China Automobile Market to Reach 39.78 Million Units by 2027, Bolstered by Rising Number of Electric Vehicles & Hybrid Cars

According to Renub Research report tittled "China Automobile Market, Size, Forecast 2021-2030, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis" finds that the China Automobile Market was 27.71 Million Units in 2021. China is the largest automobile industry worldwide, both in demand and supply. The automobile sector is at a crossroads owing to changing customer behavior and direction. It is one of China's most important economic sectors by revenue. China's automobile industry has attracted many well-established foreign brands to invest in automobile production. Owning to technical development and lower production costs, various indigenous brands of China's leading automobile manufacturers have gained popularity in the automobile market. The rapid growth of the Chinese domestic market has also further accelerated the automobile industry in China.

Increasing Adoption of Electric and Hybrid Vehicles, due to Government Push

Based on category, the Chinese automotive vehicles industry's principal categories include Electric Vehicle (EV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Mild Hybrid Electric Vehicle (MHEV), Natural Gas Vehicle (NGV), Fuel Cell Electric Vehicle (FCEV), Diesel Vehicle, and Petrol Vehicle. With accelerated urbanization and an increase in vehicle sales, China is planning to reduce exhaust emissions from vehicles. Meanwhile, the country also plans to reduce its dependence on oil imports, promoting electric vehicles.

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In Addition, some major provinces and cities are imposing more stringent restrictions. For instance, Beijing only issues 10,000 licenses to register combustion-engine vehicles per month to encourage its citizens to switch to electric vehicles. Similarly, the Government of China had lifted taxes or given a substantial tax release on the purchase of EVs. These initiatives by the Chinese government had attracted a lot of customers to purchase EVs in this country. For instance, in 2020, the China government offered a 10% service tax waiver for electric vehicles to boost the demand in the automobile market.

Notwithstanding, there is a massive demand for the Plug-in Hybrid Electric Vehicles (PHEVs) due to their price compromise between large cars and small cars, and it is one of the several sought-after cars, after small SUVs. This is due to their compactness, price affordability, ease of use, and family friendliness. Besides, hybrid electric vehicles (HEVs) come with various benefits like reduced operational and maintenance costs and less pollution. With technological breakthroughs, the portfolio for electric vehicles is ever-expanding, with many consumers in China; different sectors preferring to go in for fully hybrid or mild hybrid vehicles due to their being less carbon-intensive.

COVID-19 Impact on China Automobile Industry

The COVID-19 pandemic had a swift and severe impact on the China automotive industry. Several Chinese vehicle parts plants had extended their seasonal shutdowns, and the automotive component supply chain has been disrupted, with some industrial areas in lockdown. Meanwhile, travel restrictions caused by COVID-19 have interrupted automobile material supplies that rely on imports, accelerating domestic substitute exploitation and inventory improvement for critical parts.

Additionally, massive lockdowns for controlling COVID-19 have disrupted productions and operations, which tends to expel small brands from the competitive market, concentrating China's automobile industry on the leading brands. Finally, after the pandemic, the social distancing trend challenges automobile distribution channels with dealers, pushing automakers to develop innovative online selling channels.

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Key Players Performance

The leading Chinese automobile market is the Toyota Motor Corporation, Volkswagen, Daimler AG, Ford Motor Company, and Honda Motor Company. In 2020, Honda Motor Company, Ltd. announced its deals of all-new Honda Fit Hybrid vehicles. It is adorned with Honda's 2-motor hybrid system, which makes the vehicle with an electric motor, which results in better fuel performance and smooth drive.

Market Summary:

Category - Renub Research Report covered by Product Category in the 8 viewpoints (Electric Vehicle (EV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Mild Hybrid Electric Vehicle (MHEV), Natural Gas Vehicle (NGV), Fuel Cell Electric Vehicle (FCEV), Diesel Vehicle, Petrol Vehicle)
All the major players have been covered from 3 Viewpoints (Overview, Recent Development, and Revenue Analysis) Ford Motor Company, Volkswagen, Toyota Motor Corporation, Daimler AG, and Honda Motor Company.

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