mn units, indicating a growing demand. The subsidies were extended for two more years, with a 10% reduction each year, In China, subsidies were the main force behind increased electric vehicle sales. In comparison to 972,000 battery electric vehicles and 232,000 sales in the year 2019, the market only registered 100,000 battery electric vehicle sales in the year 2020. In terms of overall performance, China has developed the world's largest electric vehicle market, industry, and the most prominent electric vehicle city markets as of 2020. This was accomplished in just a decade, and the country's total electric car sales over the last decade account for 47 % of the total. China Electric Vehicle Market To know about the Research Methodology :- Request Free Sample Report

China Electric Vehicle Market Dynamics:

China lost ground to Europe in terms of electric vehicle market penetration in the first half of 2020. The market share of electric vehicles in Europe has risen rapidly from an annual average of 3% in the year 2019 to about 8% in the first half of 2020, and it is continuously rising. In October 2020, Germany's electric vehicle market share reached 17.5 %. In terms of brand competition, the market has not welcomed Chinese electric car brands. China's electric car strategy in the light-duty vehicle class has mostly focused on serving the home market, with minimal emphasis on exporting. In 2019, less than 1% of China's electric vehicle output was exported to other countries. This ratio is much lower than in the United States and Europe, implying that Chinese manufacturers have room to improve their competitiveness. The development of an inexpensive and accessible charging infrastructure to support the expanding number of electric cars is a major barrier to quick commercialization of EVs in China. While most charging stations are owned by third parties, the government has committed to installing 7,400 fast-charging (60-100KW) stations and 2.5 million charging units in parking lots, apartment buildings, and office complexes in Beijing, Tianjin, Hebei, Shanghai, and Guangdong provinces, with smaller numbers in second-tier regions and western provinces. By keeping electricity bills low, provincial governments are supporting almost 30% of the charging expenses. China has raised the technical requirement for the same after spending $3 billion on subsidies in the year 2018. For example, an EV acquired by a commercial fleet user would only be eligible for subsidies if its annual driving range surpassed 20,000 kilometers. Furthermore, automakers must develop platforms for monitoring the operating status of sold vehicles and connect them to a national regulation platform that was created in 2018. EV startups were the hardest hit when the EV market declined in H2-2019 owing to subsidy cuts, eventually pulling down full-year-2019 EV sales. For example, WEY, had a goal of selling 100,000 electric vehicles but only sold 17 % of them. Chicness Companies to Watch: Xpeng - On April 19, 2021, an Xpeng P7 automobile is seen at the 19th Shanghai International Automobile Industry Exhibition in Shanghai. (AFP photo by Hector RETAMAL) The Guangzhou-based business offers three different electric vehicle models on the market, the G3, P5, and P7. Despite the restricted collection, the company has been breaking sales records, with total EV sales exceeding 10,000 units in October alone. Nio - The Shanghai-based business, which launched in 2014, currently sells three models in China, with a fourth set to arrive in early 2022. According to reports, the company has supplied 140,000 cars to consumers in China and is now looking to expand into Europe. The Shanghai-based startup, which was founded in 2014, presently sells three models in China, with a fourth on the way in early 2022. According to reports, the company has supplied 140,000 cars to consumers in China and is now looking to expand into Europe. Li Auto - Li Auto was founded in 2015 and is one of three New York-listed Chinese electric vehicle manufacturers vying for market share with Tesla. It has only one car in production at the moment: the Li One. Despite this, Li Auto has sold approximately 100,000 vehicles since deliveries began in early 2020, establishing itself as a viable competitor in the crowded EV market. In 2021, China exported 500,000 EVs, leading the globe: In the year 2021, China shipped approximately 500,000 electric vehicles. More than any other nation in the world. Attributable to rising cost-competitive automakers' rising sales in Europe and Southeast Asia. 499,573 passenger EVs were exported in the year 2021, a 2.6-fold increase