Report Description

China electric vehicle market is growing at a robust pace during the forecast years, owing to numerous reasons, which include rigorous automobile emission standards by the government, subsidies, and advancement in technology associated with the electric vehicles. The China electric vehicle market is one of the leading electric vehicle markets in the world. Further, the growing dependence of China on imports of oil sources is concerning the government of its long-term implications. This issue is further enhanced by the energy security issues that are associated with it. Therefore, there has been an unprecedent push in China for electrification of vehicles from the past few years.

China Electric Vehicle Market Scope
The China electric vehicle market is a large one. The country is a key player in the development of technologies that are linked with electric vehicles, whether it is battery technology, production scale, or charging infrastructure. Due to the large population of China, demand from electric vehicle segments is growing consistently every year. Moreover, China is at forefront of electronics industry which favor the electric battery development for the two-wheeler.

China Electric Vehicle Market Overview
The China electric vehicle market is expected to grow at a faster rate in forecasted period. China is a major electronic hub of the world, which is one of the leading factors for such fast-paced growth of electric vehicles in the country. Moreover, the market is highly competitive as well, which has resulted in cost competitiveness among the automakers. Apart from this, the government has been playing a significant role in increasing the electric vehicle market share in the country by providing subsidies, tax benefits, procurement contracts, and other policy incentives.

China has a huge transportation sector, which has helped significantly in the electrification of commercial vehicles. This is further supported by the fact that demand and usage of commercial vehicles always remains consistent in the market, and they can be charged at charging stations strategically because the lag in charging infrastructure doesn’t hamper the commercial vehicles much as compared to private vehicles. China has also improved the supply chain which includes the production of key components such as batteries and electric motors.


Download Free Sample Report

China Electric Vehicle Market Drivers

The technological advancements have greatly impacted the pricing of electric vehicles in the country. The cost of ownership of electric vehicles has come close to the vehicles powered by IC engines. Improvement in range, battery capacities, and fast charging have reduced the skepticism among people regarding electric vehicle’s future and instead have induced the demand of these vehicles tremendously.

Government policies and incentives are playing a vital role in the adoption of electric vehicles in the country. These incentives are helping in reducing the upfront cost of the electric vehicles. Further, reduced tax benefits, and lesser or no cost for license plate registration of electric vehicles has led to the growth in demand of these vehicles. From the last decade, the country has introduced several policies such as “dual credit” system in which the manufacturers were given positive credit for producing eco-friendly vehicles and negative credit for gasoline vehicles. And at the end of the year, they had to earn minimum credit or face penalty. This has led to the fast-paced development in batteries, powertrain, and vehicle efficiency. Thus, these kinds of policies are increasing the demand for electric vehicles.

China Electric Vehicle Market Trends
The consumers of China prefer buying the electric vehicles of native brands. The domestic EV market is now dominated by native Chinese brands, but that's not the case for the domestic ICE market. In 2021, native Chinese brands accounted for more than 70% of EV market share, and eight of the top ten OEMs in terms of annual sales were made by native Chinese brands. However, only four of the top 10 ICE passenger car OEMs in 2021 were native Chinese brands.

The cost of producing an electric vehicle (EV) remains more expensive than an internal combustion engine (ICE) of comparable specifications due to the associated battery costs. However, with the advancement of technologies (such as higher battery power density), the cost of battery production is gradually decreasing. Furthermore, in the context of a continuous tightening of emissions standards, the costs of developing and producing more efficient internal combustion engines are expected to increase due to physical barriers. Consequently, OEMs will find their profitability and presence in the global vehicle market dependent on their electric vehicle portfolio.

China Electric Vehicle Market Challenges
The challenge of charging infrastructure has always been around the electric vehicle market globally and in China as well. The electric vehicle fleet in the country is growing, but the charging infrastructure growth is not at the recommended pace to cater the need for growing EVs. This is exacerbating the situation of accessibility of charging stations. Although significant steps have been taken to develop the charging infrastructure in the country, it is not enough to cope with the increasing demand for EVs. This is especially difficult in rural areas and in congested areas, because in rural areas, stations will be in far off places , space restrictions will be there, which results in inconvenience. Further, this is exacerbated by the unavailability of a universal standard electric plug for electric vehicles. Due to this, different charging stations will need different plug-in services, which is not convenient as well.

