China EV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)

The China EV Market is segmented by Body Type (Passenger Cars) and by Fuel Type (BEV, FCEV, HEV, PHEV)

China Electric Car Market Size

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https://s3.mordorintelligence.com/study%20period/1629296433432_test~study_period_study_period.svg Study Period 2016 - 2029
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2024) USD 0.52 Trillion
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg Market Size (2029) USD 1.12 Trillion
https://s3.mordorintelligence.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Largest Share by Sub Body Type Sports Utility Vehicle
https://s3.mordorintelligence.com/cagr/1629296433433_test~cagr_cagr.svg CAGR (2024 - 2029) 16.59 %
https://s3.mordorlabs.com/hydraulic_fluids/1629285650767_test~hydraulic_fluids_hydraulic_fluids.svg Fastest Growing by Sub Body Type Sedan

Major Players

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*Disclaimer: Major Players sorted in no particular order

Key Players

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China Electric Car Market Analysis

The China Electric Car Market size is estimated at USD 0.52 trillion in 2024, and is expected to reach USD 1.12 trillion by 2029, growing at a CAGR of 16.59% during the forecast period (2024-2029).

  • Largest Segment by Vehicle Type - Sports Utility Vehicle : Hatchback cars dominated the market mainly due to the introduction of various new models and growing focus on improved fuel economy and reduced exhaust emissions.
  • Fastest-growing Segment by Vehicle Type - Sedan : The growing interest of people towards adventure and tough driving on various terrains and growing preference towards bold looks is driving the growth SUV in the passenger car segment in China.
  • Largest Segment by Fuel Type - BEV : The extension of state subsidies through 2022 and the ongoing promotion of BEV adoption among Chinese people is major factors contributing to the rise of BEV in China's electric car market.
  • Fastest-growing Segment by Fuel Type - FCEV : The governmental subsidies for BEV along with norms, continued encouragement of BEV adoption among private auto owners which is making BEV the fastest growing segment in passenger car sales in China.

China Electric Car Market Trends

This section covers the major market trends shaping the China Electric Car Market according to our research experts:

Sports Utility Vehicle is the largest segment by Sub Body Type.

  • China is one of the leading suppliers of batteries and has one of the largest markets for electric vehicles worldwide. One of the necessary and expensive parts of an electric car that impacts the overall price is the battery. In contrast, during the last 10 years, the average cost of lithium-ion batteries has decreased by almost 88% since 2010, and in 2021, the battery cost was USD 132 per kWh. The falling price of lithium-ion batteries is expected to reduce the cost of electric vehicles, and these developments are increasing the demand for electric cars in the country.
  • China, the world's largest electric vehicle market, is backed by generous support from the government. China has extended the incentives related to purchasing new energy vehicles (NEVs) until 2022. In January 2020, Tesla Motors inaugurated a USD 2 billion facility in Shanghai that was assembling nearly 3,000 cars per week in March 2020, when all the other global facilities of the electric vehicle giant were shut down due to the COVID-19 pandemic. The sales of electric vehicles in China are expected to increase at a CAGR of 5.7% during the forecast period as a result of these successful and efficient model introductions, which will attract consumers looking for EVs that are affordable.
  • Growing initiatives across the country by the government to develop charging infrastructure and investment plans by key players to develop EV technology are anticipated to boost EV demand in the market over the forecast period.
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China Electric Car Industry Overview

The China Electric Car Market is fragmented, with the top five companies occupying 35.10%. The major players in this market are BYD Co., Changan Automobile, Chery Motors, Geely Motors and SAIC Motors (sorted alphabetically).

China Electric Car Market Leaders

  1. BYD Co.

  2. Changan Automobile

  3. Chery Motors

  4. Geely Motors

  5. SAIC Motors

*Disclaimer: Major Players sorted in no particular order

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China Electric Car Market News

  • January 2022: The company's joint venture Polestar entered into an agreement with Hertz Corp to expand electric vehicle and to sell 65,000 cars to Hertz.
  • January 2022: BYD and UZAVTOSANOAT JSC (UzAuto) signed a strategic memorandum of understanding (MoU) to develop, produce and popularise New Energy Vehicles (NEV) in the region.
  • January 2022: The company acquired a stake in Synlight Crystal Company Ltd, a semiconductor manufacturer. By 2025, the company hopes to increase the number of vehicles it produces globally to over four million, with more than three million of those planned to be battery-electric vehicles (BEVs), plug-in hybrid vehicles (PHEVs), or fuel cell electric vehicles.

