China - Electric Vehicle Market by Technology, and Type - Forecast and Analysis - 2023-2027
| Published: Oct 2023 | Pages: 123 | SKU: IRTNTR76345 |
China - Electric Vehicle Market Report 2023-2027
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.
What will be the size of the China Electric Vehicle Market During the Forecast Period?
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China Electric Vehicle Market: Key Drivers, Trends and Challenges
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.
Key China Electric Vehicle Market Driver
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.
Key China Electric Vehicle Market Trends
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.
Key China Electric Vehicle Market Challenge
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.
China Electric Vehicle Market Customer Landscape
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
Who are the Major China Electric Vehicle Market Companies?
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:
- 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.
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.
What is the Largest-Growing Segment in the China Electric Vehicle Market?
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.
Segment Overview
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.
- Technology Outlook (USD Billion, 2017 - 2027)
- BEV
- PHEV
- Type Outlook (USD Billion, 2017 - 2027)
- Passenger vehicles
- Commercial vehicles
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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. |
What are the Key Data Covered in this China Electric Vehicle Market Country Research Report?
- CAGR of the China electric vehicle market size during the forecast period
- Detailed information on factors that will drive the growth of the market between 2023 and 2027
- Precise estimation of the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behavior
- Growth of the market industry across China
- A thorough analysis of the market’s competitive landscape and detailed information about companies
- Comprehensive analysis of factors that will challenge the growth of market companies
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
- 1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Technology
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
- Exhibit 06: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 07: Parent market
- Exhibit 08: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 09: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 10: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 11: Chart on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 12: Data Table on China - Market size and forecast 2022-2027 ($ billion)
- Exhibit 13: Chart on China: Year-over-year growth 2022-2027 (%)
- Exhibit 14: Data Table on China: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Electric vehicle market in China 2017 - 2021
- Exhibit 15: Historic Market Size – Data Table on electric vehicle market in China 2017 - 2021 ($ billion)
- 4.2 Technology Segment Analysis 2017 - 2021
- Exhibit 16: Historic Market Size – Technology Segment 2017 - 2021 ($ billion)
- 4.3 Type Segment Analysis 2017 - 2021
- Exhibit 17: Historic Market Size – Type Segment 2017 - 2021 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 24: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Technology
- 6.1 Market segments
- Exhibit 25: Chart on Technology - Market share 2022-2027 (%)
- Exhibit 26: Data Table on Technology - Market share 2022-2027 (%)
- 6.2 Comparison by Technology
- Exhibit 27: Chart on Comparison by Technology
- Exhibit 28: Data Table on Comparison by Technology
- 6.3 BEV - Market size and forecast 2022-2027
- Exhibit 29: Chart on BEV - Market size and forecast 2022-2027 ($ billion)
- Exhibit 30: Data Table on BEV - Market size and forecast 2022-2027 ($ billion)
- Exhibit 31: Chart on BEV - Year-over-year growth 2022-2027 (%)
- Exhibit 32: Data Table on BEV - Year-over-year growth 2022-2027 (%)
- 6.4 PHEV - Market size and forecast 2022-2027
- Exhibit 33: Chart on PHEV - Market size and forecast 2022-2027 ($ billion)