The unavailability of diverse models is also a challenge in the electric vehicle market of China. The EV market in China is highly competitive and thus, resulting in saturation of vehicles. Diversity in models is less as compared to the internal combustion engines vehicles and, they are not highly distinctive in terms of features and sizes. Because of this, the OEMs are facing difficulty in maintaining profitability in this market.

Market Opportunities
The demand for electric vehicles in China is expected to keep growing quickly because of government support, growing commitments from car manufacturers, and the growing acceptance of EVs by car owners. EV adoption will also open a whole new world of possibilities for car tech companies, as it will create a new ecosystem around EV-specific components, charging, and peripheral services, as well as other big data applications.

Market Segmentation
The electric vehicle market in China is divided into various parts, which includes by vehicle type, propulsion type, range, battery capacity, and region. Based on the vehicle type, the market is segmented into two-wheeler, three-wheeler, passenger car, light commercial vehicle, and medium & heavy commercial vehicle. Based on propulsion type the market is divided into battery electric vehicle (BEV), plug-in hybrid vehicle (PiHEV), and fuel cell electric vehicle (FCEV). These are basically different methods to generate electric current which powers the electric vehicle. BEVs are purely based on the battery which provide electric current. PiHEV consists of both an electric battery and combustion engine which provides energy to the vehicle. The electric battery in these types of vehicles can be charged with the help of an internal source i.e., IC engines or from the external electric source using plugs. Further, the electric vehicle market in China is divided based on the range of electric vehicles. The range of vehicles are divided into 0-50 miles, 51-150 miles, 151-200 miles, 201-400 miles, and above 400 miles. The range of vehicles depends upon number of factors, one of them is the battery capacity of the vehicle. Therefore, based on the battery capacity, the electric vehicle market in China is divided into less than 50KWh, 51KWh to 100KWh, 101KWh-200KWh, and above 300KWh..

Company Profiles
Yadea Group Holdings Ltd., AIMA Technology Group Co. Ltd, Zhejiang Luyuan Electric Vehicle, Jiangsu Xinri E-Vehicle Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., Shandong Incalcu Electric Vehicle Co. Ltd, BYD Company Limited, Tesla Inc., BAIC International Corporation, and Geely Automobile Holdings Ltd. are some of the major players in the China electric vehicle market.

Attribute

Details

Base Year

2022

Historic Data

2018 – 2021

Estimated Year

2023

Forecast Period

2024 – 2028

Quantitative Units

Value in USD Million, Volume in Tons, CAGR for 2018-2022 and 2023-2028

Report Coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered

Vehicle Type

Propulsion Type

Range

Battery Capacity

Region

Regional Scope

East, North & North-East, Southwest, South-Central and Northwest

Key Companies Profiled

Yadea Group Holdings Ltd., AIMA Technology Group Co. Ltd, Zhejiang Luyuan Electric Vehicle, Jiangsu Xinri E-Vehicle Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., Shandong Incalcu Electric Vehicle Co. Ltd, BYD Company Limited, Tesla Inc., BAIC International Corporation, and Geely Automobile Holdings Ltd.

Customization Scope

10% free report customization with purchase. Addition or alteration to country, regional & segment scope.

Pricing and Purchase Options

Avail customized purchase options to meet your exact research needs. Explore purchase options

Delivery Format

PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

Report Scope:

In this report, China electric vehicle market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • China Electric Vehicle Market, By Vehicle Type:
    • Two-Wheeler
    • Three-Wheeler
    • Passenger Car
    • Light Commercial Vehicle
    • Medium & Heavy Commercial Vehicle
  • China Electric Vehicle Market, By Propulsion Type:
    • BEV
    • PiHEV
    • FCEV
  • China Electric Vehicle Market, By Range:
    • 0-50 Miles
    • 51-150 Miles
    • 151-200 Miles
    • 201-400 Miles
  • China Electric Vehicle Market, By Battery Capacity:
    • Less than 50KWh
    • 51KWh-100KWh
    • 101KWh-200KWh
    • 201KWh-300KWh
    • Above 300KWh
  • China Electric Vehicle Market, By Region:
    • East
    • North & North-East
    • Southwest
    • South-Central
    • Northwest

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in China electric vehicle market.

