China Electric Vehicles Market - Growth, Trends, and Forecast (2019 - 2024)

The market has been segmented by Vehicle Type (Passenger Cars and Commercial Vehicles) and Drivetrain Type (Battery Electric Vehicles and Plug-in Hybrid Electric Vehicle).

Market Snapshot

EV Summary
Study Period:

2018-2024

Base Year:

2018

Key Players:

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Market Overview

The Chinese electric vehicles market is expected to register a CAGR of 33.64%, during the forecast period (2019-2024).

  • With the growing environmental concerns, due to the rise in exhaust emissions, the country has been focusing on and working toward the development of sustainable transportation. This, in turn, has resulted in the electrification of its transport sector.
  • China is the largest manufacturer and consumer of electric vehicles in the world. The growing domestic demand is being supported by national sales targets, favorable laws and subsidies, and municipal air-quality targets.
  • During the forecast period, the country may also witness growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong. As of December 2018, Shenzhen, one of the megacities in the country, was operating 16,000 electric buses.

 

Scope of the Report

The study focuses on the electric vehicles market in China, based on the key manufacturers, vehicle type (passenger cars and commercial vehicles), and drivetrain type.

The report excludes two and three wheelers.

 

Vehicle Type
Passenger Cars
Commercial Vehicles
Drivetrain Type
Battery Electric Vehicles
Plug-in Hybrid Electric Vehicles

Report scope can be customized per your requirements. Click here.

Key Market Trends

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

With rapid urbanization and increase in the vehicles’ sales, China is determined to reduce the exhaust emissions from the vehicles. Meanwhile, the country also intends to reduce its dependence on oil imports, in turn, driving the demand for and sales of electric vehicles in the country.

In September 2017, China set 2019 as the deadline for achieving its tough new sales targets for electric plug-in and hybrid vehicles. It mandates that the sales of pure electric and hybrid vehicles must represent at least 10% of the auto manufacturers’ annual sales in the country. This share is expected to increase to 12% for 2020.

Additionally, some major cities and provinces are imposing more stringent restrictions. For instance, Beijing only issues 10,000 permits for the registration of combustion-engine vehicles per month, in order to encourage its inhabitants to switch to electric vehicles. Such measures are aiding China to formulate a resolute and optimistic prospect for the development of electric vehicles in the country, which is expected to drive the market.

 

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Government Rolling Back Subsidies for Electric Vehicle Manufacturers

In 2010, the Chinese government introduced subsidies to promote EV sales, partly driven by its aim to cut down the pollution levels. However, since 2016, the government has been steadily reducing the subsidies for EVs, in an attempt to progressively shift the costs back to the EV manufacturers. The reason for scaling back subsidies is to encourage manufacturers to rely on innovation, rather than on government assistance, as the industry may mature in the future.

In 2018, the Chinese government removed subsidies for vehicles that can travel less than 150 km (90 miles) in one charge. In the latest round, which was announced in March 2019, subsidies, for pure battery electric cars with a driving range of 400 km (250 miles) and above, were cut by half, to CNY 25,000 (USD 3,700) per vehicle from CNY 50,000. Hence, in order to qualify for any subsidy, electric cars now need to have a range of at least 250 km.

 

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Competitive Landscape

BYD is the leading player in the Chines electric vehicles market, owing to the increasing orders for its passenger cars and electric buses from the domestic and international markets. The company sold 227,152 passenger vehicles in 2018, which was the highest among all companies in China. BYD also received an order to build 4,473 electric buses for Guangzhou city, in the tender for a total 4,810 electric buses. SAIC is expected to be the second-largest company, followed by Geely and BAIC.

Major Players

  1. BYD Co.
  2. SAIC
  3. BAIC Motor
  4. Chery
  5. Geely

* Complete list of players covered available in the table of contents below

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Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Vehicle Type

      1. 5.1.1 Passenger Cars

      2. 5.1.2 Commercial Vehicles

    2. 5.2 Drivetrain Type

      1. 5.2.1 Battery Electric Vehicles

      2. 5.2.2 Plug-in Hybrid Electric Vehicles

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share**

    2. 6.2 Company Profiles

      1. 6.2.1 BYD Co.

      2. 6.2.2 SAIC

      3. 6.2.3 BAIC Motors

      4. 6.2.4 Geely Motors

      5. 6.2.5 Chery Motors

      6. 6.2.6 Jiangling Motors Corporation

      7. 6.2.7 JAC Motors

      8. 6.2.8 Changan Automobile

      9. 6.2.9 Great Wall Motors

      10. 6.2.10 NIO

  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

  8. 8. DISCLAIMER

**Subject to Availability

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