China Electric Vehicle Market Growth: A Green Revolution on Wheels

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:

The world's largest auto market is in China. 2020 saw 25.3 million automobile sales, a 1.9% decline as a result of COVID. This was the third year in a row where YoY growth was negative. Conversely, the number of electric cars rose by 10.9% annually to 1.4 million units, suggesting a rising demand. The subsidies were renewed for a further two years at a rate of ten percent annually. The primary driver of rising sales of electric vehicles in China was the provision of subsidies. The market only recorded 100,000 sales of battery electric cars in 2020, compared to 972,000 sales of these vehicles and 232,000 sales in 2019. China has created the greatest electric car market, industry, and most well-known electric vehicle overall.

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What are China Electric Vehicle Market Dynamics ?

In the first half of 2020, China lagged behind Europe in terms of market penetration for electric vehicles. The market share of electric cars in Europe has increased significantly over the past several years, from an average yearly growth of 3% in 2019 to almost 8% in the first half of 2020. Germany's market share for electric vehicles reached 17.5% in October 2020. Chinese electric car manufacturers have not found favor in the market when it comes to brand competitiveness. China has placed little emphasis on exporting its electric car plan for the light-duty vehicle class, instead concentrating on serving the domestic market. Less than 1% of China's production of electric vehicles was exported to foreign nations in 2019.

China Electric Vehicle Market Regional Insights:

The subsidies for purchasing new energy vehicles (NEVs) have been extended by China till 2022. Non-automotive companies are also joining the rapidly expanding EV market in the nation, such as Alibaba. For instance, Alibaba Group and SAIC Motor collaborated to launch two electric vehicles in the nation in January 2021 under the IM (Intelligence in Motion) brand. The battery cells for these cars are supplied by CATL.

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What is China Electric Vehicle Market Segmentation ?

The market is divided into three segments based on the kind of vehicle: two-wheelers, passenger vehicles, and commercial vehicles. Over the course of the projection period, it is anticipated that demand for passenger cars will continue to outpace that of commercial vehicles. The rise is attributed to both the government's stringent environmental regulations and the expanding population, which is fueling the desire for electric cars (EVs). For instance, the region's demand for micro-hybrid cars would rise when the Chinese government implements China 6 pollution control requirements, which are based on EURO 6 standards and harsher than the previous China 5 rules, beginning in July 2020. The market for battery-electric vehicles in China has been driven by the existence of several competitors and the government's significant support.

by Type
• BEV
• PHEV
• HEV

by Vehicle Class
• Mid-Priced
• Luxury

by Vehicle Type
• Two-wheelers
• Passenger Cars
• Commercial Vehicles

Who are China 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.

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Table of Content: China Electric Vehicle Market Market

Part 01: Executive Summary

Part 02: Scope of the China Electric Vehicle Market Market Report

Part 03: Global China Electric Vehicle Market Market Landscape

Part 04: Global China Electric Vehicle Market Market Sizing

Part 05: Global China Electric Vehicle Market Market Segmentation by Type

Part 06: Five Forces Analysis

Part 07: Customer Landscape

Part 08: Geographic Landscape

Part 09: Decision Framework

Part 10: Drivers and Challenges

Part 11: Market Trends

Part 12: Vendor Landscape

Part 13: Vendor Analysis

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