Dublin, July 22, 2024 (GLOBE NEWSWIRE) -- The "China Electric Vehicle and Charging Infrastructure Market Databook - 75+ KPIs Covering EV Market Size by Value and Volume, Vehicle Type, Price Point, Propulsion Type, Component, Location - Q2 2024 Update" report has been added to ResearchAndMarkets.com's offering.
The electric vehicle market in China is expected to grow by 106.2% on an annual basis to reach US$506.9 billion in 2024. The demand is poised to increase significantly in H2 2024 on the back of government subsidies. Beijing, in April 2024, announced that electric vehicle buyers will receive a subsidy of 10,000 yuan or US$1,380 for replacing their petrol cars. The incentive has been made available for electric vehicle buyers until the end of 2024.
To widen the customer base, electric vehicle makers are also launching new brands and models that are more affordable. With competition growing in the domestic market barriers rising in the United States and Europe, Chinese firms are also making a push into emerging markets like Southeast Asia and Latin America. Overall, the publisher maintains a positive growth outlook for the Chinese electric vehicle industry over the next three to four years.
Government subsidies to aid electric vehicle sales in the Chinese market in H2 2024
Nio, Li Auto, and Xpeng are among the leading electric vehicle makers, which felt the impact of a price war in the Chinese market. EV prices for 50 models across the range of brands dropped by an average of 10% in Q1 2024. These firms, however, are expecting a surge in sales for Q2 2024.
- The revival in sales can be largely attributed to the subsidies offered by the Chinese government. Beijing, in April 2024, announced that electric vehicle buyers will receive a subsidy of 10,000 yuan or US$1,380 for replacing their petrol cars. The incentive has been made available for electric vehicle buyers until the end of 2024. As a result of this, the industry is expected to record strong growth throughout the year, on the back of increased demand for such vehicles.
- Nio, the Shanghai-based firm, is expecting the deliveries of its electric vehicle to increase as much as 86.3% in Q2 2024. The firm, in Q1 2024, sold 56,000 units. Xpeng, in Q2 2024, is also expecting sales to increase substantially reaching 32,000 units during the quarter. This represents a growth of 46.6%. Li Auto, on the other hand, is projecting a sales growth rate of 27% during the quarter, with volumes hitting 110,000 units.
These firms are also launching new brands and models to further increase their market share over the medium term. Nio, for instance, launched its mass-market brand Onvo to widen its customer base. The initial model L60 SUV from Onvo, starting at 219,900 yuan, is 30,000 yuan cheaper than the base model of Tesla's Shanghai-manufactured Model Y. The new brand is expected to contribute positively to the firm's profitability once it exceeds 20,000 units in monthly deliveries. The firm is set to begin mass production and delivery of the L60 to customers in mainland China by September. Xpeng, similarly, is planning to launch a new brand aimed at producing cars that are more affordable for middle- and low-income consumers in mainland China.
BYD is making a stronger push into emerging markets amid uncertainty in the United States and Europe
Due to the uncertain policies regarding Chinese electric vehicle exports to key markets like the United States and Europe, BYD is aiming to boost its international sales by shifting production to regions that are considered more welcoming. The firm is setting up factories in nations like Thailand, Hungary, Brazil, and Indonesia. The factory in Thailand is expected to be operational by the end of the year and will serve the entire Southeast Asian market, where the firm is giving tough competition to rival Tesla.
The Southeast Asian market is expected to remain one of the strongest overseas markets for BYD over the medium term. With the demand growing in the region, the firm is also making increasing investments in Southeast Asia. To launch its factory in Indonesia, the firm has announced an investment of US$1.3 billion. In Singapore and the Philippines, the firm is also planning to increase the number of stores. Alongside Southeast Asia, the firm is also seeking to boost its market share in India in 2024. The firm's push in the global market comes at a time when the demand declined in the domestic market in Q1 2024.
Xiaomi enters the competitive electric vehicle industry in the Chinese market in 2024
Mobile manufacturer Xiaomi has diversified its product offering by entering into the lucrative electric vehicle industry in China. The firm, in March 2024, launched an affordable electric vehicle to take on United States-based Tesla.
