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New Energy Vehicle Market in China by Vehicle Type and Propulsion- Forecast and Analysis 2022-2026

  • Published: Jul 2022
  • Pages: 118
  • SKU: IRTNTR73956
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The new energy vehicle market share in China is expected to increase to USD 370.23 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 38.24%.

This new energy vehicle market in China research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers new energy vehicle market segmentation in China by propulsion (pure EV, PHEV, and FCV) and vehicle type (passenger NEV and commecial NEV). The new energy vehicle market in China report also offers information on several market vendors, including BYD Co. Ltd., Chery Automobile Co. Ltd., China FAW Group Co. Ltd., Chongqing Changan Automobile Co. Ltd., Dongfeng Motor Corp., Great Wall Motor Co. Ltd., Guangzhou Automobile Group Co. Ltd., Hezhong New Energy Automobile Co. Ltd., Jiangsu Kaiwo Automobile Co. Ltd., Li Auto Inc., NIO Ltd., SAIC Motor Corp. Ltd., Tesla Inc., Wuling Motors Holding Ltd., Xiaopeng Inc., Yutong Bus Co. Ltd., Zhejiang Geely Holding Group, Zhejiang Leapao Technology Co. Ltd., Zhongtong Bus Holding Co. Ltd., and Beijing Automotive Group Co. Ltd. among others.

What will the New Energy Vehicle Market Size in China be During the Forecast Period?

New Energy Vehicle Market Size

Download the Free Report Sample to Unlock the New Energy Vehicle Market Size in China for the Forecast Period and Other Important Statistics

 

New Energy Vehicle Market in China: Key Drivers, Trends, and Challenges

The growing focus on the development of NEV charging infrastructure is notably driving the new energy vehicle market growth in China, although factors such as the FCVs removed from the NEV benefits may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the new energy vehicle industry in China. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key New Energy Vehicle Market Driver in China

  • One of the key factors driving growth in the new energy vehicle market is the growing focus on the development of NEV charging infrastructure.
  • The government, as well as original equipment manufacturers (OEMs), are focusing on developing the charging infrastructure, which would aid in the mass adoption of electric cars and public transport vehicles.
  • China has the highest number of charging stations in the world.
  • As of 2021, the total number of charging stations in China reached more than 1 million. China's draft energy vehicle development plan 2021-2035 is aimed to increase the share of NEVs to 20% of the total vehicle sales in China by 2025.
  • The plan also focuses on R&D areas for various charging infrastructures such as high-voltage charging, wireless charging, safety monitoring, and warning systems for charging infrastructure. Further, the government is planning to add more EV charging stations to support the target of 20 million EVs by 2025.

Key New Energy Vehicle Market Trend in China

  • The application of ultra-capacitors in EV energy storage systems is a new energy vehicle market trend in China that is expected to have a positive impact in the coming years.
  • Ultra-capacitors used for energy storage and for the discharge function in the battery packs for EVs are highly attractive futuristic trends.
  • China-based CRRC Corp. Ltd. has already tested ultra-capacitors, and they have been in use for powering its public transport buses since 2008.
  • In June 2021, the first electric bus equipped with an ultracapacitor started operating in the Tongzhou district of China. 
  • The price of ultra-capacitors will decline during the forecast period, with a high demand for ultra-capacitors over batteries. Moreover, in the long term, the total cost of ownership will decrease with ultra-capacitors, as the lifespan of ultra-capacitors is more than two times compared to normal Li-ion batteries.
  • The implementation of this trend can boost the growth of the electric bus industry in China, thus driving the growth of the market in focus.

Key New Energy Vehicle Market Challenge in China

  • The FCVs removed from the NEV benefits will be a major challenge for the new energy vehicle market in China during the forecast period.
  • FCVs were a part of the NEV policy and were getting subsidy benefits till April 2020, post which the Chinese government planned to remove these vehicles from NEV benefits. This severely affected the manufacturers who concentrated their major business on FCV rather than pure EVs. This pushed down the end user's adoption of FCVs, especially in 2020. 
  • The government's strict regulations on automakers toward NEV product portfolio will, in turn, make OEMs curtail their fuel cell businesses and move on to all-electric technologies, which will require huge investments and rapid R&D activities.
  • Initially, in 2017, the regulation mandated that 8% of sales by automakers should account for EVs, which was subsequently raised to 10% in 2019, and 12% in 2020. Therefore, such factors may negatively impact the growth of the market focus.

This new energy vehicle market in China analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the new energy vehicle market in China as a part of the global automotive market under the global automobiles and components industry. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the new energy vehicle market in China during the forecast period.