from the last year. Germany raised its exports by two-thirds to around 230,000 units, while the United States had a 30% decline to about 110,000 units and Japan saw a 24% increase to 27,400 units. China produces 60% of all EVs worldwide & is quickly becoming the world's EV factory after securing the same position in the manufacture of digital products. With slightly under 70% of global manufacturing, China is the world's top producer of smartphones. Additionally, it produces 60% of the liquid crystal displays used in TVs and other items in the globe. After the EU announced a plan to stop selling new hybrid and gasoline-powered automobiles by 2035, exports to the EU increased. European EV imports from China increased five-fold to 230,000 units, accounting for half of the country's overall EV exports. Belgium brought in 87,000 units, and the UK brought in 50,000. Over 100,000 of the almost 500,000 exported units believed to have come from Tesla's Shanghai factory. China's intensive focus on the industry has helped the country's exports of EVs rise. Chinese manufacturers are producing locally & sourcing cathode raw materials domestically for vehicle batteries. Due to more effective procurement practices, production costs in China are around 50% lower than those in other regions of the world. The number of EVs produced worldwide in 2021 was 3.99 Mn. China made up 57.4% of the total, followed by Europe and the United States at 22% and 12%, respectively, and Japan at 0.9%. Southeast Asia, which has traditionally been a stronghold for Japanese cars, has also been the target of China's aggressive approach. The largest automaker in China, SAIC Motor, already controls 50% of the Thai EV market. The MG EP, the company's flagship model, costs about 1 million baht ($30,139), which is almost 30% less than the Leaf EV is promotional pricing from Nissan Motor. In order to facilitate recharging within a range of 150 kilometers, SAIC Motor has already placed quick rechargers at more than 120 places, including dealerships. SAIC Motor is now developing its recharging infrastructure in Thailand. Future plans by the manufacturer call for an increase to 500. Additionally competing are firms from Europe. By the end of 2030, Volkswagen will have established six factories in Europe and will be able to produce more batteries. Meanwhile, Japanese competitors are falling behind as they build their own supply networks. Toyota Motor still buys the majority of its batteries from a significant Chinese producer despite having stated that it intends to construct a battery facility in the United States. China counts more than 3 Mn NEV sales in the year 2021: China Electric Vehicle Market China EV Market Segment Analysis: the China Electric Vehicle Market is segmented into Type, Vehicle class & Vehicle type: Based on Vehicle type, the market is sub-segmented into two –wheelers, Passenger vehicle and Commercial vehicles. Currently, passenger automobiles are in more demand than commercial vehicles, and this trend is expected to continue throughout the forecast period. The increase is linked to the growing population, which is feeding the demand for electric vehicles (EVs) and the government's strict pollution standards. For example, starting in July 2020, the Chinese government will apply China 6 pollution control criteria in the region, which are stronger than previous China 5 norms and are based on EURO 6 norms, resulting in increased demand for micro-hybrid vehicles in the region. The presence of multiple rivals, as well as the government's considerable backing, has propelled the battery-electric car market in China. China has extended the incentives for buying new energy vehicles (NEVs) until 2022. Non-automotive corporations, like as Alibaba, are also entering the country's quickly rising EV sector. For example, in January 2021, Alibaba Group partnered with SAIC Motor to introduce two electric cars in the country under the IM label (Intelligence in Motion). CATL provides the battery cells for these vehicles. The objective of the report is to present a comprehensive analysis of the China Electric Vehicle Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants. PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers. The reports also help in understanding the Electric Vehicle Market dynamic, and structure by analyzing the market segments and projecting the Electric Vehicle Market size. Clear representation of competitive analysis of key players by Design, price, financial position, Type portfolio, growth strategies, and regional presence in the Electric Vehicle Market make the report investor’s guide.