The Speed Ultra 7 sedan has been priced aggressively to attract customers. The starting price, notably, is US$4,000 cheaper compared to the Tesla's Model 3 sedan. Electric vehicle buyers are showing higher interest in the newly launched product. According to Xiaomi, the firm had received orders of about 90,000 units within 24 hours of the electric vehicle launch. With Xiaomi's entry into the market, the Chinese electric vehicle industry is expected to become even more competitive over the medium term.
The medium to long term growth story of the electric vehicle market in China remains strong. Electric vehicle adoption is expected to grow steadily over the forecast period, recording a CAGR of 31.8% during 2024-2028. The electric vehicle market in China will increase from US$245.8 billion in 2023 to reach US$1,528.7 billion 2028.
This report provides the overall vehicle market of the country by value and volume. Further, it breaks down electric and charging infrastructure market. Market opportunity for the electric vehicle segment has been further broken down by type of vehicle driven, car segments, class of vehicles, propulsion type, distance range and by components in China.
Report Scope
This report provides in-depth data-centric analysis of Electric Vehicle and Charging Infrastructure Market in China through 97 tables and 119 charts. Below is a summary of key market segments:
China Overall Vehicle Market Size and Future Growth Dynamics
- Market size by value
- Market size by volume
China Electric Vehicle Market Size and Forecast
- Market size by value
- Market size by volume
China Electric Vehicle Market Volume By Drive Segment
- Front Wheel Drive
- Rear Wheel Drive
- All-Wheel Drive
China Electric Vehicle Market Value and Volume By Car Segment
- Passenger Car
- Commercial Vehicle
China Electric Vehicle Market Value and Volume By Passenger Car Segment
- Small Car
- Medium Car
- Crossover Car
- Large Car
- SUV
China Electric Vehicle Market Value and Volume By Commercial Vehicle Segment
- Light Duty Vehicle (Class 1-Class 3)
- Medium Duty Vehicle (Class 4-Class 6)
- Heavy Duty Vehicle (Class 7-Class 8)
China Electric Vehicle Market Value By Vehicle Class
- Low-Priced
- Mid-Priced
- Luxury Class
China Electric Vehicle Market Value By Powertrain
- Parallel Hybrid
- Series Hybrid
- Combined Hybrid
China Electric Vehicle Market Value By Distance Range
- Up to 150 Miles
- 151-300 Miles
- Above 300 Miles
China Electric Vehicle Market Value By Charging Type
- Normal Charging
- Super Charging
China Electric Vehicle Market Value By Propulsion Type
- Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Fuel Cell Electric Vehicles (FCEVs)
China Electric Vehicle Market Value and Volume By Vehicle Type
- Two Wheelers (e2W)
- Three-Wheeler (e3W)
- Four Wheelers (e4W)
- Electric Buses
China Electric Vehicle Market Value By Cities
- Tier 1 Cities
- Tier 2 Cities
- Tier 3 Cities
China Electric Vehicle Market Value By Components
- Battery Cells & Packs
- On-Board Charge
- Motor
- Reducer
- Power Control Unit
- Battery Management System
- Fuel Processor
- Power Conditioner
- Air Compressor
- Humidifier
China Electric Vehicle Infrastructure Market Value
China Electric Vehicle Infrastructure Market Volume
- Number of Charging Points
- Number of Charging Stations
China Electric Vehicle - Number of Charging Points By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
China Electric Vehicle - Number of Charging Stations By Charging Type
- Level 1 - 240 (V)
- Level 2 - 120 (V)
- Direct Current (DC)
China Electric Vehicle - Number of Charging Points By Location
- Residential and Destination
- Streets
- Workplaces
- Flew depots
China Electric Vehicle - Number of Charging Points By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
China Electric Vehicle - Number of Charging Stations By Charging Speed
- Slow
- Fast
- Rapid
- Ultrarapid
China Electric Vehicle - Number of Charging Points By Vehicle
- Passenger Cars
- Buses
- Trucks
- Light Commercial Vehicles
China Electric Vehicle - Number of Charging Points By Connection Phase
- Single Phase
- Three Phase
China Electric Vehicle - Number of Charging Points By Infrastructure Type
- CSS
- CHAdeMO
- GB/T
- Other
China Electric Vehicle - Number of Charging Points By Connectivity
- Smart Charging Station
- Non-Connected Charging Station
For more information about this report visit https://www.researchandmarkets.com/r/456yoi
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
