China Electric Vehicle Market By Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle), By Propulsion Type (BEV, PiHEV, FCEV), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, and Above 400 Miles), By Battery Capacity (Less Than 50KWh, 51KWh to 100KWh, 101KWh-200KWh, 201KWh-300KWh, and Above 300KWh), By Region, Competition, Forecast and Opportunities, 2028 2018-2028

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.

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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.

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).

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