Who are the Major New Energy Vehicle Market Vendors in China?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • BYD Co. Ltd.
  • Chery Automobile Co. Ltd.
  • China FAW Group Co. Ltd.
  • Chongqing Changan Automobile Co. Ltd.
  • Dongfeng Motor Corp.
  • Great Wall Motor Co. Ltd.
  • Guangzhou Automobile Group Co. Ltd.
  • Hezhong New Energy Automobile Co. Ltd.
  • Jiangsu Kaiwo Automobile Co. Ltd.
  • Li Auto Inc.
  • NIO Ltd.
  • SAIC Motor Corp. Ltd.
  • Tesla Inc.
  • Wuling Motors Holding Ltd.
  • Xiaopeng Inc.
  • Yutong Bus Co. Ltd.
  • Zhejiang Geely Holding Group
  • Zhejiang Leapao Technology Co. Ltd.
  • Zhongtong Bus Holding Co. Ltd.
  • Beijing Automotive Group Co. Ltd.

 

This statistical study of the new energy vehicle market in China encompasses successful business strategies deployed by the key vendors. The new energy vehicle market in China is fragmented and the vendors are deploying growth strategies such as focusing on the localization of their products to compete in the market.

Product Insights and News

  • byd.com - The company offers new energy vehicles under the brand Arcfox.

  • byd.com - Through the rechargeable batteries and photovoltaic products segment, the company manufactures and offers the sale of lithium-ion batteries and nickel batteries, photovoltaic products and iron batteries products for electric vehicles, mobile phones, electric tools and other portable electronic instruments.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The new energy vehicle market in China forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

New Energy Vehicle Market in China Value Chain Analysis

Our report provides extensive information on the value chain analysis for the new energy vehicle market in China, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

What are the Revenue-generating Propulsion Segments in the New Energy Vehicle Market in China?

New Energy Vehicle Market Market segmentation by region

To gain further insights on the market contribution of various segments Request for a FREE sample

The new energy vehicle market share growth in China by the pure EV segment will be significant during the forecast period. The PEVs segment is expected to grow significantly during the forecast period owing to the government efforts to curb carbon and greenhouse gas (GHG) emissions. Favorable incentive programs and air quality targets are driving growth in the pure EV segment. 

This report provides an accurate prediction of the contribution of all the segments to the growth of the new energy vehicle market size in China and actionable market insights on post COVID-19 impact on each segment.

 

New Energy Vehicle Market Scope in China

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 38.24%

Market growth 2022-2026

$ 370.23 billion

Market structure

Fragmented

YoY growth (%)

28.85

Regional analysis

China

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

BYD Co. Ltd., Chery Automobile Co. Ltd., China FAW Group Co. Ltd., Chongqing Changan Automobile Co. Ltd., Dongfeng Motor Corp., Great Wall Motor Co. Ltd., Guangzhou Automobile Group Co. Ltd., Hezhong New Energy Automobile Co. Ltd., Jiangsu Kaiwo Automobile Co. Ltd., Li Auto Inc., NIO Ltd., SAIC Motor Corp. Ltd., Tesla Inc., Wuling Motors Holding Ltd., Xiaopeng Inc., Yutong Bus Co. Ltd., Zhejiang Geely Holding Group, Zhejiang Leapao Technology Co. Ltd., Zhongtong Bus Holding Co. Ltd., and Beijing Automotive Group Co. Ltd.

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, Market condition analysis for the forecast period

Customization purview

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What are the Key Data Covered in this New Energy Vehicle Market in China Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive new energy vehicle market growth in China during the next five years
  • Precise estimation of the new energy vehicle market size in China and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the new energy vehicle industry in China
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of new energy vehicle market vendors in China

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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 Propulsion
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle 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 2021
  • 3.4 Market outlook: Forecast for 2021-2026
    • Exhibit 11: Chart on China - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 12: Data Table on China - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 13: Chart on China: Year-over-year growth 2021-2026 (%)
    • Exhibit 14: Data Table on China: Year-over-year growth 2021-2026 (%)

4 Five Forces Analysis

  • 4.1 Five forces summary
    • Exhibit 15: Five forces analysis - Comparison between 2021 and 2026
  • 4.2 Bargaining power of buyers
    • Exhibit 16: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
  • 4.3 Bargaining power of suppliers
    • Exhibit 17: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
  • 4.4 Threat of new entrants
    • Exhibit 18: Threat of new entrants – Impact of key factors in 2021 and 2026
  • 4.5 Threat of substitutes
    • Exhibit 19: Threat of substitutes – Impact of key factors in 2021 and 2026
  • 4.6 Threat of rivalry
    • Exhibit 20: Threat of rivalry – Impact of key factors in 2021 and 2026
  • 4.7 Market condition
    • Exhibit 21: Chart on Market condition - Five forces 2021 and 2026

