"Market Intelligence for High-Geared Performance"

China Electric Vehicle Market Size, Share & Industry Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle (BEV) and Hybrid Electric Vehicle (HEV)), By Drive Type (All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive), By Range (Up to 150 Miles, 151-300 Miles, and Above 300 Miles), By Component (Battery Pack & High Voltage Component, Motor, Brake, Wheel & Suspension, Body & Chassis, and Low Voltage Electric Component) and Regional Forecast, 2023–2030

Region : China | Format: PDF | Report ID: FBI107692

 

KEY MARKET INSIGHTS

Play Audio Listen to Audio Version

The China electric vehicle market size is projected to record a CAGR of 18.4% during the forecast period.


China has seen a significant rise in the production and sales of EVs. The country’s automotive industry witnessed considerable growth in terms of the production of these vehicles and is expected to grow even further during the forecast period. The country holds the biggest share in electric vehicle market share. This growth is attributed to the presence of key manufacturers, with an estimated 500 EV manufacturing companies working in the world’s largest vehicle market. Rising environmental concerns and a worrying increase in exhaust emissions have prompted the country to focus on the development of sustainable transportation.


LATEST TRENDS


Rising Demand for EVs for Commercial Applications to Boost Market Growth


In China, the light electric commercial vehicle market share has increased from less than 1% to 10% over the past two years and might show significant growth during the forecast period. This growth can be credited to the development and introduction of new electric commercial vehicles by OEMs. For instance, in September 2022, BYD Company launched its new eBus Blade Platform — an electric bus chassis made from BYD’s Blade Battery technology. Also, the range upgraded the eBus model and introduced two zero-emission trucks.


DRIVING FACTORS


Rising Sales of EVs Will Drive Market Growth


By launching various initiatives to increase electric car sales, China is determined to reduce vehicle emissions. However, the country plans to lessen its dependence on oil imports, boosting China electric vehicle market growth.


Due to the considerable presence of key players, China is the top country in the Battery Electric Vehicles (BEVs) market. The OEMs are focusing on the development of battery electric vehicles, while still trying to increase efficiency significantly across vehicle systems, especially in e-powertrains. This development will drive the market growth during the forecast period. For instance, in May 2022, Nidec Corporation announced that it had decided to build a flagship factory to produce its traction motor system, E-Axle, in the city of Pinghu, Zhejiang Province, China. The new factory is expected to be the fifth traction motor production site.


RESTRAINING FACTORS


High Manufacturing Costs and Low Battery Range May Hamper EV Market Growth


The EV sales have increased after the COVID-19 pandemic. Electric vehicles are categorized into two types, such as passenger cars and commercial vehicles (electric vans, electric trucks, and electric buses), but they cost more than ICE vehicles. The average range of an EV is between 200 to 350 miles due to lower battery density. This factor may hinder the market growth. Manufacturers are focusing on increasing the range of EVs and reducing EV prices. For instance, in November 2022, BYD Company announced that it would launch a new premium brand in the first quarter of 2023 under the name ‘Yangwan’.


KEY INDUSTRY PLAYERS


In terms of the competitive landscape, this market depicts the presence of established and emerging electric vehicle companies. BYD dominated the China market in 2022. The company also became the bestselling electric vehicle brand in the same year.


Some of the other companies with a considerable presence in this market include Tesla, GAC Aion, Hozon, Li Auto, Nio and Xpeng Motors.


LIST OF KEY COMPANIES PROFILED:



  • BYD Global (China)

  • Tesla (U.S.)

  • GAC Group (China)

  • Hozon (China)

  • Li Auto (China)

  • Nio (China)

  • Xpeng Motors (China)

  • Leapmotor (China)

  • Aito (China)

  • Zeekr (China)


KEY INDUSTRY DEVELOPMENTS: 



  • February 2023 – BYD has added two new dealer corporations to its network in the European region. Motor Distributors Ltd (MDL) is active in Ireland and will offer BYD models at select locations including Dublin and Cork. RSA is a dealer that already works with BYD in Norway, and it will offer the Chinese EVs in Finland and Iceland. BYD initially launched three EV models in select European countries at the end of 2022. Two more series could follow in 2023.

  • August 2022 - GAC Group announced that the company was investing USD 329 million in setting up a subsidiary to produce electric drive systems. The new subsidiary planned to build production lines with 400,000 integrated electric drive systems annually by 2025.


REPORT COVERAGE


To gain extensive insights into the market, Request for Customization


The market report provides a detailed analysis of the China market and focuses on key aspects, such as leading market players, vehicle type, and leading applications of the product. Besides, the report offers insights into the latest market trends and highlights key industry developments. In addition to the factors mentioned above, the report encompasses several factors that contributed to the market’s growth in recent years.