Available Customizations:

With the given market data, TechSci Research offers customizations according to a company’s specific needs. The following customization options are available for the report:

Company Information

  • Detailed analysis and profiling of additional market players (up to five).

The China electric vehicle market is an upcoming report to be released soon. If you wish an early delivery of this report or want to confirm the date of release, please contact us at [email protected]

Table of content

1.     Introduction

1.1.  Market Overview

1.2.  Key Highlights of the Report

1.3.  Market Coverage

1.4.  Market Segments Covered

1.5.  Research Tenure Considered

2.    Research Methodology

2.1.  Objective of the Study

2.2.  Baseline Methodology

2.3.  Key Industry Partners

2.4.  Major Association and Secondary Sources

2.5.  Forecasting Methodology

2.6.  Data Triangulation & Validation

2.7.  Assumptions and Limitations

3.    Executive Summary

3.1.  Market Overview

3.2.  Market Forecast

3.3.  Key Regions

3.4.  Key Segments

4.    Impact of COVID-19 on China Electric Vehicle Market

4.1.  Key Segments Impacted

4.2.  Key Regions Impacted

5.    Voice of Customer Analysis

5.1.  Brand Awareness

5.2.  Factors Influencing Purchase Decision

5.3.  Challenges & Unmet Needs

5.4.  Brand Satisfaction

6.    China Electric Vehicle Market Outlook

6.1.  Market Size & Forecast

6.1.1.         By Volume

6.1.2.         By Value

6.2.  Market Share & Forecast

6.2.1.         By Vehicle Type Market Share Analysis (Two-Wheelers, Passenger Cars, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle)

6.2.2.         By Propulsion Market Share Analysis (BEV, PHEV, FCEV)

6.2.3.         By Range Market Share Analysis (0-50 miles, 51-150 miles, 151-200 miles, 201-400 Miles and above 400 miles)