5 Market Segmentation by Propulsion

  • 5.1 Market segments
    • Exhibit 22: Chart on Propulsion - Market share 2021-2026 (%)
    • Exhibit 23: Data Table on Propulsion - Market share 2021-2026 (%)
  • 5.2 Comparison by Propulsion
    • Exhibit 24: Chart on Comparison by Propulsion
    • Exhibit 25: Data Table on Comparison by Propulsion
  • 5.3 Pure EV - Market size and forecast 2021-2026
    • Exhibit 26: Chart on Pure EV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 27: Data Table on Pure EV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 28: Chart on Pure EV - Year-over-year growth 2021-2026 (%)
    • Exhibit 29: Data Table on Pure EV - Year-over-year growth 2021-2026 (%)
  • 5.4 PHEV - Market size and forecast 2021-2026
    • Exhibit 30: Chart on PHEV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 31: Data Table on PHEV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 32: Chart on PHEV - Year-over-year growth 2021-2026 (%)
    • Exhibit 33: Data Table on PHEV - Year-over-year growth 2021-2026 (%)
  • 5.5 FCV - Market size and forecast 2021-2026
    • Exhibit 34: Chart on FCV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 35: Data Table on FCV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 36: Chart on FCV - Year-over-year growth 2021-2026 (%)
    • Exhibit 37: Data Table on FCV - Year-over-year growth 2021-2026 (%)
  • 5.6 Market opportunity by Propulsion
    • Exhibit 38: Market opportunity by Propulsion ($ billion)

6 Market Segmentation by Vehicle Type

  • 6.1 Market segments
    • Exhibit 39: Chart on Vehicle Type - Market share 2021-2026 (%)
    • Exhibit 40: Data Table on Vehicle Type - Market share 2021-2026 (%)
  • 6.2 Comparison by Vehicle Type
    • Exhibit 41: Chart on Comparison by Vehicle Type
    • Exhibit 42: Data Table on Comparison by Vehicle Type
  • 6.3 Passenger NEV - Market size and forecast 2021-2026
    • Exhibit 43: Chart on Passenger NEV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 44: Data Table on Passenger NEV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 45: Chart on Passenger NEV - Year-over-year growth 2021-2026 (%)
    • Exhibit 46: Data Table on Passenger NEV - Year-over-year growth 2021-2026 (%)
  • 6.4 Commercial NEV - Market size and forecast 2021-2026
    • Exhibit 47: Chart on Commercial NEV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 48: Data Table on Commercial NEV - Market size and forecast 2021-2026 ($ billion)
    • Exhibit 49: Chart on Commercial NEV - Year-over-year growth 2021-2026 (%)
    • Exhibit 50: Data Table on Commercial NEV - Year-over-year growth 2021-2026 (%)
  • 6.5 Market opportunity by Vehicle Type
    • Exhibit 51: Market opportunity by Vehicle Type ($ billion)

7 Customer Landscape

  • 7.1 Customer landscape overview
    • Exhibit 52: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

8 Drivers, Challenges, and Trends

  • 8.1 Market drivers
  • 8.2 Market challenges
  • 8.3 Impact of drivers and challenges
    • Exhibit 53: Impact of drivers and challenges in 2021 and 2026
  • 8.4 Market trends

9 Vendor Landscape

  • 9.1 Overview
  • 9.2 Vendor landscape
    • Exhibit 54: Overview on Criticality of inputs and Factors of differentiation
  • 9.3 Landscape disruption
    • Exhibit 55: Overview on factors of disruption
  • 9.4 Industry risks
    • Exhibit 56: Impact of key risks on business