China Electric Car Market Report - Table of Contents

  1. EXECUTIVE SUMMARY & KEY FINDINGS

  2. REPORT OFFERS

  3. 1. INTRODUCTION

    1. 1.1. Study Assumptions & Market Definition

    2. 1.2. Scope of the Study

    3. 1.3. Research Methodology

  4. 2. KEY INDUSTRY TRENDS

    1. 2.1. Population

    2. 2.2. GDP

    3. 2.3. CVP

    4. 2.4. Inflation Rate

    5. 2.5. Interest Rate For Auto Loans

    6. 2.6. Battery Price (per Kwh)

    7. 2.7. Electrification Impact

    8. 2.8. Shared Mobility

    9. 2.9. New XEV Models Announced

    10. 2.10. Charging Stations Deployment

    11. 2.11. Regulatory Framework

    12. 2.12. Value Chain & Distribution Channel Analysis

  5. 3. MARKET SEGMENTATION

    1. 3.1. Body Type

      1. 3.1.1. Passenger Cars

        1. 3.1.1.1. Hatchback

        2. 3.1.1.2. Multi-purpose Vehicle

        3. 3.1.1.3. Sedan

        4. 3.1.1.4. Sports Utility Vehicle

    2. 3.2. Fuel Type

      1. 3.2.1. BEV

      2. 3.2.2. FCEV

      3. 3.2.3. HEV

      4. 3.2.4. PHEV

  6. 4. COMPETITIVE LANDSCAPE

    1. 4.1. Key Strategic Moves

    2. 4.2. Market Share Analysis

    3. 4.3. Company Landscape

    4. 4.4. Company Profiles

      1. 4.4.1. BAIC Motors

      2. 4.4.2. BYD Co.

      3. 4.4.3. Changan Automobile

      4. 4.4.4. Chery Motors

      5. 4.4.5. Geely Motors

      6. 4.4.6. Great Wall Motors

      7. 4.4.7. Honda Motor Company

      8. 4.4.8. JAC Motors

      9. 4.4.9. Jiangling Motors Corporation

      10. 4.4.10. SAIC Motors

      11. 4.4.11. SAIC Motors

  7. 5. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS

  8. 6. APPENDIX

    1. 6.1. Global Overview

      1. 6.1.1. Overview

      2. 6.1.2. Porter's Five Forces Framework

      3. 6.1.3. Global Value Chain Analysis

      4. 6.1.4. Market Dynamics (DROs)