Report Scope & Segmentation






















































  ATTRIBUTE



  DETAILS



Study Period



2019-2030



Base Year



2022



Estimated Year



2023



Forecast Period



2023-2030



Historical Period



2019-2021



Growth Rate



CAGR of 18.4% from 2023 to 2030



Unit



Value (USD Billion)



Segmentation



By Vehicle Type



  • Passenger Car

  • Commercial Vehicle



By Propulsion Type



  • Battery Electric Vehicle (BEV)

  • Hybrid Electric Vehicle (HEV)



By Drive Type



  • All Wheel Drive

  • Front Wheel Drive

  • Rear Wheel Drive



By Range



  • Up to 150 Miles

  • 151-300 Miles

  • Above 300 Miles



By Component



  • Battery Pack & High Voltage Component

  • Motor

  • Brake, Wheel & Suspension

  • Body & Chassis

  • Low Voltage Electric Component






Frequently Asked Questions

Growing at a CAGR of 18.4%, the market will exhibit steady growth in the forecast period (2023-2030).

Rising Sales of EVs Will Drive Market Growth

BYD Company Ltd., GAC Aion, and Tesla, Inc. (U.S.) are the key players in the China market

Battery Electric Vehicle (BEV) segment dominated the market in 2022.

Seeking Comprehensive Intelligence on Different Markets?
Get in Touch with Our Experts

Speak to an Expert
  • Jul, 2023
  • 2022
  • 2019-2021
  • 50

Personalize this Research

  • Granular Research on Specified Regions or Segments
  • Companies Profiled based on User Requirement
  • Broader Insights Pertaining to a Specific Segment or Region
  • Breaking Down Competitive Landscape as per Your Requirement
  • Other Specific Requirement on Customization
Request Customization Banner

Automotive & Transportation Clients

Toshiba
KIA
Hyundai
Hitachi
Asahi

Client Testimonials

“This report is really well done and we really appreciate it! Again, I may have questions as we dig in deeper. Thanks again for some really good work.”

- U.S.-based biotechnology company focussing on treatment of chronic pain.

“Kudos to your team. Thank you very much for your support and agility to answer our questions.”

- Europe-based provider of solutions to automate data centre operations.

“We appreciate you and your team taking out time to share the report and data file with us, and we are grateful for the flexibility provided to modify the document as per request. This does help us in our business decision making. We would be pleased to work with you again, and hope to continue our business relationship long into the future.”

- India-based manufacturer of industrial and specialty intermediates with a strong global presence.

“I want to first congratulate you on the great work done on the Medical Platforms project. Thank you so much for all your efforts.”

- One of the largest cosmetics company in the world.

“Thank you very much. I really appreciate the work your team has done. I feel very comfortable recommending your services to some of the other startups that I’m working with, and will likely establish a good long partnership with you.”

- U.S. based startup operating in the cultivated meat market.

“We received the below report on the U.S. market from you. We were very satisfied with the report.”

- Global hearing aids manufacturer.

“I just finished my first pass-through of the report. Great work! Thank you!”

- U.S. based solar racking solutions provider.

“Thanks again for the great work on our last partnership. We are ramping up a new project to understand the imaging and imaging service and distribution market in the U.S.”

- World’s leading advisory firm.

“We feel positive about the results. Based on the presented results, we will do strategic review of this new information and might commission a detailed study on some of the modules included in the report after end of the year. Overall we are very satisfied and please pass on the praise to the team. Thank you for the co-operation!”

- Germany based machine construction company.

“Thank you very much for the very good report. I have another requirement on cutting tools, paper crafts and decorative items.”

- Japanese manufacturing company of stationery products.

“We are happy with the professionalism of your in-house research team as well as the quality of your research reports. Looking forward to work together on similar projects”

- One of the Leading Food Companies in Germany

“We appreciate the teamwork and efficiency for such an exhaustive and comprehensive report. The data offered to us was exactly what we were looking for. Thank you!”

- Intuitive Surgical

“I recommend Fortune Business Insights for their honesty and flexibility. Not only that they were very responsive and dealt with all my questions very quickly but they also responded honestly and flexibly to the detailed requests from us in preparing the research report. We value them as a research company worthy of building long-term relationships.”

- Major Food Company in Japan

“Well done Fortune Business Insights! The report covered all the points and was very detailed. Looking forward to work together in the future”

- Ziering Medical

“It has been a delightful experience working with you guys. Thank you Fortune Business Insights for your efforts and prompt response”

- Major Manufacturer of Precision Machine Parts in India

“I had a great experience working with Fortune Business Insights. The report was very accurate and as per my requirements. Very satisfied with the overall report as it has helped me to build strategies for my business”

- Hewlett-Packard

“This is regarding the recent report I bought from Fortune Business insights. Remarkable job and great efforts by your research team. I would also like to thank the back end team for offering a continuous support and stitching together a report that is so comprehensive and exhaustive”

- Global Management Consulting Firm

“Please pass on our sincere thanks to the whole team at Fortune Business Insights. This is a very good piece of work and will be very helpful to us going forward. We know where we will be getting business intelligence from in the future.”

- UK-based Start-up in the Medical Devices Sector

“Thank you for sending the market report and data. It looks quite comprehensive and the data is exactly what I was looking for. I appreciate the timeliness and responsiveness of you and your team.”

- One of the Largest Companies in the Defence Industry
We use cookies to enhance your experience. By continuing to visit this site you agree to our use of cookies . Privacy.
X