- Exhibit 34: Data Table on PHEV - Market size and forecast 2022-2027 ($ billion)
- Exhibit 35: Chart on PHEV - Year-over-year growth 2022-2027 (%)
- Exhibit 36: Data Table on PHEV - Year-over-year growth 2022-2027 (%)
- 6.5 Market opportunity by Technology
- Exhibit 37: Market opportunity by Technology ($ billion)
- Exhibit 38: Data Table on Market opportunity by Technology ($ billion)
7 Market Segmentation by Type
- 7.1 Market segments
- Exhibit 39: Chart on Type - Market share 2022-2027 (%)
- Exhibit 40: Data Table on Type - Market share 2022-2027 (%)
- 7.2 Comparison by Type
- Exhibit 41: Chart on Comparison by Type
- Exhibit 42: Data Table on Comparison by Type
- 7.3 Passenger vehicles - Market size and forecast 2022-2027
- Exhibit 43: Chart on Passenger vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 44: Data Table on Passenger vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 45: Chart on Passenger vehicles - Year-over-year growth 2022-2027 (%)
- Exhibit 46: Data Table on Passenger vehicles - Year-over-year growth 2022-2027 (%)
- 7.4 Commercial vehicles - Market size and forecast 2022-2027
- Exhibit 47: Chart on Commercial vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 48: Data Table on Commercial vehicles - Market size and forecast 2022-2027 ($ billion)
- Exhibit 49: Chart on Commercial vehicles - Year-over-year growth 2022-2027 (%)
- Exhibit 50: Data Table on Commercial vehicles - Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by Type
- Exhibit 51: Market opportunity by Type ($ billion)
- Exhibit 52: Data Table on Market opportunity by Type ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 53: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- 9.3 Impact of drivers and challenges
- Exhibit 54: Impact of drivers and challenges in 2022 and 2027
- 9.4 Market trends
10 Vendor Landscape
- 10.1 Overview
- 10.2 Vendor landscape
- Exhibit 55: Overview on Criticality of inputs and Factors of differentiation
- 10.3 Landscape disruption
- Exhibit 56: Overview on factors of disruption
- 10.4 Industry risks
- Exhibit 57: Impact of key risks on business
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 58: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 59: Matrix on vendor position and classification
- 11.3 AB Volvo
- Exhibit 60: AB Volvo - Overview
- Exhibit 61: AB Volvo - Business segments
- Exhibit 62: AB Volvo - Key news
- Exhibit 63: AB Volvo - Key offerings
- Exhibit 64: AB Volvo - Segment focus
- 11.4 BAIC Group
- Exhibit 65: BAIC Group - Overview
- Exhibit 66: BAIC Group - Product / Service
- Exhibit 67: BAIC Group - Key offerings
- 11.5 Brilliance China Automotive Holdings Ltd.
- Exhibit 68: Brilliance China Automotive Holdings Ltd. - Overview
- Exhibit 69: Brilliance China Automotive Holdings Ltd. - Product / Service
- Exhibit 70: Brilliance China Automotive Holdings Ltd. - Key offerings
- 11.6 BYD Co. Ltd.
- Exhibit 71: BYD Co. Ltd. - Overview
- Exhibit 72: BYD Co. Ltd. - Business segments
- Exhibit 73: BYD Co. Ltd. - Key news
- Exhibit 74: BYD Co. Ltd. - Key offerings
- Exhibit 75: BYD Co. Ltd. - Segment focus
- 11.7 Chery Automobile Co. Ltd.
- Exhibit 76: Chery Automobile Co. Ltd. - Overview
- Exhibit 77: Chery Automobile Co. Ltd. - Product / Service
- Exhibit 78: Chery Automobile Co. Ltd. - Key offerings
- 11.8 China FAW Group Co. Ltd.
- Exhibit 79: China FAW Group Co. Ltd. - Overview
- Exhibit 80: China FAW Group Co. Ltd. - Product / Service
- Exhibit 81: China FAW Group Co. Ltd. - Key offerings
- 11.9 Chongqing Changan Automobile Co. Ltd.
- Exhibit 82: Chongqing Changan Automobile Co. Ltd. - Overview
- Exhibit 83: Chongqing Changan Automobile Co. Ltd. - Product / Service
- Exhibit 84: Chongqing Changan Automobile Co. Ltd. - Key news
- Exhibit 85: Chongqing Changan Automobile Co. Ltd. - Key offerings
- 11.10 Dongfeng Motor Group Co. Ltd.
- Exhibit 86: Dongfeng Motor Group Co. Ltd. - Overview
- Exhibit 87: Dongfeng Motor Group Co. Ltd. - Business segments
- Exhibit 88: Dongfeng Motor Group Co. Ltd. - Key offerings
- Exhibit 89: Dongfeng Motor Group Co. Ltd. - Segment focus
- 11.11 Great Wall Motor Co. Ltd.
