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The China - Electric Vehicle Market size is estimated to grow at a CAGR of 16.24% between 2022 and 2027. The market size is forecast to increase by USD 268.22 billion. The growth of the market depends on several factors such as the growing demand for fuel-efficient and low-emission vehicles, the increasing government support, and the rise in technological advancements.
This China electric vehicle market analysis report extensively covers market segmentation by technology (BEV and PHEV) and type (passenger vehicles and commercial vehicles). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report consists of historic market data from 2017 to 2021.
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Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The growing demand for fuel-efficient and low-emission vehicles is driving growth in the China electric vehicle market share. Demand for low-emission vehicles was driven by the detrimental effects of fossil fuel-operated vehicles. Furthermore, with the rapid fluctuation in oil and gas prices, consumers are focusing on more fuel-efficient vehicles.
Moreover, Dynamic changes in policy, implementation of guidelines, and advances in technology have led to an increased demand for EVs. Hence, the growing consensus among government and consumers in the country to reduce emissions will drive the demand for EVs during the forecast period.
Charging stations powered through renewable energy is a key trend propelling the China electric vehicle market growth. As China focuses on shifting toward sustainable and energy-efficient modes of transport, EVs are slowly becoming a game-changer for the automotive industry. Electricity demand will increase significantly as a result of the increasing number of fleet operators who electrify their vehicles and more people getting into electric cars.
However, the cost-efficient and more practical solution to growing electricity needs is the increasing use of renewable energy, including solar and wind power, for electricity generation. Electricity will become an attractive low-cost source of fuel for the transport sector, thanks to a continuous reduction in energy costs from renewable sources. The growing adoption of renewable energy will further propel the growth of the market focus during the forecast period.
The slowdown in the Chinese economy is a major challenge in the China Electric Vehicle Market??????. Due to its other high-capacity batteries which are used in EVs, as well as electrical component use, the overall cost of ownership of EVs is more than that of ICE vehicles. After-sales services like maintenance of EV components are expensive due to the immature local market and the non-availability of EV service parts.
Moreover, the low-cost local parts are hard to find, as the EV is a new technology. Under such circumstances, owners of electric vehicles are obliged to make contact with company service stations that have smaller numbers or may not be located within city limits. These factors negatively impact the adoption and market growth of EVs, which will eventually restrict the growth of the market in focus during the forecast period.
The market research report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
China Electric Vehicle Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
AB Volvo - The company offers electric vehicles such as Volvo FH electric, Volvo FM electric, and Volvo FMX electric.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The BEV segment is estimated to witness significant growth during the forecast period. BEV segment is expected to maintain its dominance during the forecast period owing to factors like growing government support to promote sustainable mobility and rapid development in advanced battery solutions for BEVs through R&D testing.
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The BEV segment was the largest segment and was valued at USD 119.37 billion in 2017. One of the major drawbacks of BEVs is the dependency on charging infrastructure and limitation on miles when compared with other types. In order to take advantage of the power generated by a battery that has a very limited life, you must charge it regularly at recharging points. To eliminate the challenge, the Chinese government is focusing on increasing its efforts to increase charging infrastructure in the country.
The China Electric Vehicle Market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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China Electric Vehicle Market Scope |
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Report Coverage |
Details |
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Page number |
123 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 16.24% |
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Market growth 2023-2027 |
USD 268.22 billion |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
15.08 |
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Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
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Key companies profiled |
AB Volvo, BAIC Group, Brilliance China Automotive Holdings Ltd., BYD Co. Ltd., Chery Automobile Co. Ltd., China FAW Group Co. Ltd., Chongqing Changan Automobile Co. Ltd., Dongfeng Motor Group Co. Ltd., Great Wall Motor Co. Ltd., Guangzhou Automobile Group Co. Ltd., Hyundai Motor Co., Nissan Motor Co. Ltd., SAIC Motor Corp. Ltd., Tesla Inc., Toyota Motor Corp., Xiamen King Long United Automotive Industry Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Zhengzhou Yutong Group Co. Ltd., Zhongtong Bus Holding Co. Ltd., and Zotye Holding Group Co. Ltd. |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Technology
7 Market Segmentation by Type
8 Customer Landscape
9 Drivers, Challenges, and Trends
10 Vendor Landscape
11 Vendor Analysis
12 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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