10 Vendor Analysis

  • 10.1 Vendors covered
    • Exhibit 57: Vendors covered
  • 10.2 Market positioning of vendors
    • Exhibit 58: Matrix on vendor position and classification
  • 10.3 Beijing Automotive Group Co. Ltd.
    • Exhibit 59: Beijing Automotive Group Co. Ltd. - Overview
    • Exhibit 60: Beijing Automotive Group Co. Ltd. - Product / Service
    • Exhibit 61: Beijing Automotive Group Co. Ltd. - Key offerings
  • 10.4 BYD Co. Ltd.
    • Exhibit 62: BYD Co. Ltd. - Overview
    • Exhibit 63: BYD Co. Ltd. - Business segments
    • Exhibit 64: BYD Co. Ltd. - Key news
    • Exhibit 65: BYD Co. Ltd. - Key offerings
    • Exhibit 66: BYD Co. Ltd. - Segment focus
  • 10.5 Chery Automobile Co. Ltd.
    • Exhibit 67: Chery Automobile Co. Ltd. - Overview
    • Exhibit 68: Chery Automobile Co. Ltd. - Product / Service
    • Exhibit 69: Chery Automobile Co. Ltd. - Key offerings
  • 10.6 Chongqing Changan Automobile Co. Ltd.
    • Exhibit 70: Chongqing Changan Automobile Co. Ltd. - Overview
    • Exhibit 71: Chongqing Changan Automobile Co. Ltd. - Product / Service
    • Exhibit 72: Chongqing Changan Automobile Co. Ltd. - Key news
    • Exhibit 73: Chongqing Changan Automobile Co. Ltd. - Key offerings
  • 10.7 Dongfeng Motor Corp.
    • Exhibit 74: Dongfeng Motor Corp. - Overview
    • Exhibit 75: Dongfeng Motor Corp. - Product / Service
    • Exhibit 76: Dongfeng Motor Corp. - Key offerings
  • 10.8 Guangzhou Automobile Group Co. Ltd.
    • Exhibit 77: Guangzhou Automobile Group Co. Ltd. - Overview
    • Exhibit 78: Guangzhou Automobile Group Co. Ltd. - Product / Service
    • Exhibit 79: Guangzhou Automobile Group Co. Ltd. - Key offerings
  • 10.9 SAIC Motor Corp. Ltd.
    • Exhibit 80: SAIC Motor Corp. Ltd. - Overview
    • Exhibit 81: SAIC Motor Corp. Ltd. - Business segments
    • Exhibit 82: SAIC Motor Corp. Ltd. - Key news
    • Exhibit 83: SAIC Motor Corp. Ltd. - Key offerings
    • Exhibit 84: SAIC Motor Corp. Ltd. - Segment focus
  • 10.10 Yutong Bus Co.Ltd.
    • Exhibit 85: Yutong Bus Co.Ltd. - Overview
    • Exhibit 86: Yutong Bus Co.Ltd. - Product / Service
    • Exhibit 87: Yutong Bus Co.Ltd. - Key offerings
  • 10.11 Zhejiang Geely Holding Group
    • Exhibit 88: Zhejiang Geely Holding Group - Overview
    • Exhibit 89: Zhejiang Geely Holding Group - Business segments
    • Exhibit 90: Zhejiang Geely Holding Group - Key news
    • Exhibit 91: Zhejiang Geely Holding Group - Key offerings
    • Exhibit 92: Zhejiang Geely Holding Group - Segment focus
  • 10.12 Zhongtong Bus Holding Co. Ltd.
    • Exhibit 93: Zhongtong Bus Holding Co. Ltd. - Overview
    • Exhibit 94: Zhongtong Bus Holding Co. Ltd. - Product / Service
    • Exhibit 95: Zhongtong Bus Holding Co. Ltd. - Key offerings

11 Appendix

  • 11.1 Scope of the report
  • 11.2 Inclusions and exclusions checklist
    • Exhibit 96: Inclusions checklist
    • Exhibit 97: Exclusions checklist
  • 11.3 Currency conversion rates for US$
    • Exhibit 98: Currency conversion rates for US$
  • 11.4 Research methodology
    • Exhibit 99: Research methodology
    • Exhibit 100: Validation techniques employed for market sizing
    • Exhibit 101: Information sources
  • 11.5 List of abbreviations
    • Exhibit 102: 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.

TechnavioINFORMATION 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
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TechnavioDATA 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
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TechnavioREPORT 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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New Energy Vehicle Market in China market growth will increase by $370.23 bn during 2022-2026.
The new energy vehicle market in china market is expected to grow at a CAGR of 38.24% during 2022-2026.
Technavio has segmented the new energy vehicle market in china market by other 1 (pure EV, PHEV, and FCV) ,other 2 (passenger NEV and commecial NEV) , and geographic (China).
BYD Co. Ltd., Chery Automobile Co. Ltd., China FAW Group Co. Ltd., Chongqing Changan Automobile Co. Ltd., Dongfeng Motor Corp., Great Wall Motor Co. Ltd., Guangzhou Automobile Group Co. Ltd., Hezhong New Energy Automobile Co. Ltd., Jiangsu Kaiwo Automobile Co. Ltd., Li Auto Inc., NIO Ltd., SAIC Motor Corp. Ltd., Tesla Inc., Wuling Motors Holding Ltd., Xiaopeng Inc., Yutong Bus Co. Ltd., Zhejiang Geely Holding Group, Zhejiang Leapao Technology Co. Ltd., Zhongtong Bus Holding Co. Ltd., Beijing Automotive Group Co. Ltd. are a few of the key vendors in the new energy vehicle market in china market.
APAC will register the highest growth rate of 100% among the other regions. Therefore, the new energy vehicle market in china market in APAC is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the new energy vehicle market in china market growth are:
  • Growing focus on development of NEV charging infrastructure
  • Application of ultra-capacitors in EV energy storage systems
The new energy vehicle market in china market vendors should focus on grabbing business opportunities from the pure ev segment as it accounted for the largest market share in the base year.
  • 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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