- Exhibit 90: Great Wall Motor Co. Ltd. - Overview
- Exhibit 91: Great Wall Motor Co. Ltd. - Business segments
- Exhibit 92: Great Wall Motor Co. Ltd. - Key offerings
- Exhibit 93: Great Wall Motor Co. Ltd. - Segment focus
- 11.12 Guangzhou Automobile Group Co. Ltd.
- Exhibit 94: Guangzhou Automobile Group Co. Ltd. - Overview
- Exhibit 95: Guangzhou Automobile Group Co. Ltd. - Product / Service
- Exhibit 96: Guangzhou Automobile Group Co. Ltd. - Key offerings
- 11.13 SAIC Motor Corp. Ltd.
- Exhibit 97: SAIC Motor Corp. Ltd. - Overview
- Exhibit 98: SAIC Motor Corp. Ltd. - Business segments
- Exhibit 99: SAIC Motor Corp. Ltd. - Key news
- Exhibit 100: SAIC Motor Corp. Ltd. - Key offerings
- Exhibit 101: SAIC Motor Corp. Ltd. - Segment focus
- 11.14 Zhejiang Geely Holding Group Co. Ltd.
- Exhibit 102: Zhejiang Geely Holding Group Co. Ltd. - Overview
- Exhibit 103: Zhejiang Geely Holding Group Co. Ltd. - Product / Service
- Exhibit 104: Zhejiang Geely Holding Group Co. Ltd. - Key news
- Exhibit 105: Zhejiang Geely Holding Group Co. Ltd. - Key offerings
- 11.15 Zhengzhou Yutong Group Co. Ltd.
- Exhibit 106: Zhengzhou Yutong Group Co. Ltd. - Overview
- Exhibit 107: Zhengzhou Yutong Group Co. Ltd. - Product / Service
- Exhibit 108: Zhengzhou Yutong Group Co. Ltd. - Key offerings
- 11.16 Zhongtong Bus Holding Co. Ltd.
- Exhibit 109: Zhongtong Bus Holding Co. Ltd. - Overview
- Exhibit 110: Zhongtong Bus Holding Co. Ltd. - Key offerings
- 11.17 Zotye Holding Group Co. Ltd.
- Exhibit 111: Zotye Holding Group Co. Ltd. - Overview
- Exhibit 112: Zotye Holding Group Co. Ltd. - Product / Service
- Exhibit 113: Zotye Holding Group Co. Ltd. - Key offerings
12 Appendix
- 12.1 Scope of the report
- 12.2 Inclusions and exclusions checklist
- Exhibit 114: Inclusions checklist
- Exhibit 115: Exclusions checklist
- 12.3 Currency conversion rates for US$
- Exhibit 116: Currency conversion rates for US$
- 12.4 Research methodology
- Exhibit 117: Research methodology
- Exhibit 118: Validation techniques employed for market sizing
- Exhibit 119: Information sources
- 12.5 List of abbreviations
- Exhibit 120: List of abbreviations
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
- Manufacturers and suppliers
- Channel partners
- Industry experts
- Strategic decision makers
Secondary sources
- Industry journals and periodicals
- Government data
- Financial reports of key industry players
- Historical data
- Press releases
DATA ANALYSIS
Data Synthesis
- Collation of data
- Estimation of key figures
- Analysis of derived insights
Data Validation
- Triangulation with data models
- Reference against proprietary databases
- Corroboration with industry experts
REPORT WRITING
Qualitative
- Market drivers
- Market challenges
- Market trends
- Five forces analysis
Quantitative
- Market size and forecast
- Market segmentation
- Geographical insights
- Competitive landscape
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electric vehicle market
Key Questions Answered
- What are the key global market and the regional market share?
- What are the revenue-generating key market segments?
- What are the key factors driving and challenging this market’s growth?
- Who are the key market vendors and their growth strategies?
- What are the latest trends influencing the growth of this market?
- What are the variables influencing the market growth in the primary regions?
- What are the factors influencing the growth of the parent market?
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