6.2.4.         By Battery Capacity (Less than 50 kwh, 51-100 kwh, 101-200 kwh, 201-300 kwh, and above 300 kwh)

6.2.5.         By Regional Market Share Analysis

6.2.5.1. East China Market Share Analysis

6.2.5.2. North & North-East China Market Share Analysis

6.2.5.3. Southwest China Market Share Analysis

6.2.5.4. South-Central China Market Share Analysis

6.2.5.5. Northwest China Market Share Analysis

6.2.6.         By Company Market Share Analysis (Top 5 Companies, Others - By Value, 2022)

6.3.  China Electric Vehicle Market Mapping & Opportunity Assessment

6.3.1.         By Vehicle Type Market Mapping & Opportunity Assessment

6.3.2.         By Propulsion Market Mapping & Opportunity Assessment

6.3.3.         By Range Market Mapping & Opportunity Assessment

6.3.4.         By Battery Capacity Market Mapping & Opportunity Assessment

6.3.5.         By Regional Market Mapping & Opportunity Assessment

7.    China Electric Two-Wheeler Market Outlook

7.1.  Market Size & Forecast

7.1.1.         By Volume

7.1.2.         By Value

7.2.  Market Share & Forecast

7.2.1.         By Propulsion Market Share Analysis

7.2.2.         By Range Market Share Analysis

7.2.3.         By Battery Capacity Market Share Analysis

8.    China Electric Passenger Cars Market Outlook

8.1.  Market Size & Forecast

8.1.1.         By Volume

8.1.2.         By Value

8.2.  Market Share & Forecast

8.2.1.         By Propulsion Market Share Analysis

8.2.2.         By Range Market Share Analysis

8.2.3.         By Battery Capacity Market Share Analysis

9.    China Electric Light Commercial Vehicles Market Outlook

9.1.  Market Size & Forecast

9.1.1.         By Volume

9.1.2.         By Value

9.2.  Market Share & Forecast

9.2.1.         By Propulsion Market Share Analysis

9.2.2.         By Range Market Share Analysis

9.2.3.         By Battery Capacity Market Share Analysis

10.  China Electric Medium & Heavy Commercial Vehicles Market Outlook

10.1.              Market Size & Forecast

10.1.1.      By Volume

10.1.2.      By Value

10.2.              Market Share & Forecast

10.2.1.      By Propulsion Market Share Analysis

10.2.2.      By Range Market Share Analysis

10.2.3.      By Battery Capacity Market Share Analysis

11.  PESTEL Analysis

11.1.              Political

11.2.              Economical

11.3.              Social

11.4.              Technological

11.5.              Environmental

11.6.              Legal

12.  SWOT Analysis

12.1.              Strength

12.2.              Weakness

12.3.              Opportunities

12.4.              Threats

13.  Market Dynamics

13.1.              Market Drivers

13.2.              Market Challenges

14.  Market Trends and Developments

15.  Policy and Regulatory Landscape

16.  China Economic Profile

17.  Competitive Landscape

17.1.              Company Profiles (Up to 10 Major Companies)

17.1.1.      Yadea Group Holdings Ltd.

17.1.1.1.              Company Details

17.1.1.2.              Product & Services

17.1.1.3.              Recent Developments

17.1.1.4.              Key Management Personnel

17.1.2.      AIMA Technology Group Co. Ltd.

17.1.2.1.              Company Details

17.1.2.2.              Product & Services

17.1.2.3.              Recent Developments

17.1.2.4.              Key Management Personnel

17.1.3.      Zhejiang Luyuan Electric Vehicle

17.1.3.1.              Company Details

17.1.3.2.              Product & Services

17.1.3.3.              Recent Developments

17.1.3.4.              Key Management Personnel

17.1.4.      Jiangsu Xinri E-Vehicle Co. Ltd.

17.1.4.1.              Company Details

17.1.4.2.              Product & Services

17.1.4.3.              Recent Developments

17.1.4.4.              Key Management Personnel

17.1.5.      Dongguan Tailing Electric Vehicle Co. Ltd.

17.1.5.1.              Company Details

17.1.5.2.              Product & Services

17.1.5.3.              Recent Developments

17.1.5.4.              Key Management Personnel

17.1.6.      Shandong Incalcu Electric Vehicle Co. Ltd

17.1.6.1.              Company Details

17.1.6.2.              Product & Services

17.1.6.3.              Recent Developments

17.1.6.4.              Key Management Personnel

17.1.7.      BYD Company Limited

17.1.7.1.              Company Details

17.1.7.2.              Product & Services

17.1.7.3.              Recent Developments

17.1.7.4.              Key Management Personnel

17.1.8.      Tesla Inc.

17.1.8.1.              Company Details

17.1.8.2.              Product & Services

17.1.8.3.              Recent Developments

17.1.8.4.              Key Management Personnel

17.1.9.      BAIC International Corporation

17.1.9.1.              Company Details

17.1.9.2.              Product & Services

17.1.9.3.              Recent Developments

17.1.9.4.              Key Management Personnel

17.1.10.    Geely Automobile Holdings Ltd.

17.1.10.1.            Company Details

17.1.10.2.            Product & Services

17.1.10.3.            Recent Developments

17.1.10.4.            Key Management Personnel

18.  Strategic Recommendations

18.1.              Key Focus Areas

18.2.              Target Regions

18.3.              Target Vehicle Type

19.  About Us & Disclaimer

Figures and Tables

Frequently asked questions

down-arrow

The key factors driving the China electric vehicle market are increasing government initiatives, climatic concerns, boost in domestics manufacturing, and technological advancements.

down-arrow

Some of the trends are rising preference for native brands of electric passenger cars, increase in number of models, improvements in range of vehicles, and aid in domestic manufacturing.

down-arrow

The major challenge for electric vehicles in China is of the charging station availability. This problem is further increased by the unavailability of a standard chargers for vehicles which makes it difficult for consumers to find a charging station of a particular OEM.

down-arrow

The key players in the China electric vehicle market are Yadea Group Holdings Ltd., AIMA Technology Group Co. Ltd, Zhejiang Luyuan Electric Vehicle, Jiangsu Xinri E-Vehicle Co. Ltd., Dongguan Tailing Electric Vehicle Co. Ltd., Shandong Incalcu Electric Vehicle Co. Ltd, BYD Company Limited, Tesla Inc., BAIC International Corporation, and Geely Automobile Holdings Ltd.

profile

Srishti Verma

Business Consultant
Press Release

China Electric Vehicle Market to be Dominated by the Two-Wheelers through 2028

Aug, 2023

Supportive government regulations and incentives, availability, and affordability of s, improving charging infrastructure, and rising climatic concerns are driving the electric vehicle market in Chin