Electric Vehicle Market Scope: Inquire before buying

Electric Vehicle Market
Report Coverage Details
Base Year: 2021 Forecast Period: 2022-2029
Historical Data: 2017 to 2021 Market Size in 2021: 2.5 Mn. Units.
Forecast Period 2022 to 2029 CAGR: 17.1% Market Size in 2029: 8.84 Mn. Units.
Segments Covered: by Type • BEV • PHEV • HEV
by Vehicle Class • Mid-Priced • Luxury
by Vehicle Type • Two-wheelers • Passenger Cars • Commercial Vehicles

Electric Vehicle Market Key Players:

• Tesla • BMW Group • Nissan Motor Corporation • Toyota Motor Corporation • Volkswagen AG • General Motors • Daimler AG • Energica Motor Company S.p.A. • BYD Company Motors • Ford Motor Company. • SAIC-GM Wuling • NIO • Xpeng • Li Auto • WM Motors • Geely • Byton • Zhiji • Xiaomi • Guangzhou Automobile. Frequently Asked Questions: 1. What is the study period of the market? Ans. The China Electric Vehicle Market is studied from 2017-2029. 2. What is the growth rate of Electric Vehicle Market? Ans. The China Electric Vehicle Market is growing at a CAGR of 17.1% over forecast period. 3. Which Vehicle Class segment has largest share in The China Electric Vehicle Market? Ans. Mid-Priced cars holds the largest share. 4. What is the China Electric Vehicle Market segment based on Vehicle Type? Ans. Two-wheelers, Passenger Cars, Commercial Vehicles. 5. Who are the key players in the China Electric Vehicle Market? Ans. The key players in the China Electric Vehicle Market are Tesla, BMW Group, Nissan Motor Corporation, Toyota Motor Corporation, Volkswagen AG, General Motors, Daimler AG Energica Motor Company S.p.A., BYD Company Motors, Ford Motor Company. SAIC-GM Wuling. NIO, Xpeng, Li Auto, WM Motors, Geely, Byton, Zhiji, Xiaomi, Guangzhou Automobile.
1. China Electric Vehicle Size: Research Methodology 2. China Electric Vehicle Size: Executive Summary 2.1. Market Overview and Definitions 2.1.1. Introduction to China Electric Vehicle Size 2.2. Summary 2.2.1. Key Findings 2.2.2. Recommendations for Investors 2.2.3. Recommendations for Market Leaders 2.2.4. Recommendations for New Market Entry 3. China Electric Vehicle Size: Competitive Analysis 3.1. MMR Competition Matrix 3.1.1. Market Structure by region 3.1.2. Competitive Benchmarking of Key Players 3.2. Consolidation in the Market 3.2.1 M&A by region 3.3. Key Developments by Companies 3.4. Market Drivers 3.5. Market Restraints 3.6. Market Opportunities 3.7. Market Challenges 3.8. Market Dynamics 3.9. PORTERS Five Forces Analysis 3.10. PESTLE 3.11. Regulatory Landscape 3.12. COVID-19 Impact 4. China Electric Vehicle Size Segmentation (by Volume) 4.1. China Electric Vehicle Size, by Type (2021-2029) • BEV • PHEV • HEV 4.2. China Electric Vehicle Size, by Vehicle Class (2021-2029) • Mid-Priced • Luxury 4.3. China Electric Vehicle Size, by Vehicle Type (2021-2029) • Two-wheelers • Passenger Cars • Commercial Vehicles 5. Company Profile: Key players 5.1. Tesla. 5.1.1. Company Overview 5.1.2. Financial Overview 5.1.3. China Presence 5.1.4. Capacity Portfolio 5.1.5. Business Strategy 5.1.6. Recent Developments 5.2. BMW Group 5.3. Nissan Motor Corporation 5.4. Toyota Motor Corporation 5.5. Volkswagen AG 5.6. General Motors 5.7. Daimler AG 5.8. Energica Motor Company S.p.A. 5.9. BYD Company Motors 5.10. Ford Motor Company. 5.11. SAIC-GM Wuling 5.12. NIO 5.13. Xpeng 5.14. Li Auto 5.15. WM Motors 5.16. Geely 5.17. Byton 5.18. Zhiji 5.19. Xiaomi 5.20. Guangzhou Automobile.

About This Report

Report ID 63300
Category Electronics
Published Date Aug 2022
Updated Date