    2. 6.2. Sources & References

    3. 6.3. List of Tables & Figures

    4. 6.4. Primary Insights

    5. 6.5. Data Pack

    6. 6.6. Glossary of Terms

List of Tables & Figures

  1. Figure 1:  
  2. CHINA ELECTRIC CAR MARKET, POPULATION YOY GROWTH RATE, MILLION UNITS, 2016 – 2026
  1. Figure 2:  
  2. CHINA ELECTRIC CAR MARKET, GDP YOY GROWTH RATE, USD MILLION, 2016 – 2026
  1. Figure 3:  
  2. CHINA ELECTRIC CAR MARKET, CVP YOY GROWTH RATE, 2016 – 2027
  1. Figure 4:  
  2. CHINA ELECTRIC CAR MARKET, INFLATION RATE YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 5:  
  2. CHINA ELECTRIC CAR MARKET, INTEREST RATE FOR AUTO LOANS YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 6:  
  2. CHINA ELECTRIC CAR MARKET, BATTERY PRICES YOY GROWTH RATE, 2016 – 2026
  1. Figure 7:  
  2. CHINA ELECTRIC CAR MARKET, ELECTRIFICATION IMPACT, VOLUME, YOY GROWTH RATE, PERCENT, 2016 – 2026
  1. Figure 8:  
  2. CHINA ELECTRIC CAR MARKET, DISTRIBUTION OF GROSS DOMESTIC PRODUCT BY ECONOMIC ACTIVITY, SHARE %, 2021
  1. Figure 9:  
  2. CHINA ELECTRIC CAR MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 10:  
  2. CHINA ELECTRIC CAR MARKET, CHARGING STATIONS DEPLOYMENT, VOLUME, YOY GROWTH RATE, UNITS, 2016 – 2026
  1. Figure 11:  
  2. CHINA ELECTRIC CAR MARKET, VOLUME IN UNITS, 2016 – 2026
  1. Figure 12:  
  2. CHINA ELECTRIC CAR MARKET, VALUE IN USD, 2016 – 2026
  1. Figure 13:  
  2. CHINA ELECTRIC CAR MARKET, BY SUB BODY TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 14:  
  2. CHINA ELECTRIC CAR MARKET, BY SUB BODY TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 15:  
  2. CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 16:  
  2. CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY SUB BODY TYPE, 2016 - 2028
  1. Figure 17:  
  2. CHINA ELECTRIC CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2016-2028
  1. Figure 18:  
  2. CHINA ELECTRIC CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2016-2028
  1. Figure 19:  
  2. CHINA ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 20:  
  2. CHINA ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2016-2028
  1. Figure 21:  
  2. CHINA ELECTRIC CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2016-2028
  1. Figure 22:  
  2. CHINA ELECTRIC CAR MARKET, BY SEDAN, BY VALUE IN USD, 2016-2028
  1. Figure 23:  
  2. CHINA ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 24:  
  2. CHINA ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2016-2028
  1. Figure 25:  
  2. CHINA ELECTRIC CAR MARKET, BY FUEL TYPE, BY VOLUME IN UNITS, 2016-2028
  1. Figure 26:  
  2. CHINA ELECTRIC CAR MARKET, BY FUEL TYPE, BY VALUE IN USD, 2016-2028
  1. Figure 27:  
  2. CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 28:  
  2. CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL TYPE, 2016 - 2028
  1. Figure 29:  
  2. CHINA ELECTRIC CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 30:  
  2. CHINA ELECTRIC CAR MARKET, BY BEV, BY VALUE IN USD, 2016-2028
  1. Figure 31:  
  2. CHINA ELECTRIC CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 32:  
  2. CHINA ELECTRIC CAR MARKET, BY FCEV, BY VALUE IN USD, 2016-2028
  1. Figure 33:  
  2. CHINA ELECTRIC CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 34:  
  2. CHINA ELECTRIC CAR MARKET, BY HEV, BY VALUE IN USD, 2016-2028
  1. Figure 35:  
  2. CHINA ELECTRIC CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2016-2028
  1. Figure 36:  
  2. CHINA ELECTRIC CAR MARKET, BY PHEV, BY VALUE IN USD, 2016-2028
  1. Figure 37:  
  2. CHINA ELECTRIC CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2018 - 2021
  1. Figure 38:  
  2. CHINA ELECTRIC CAR MARKET, MOST ADOPTED STRATEGIES, 2018 - 2021
  1. Figure 39:  
  2. CHINA ELECTRIC CAR MARKET SHARE(%), BY MAJOR PLAYERS, 2021

China Electric Car Industry Segmentation

Passenger Cars are covered as segments by Body Type. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Type.
Body Type
Passenger Cars
Hatchback
Multi-purpose Vehicle
Sedan
Sports Utility Vehicle
Fuel Type
BEV
FCEV
HEV
PHEV
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Market Definition

  • Body Type - Passenger cars are electric motor– or engine-driven vehicles with at least four wheels. These vehicles are used for the transport of passengers and comprise no more than eight seats in addition to the driver’s seat.
  • Engine Type - Hybrid and electric vehicles are vehicles that run on batteries and use one or more electric motors for propulsion.
  • Fuel Type - Hybrid and electric vehicles include HEV, PHEV, BEV, and FCEV.
  • Sub Body Type - The sub-body type includes Hatchback, Sedan, SUV, and MPV.
  • Vehicle Type - Passenger vehicles which includes electric powered cars and vehicles, sports utility vehicles, multipurpose vehicles
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Research Methodology

Mordor Intelligence follows a four-step methodology in all our reports.

  • Step-1: Identify Key Variables: In order to build a robust forecasting methodology, the variables and factors identified in Step-1 are tested against available historical market numbers. Through an iterative process, the variables required for market forecast are set and the model is built on the basis of these variables.
  • Step-2: Build a Market Model: Market-size estimations for the historical and forecast years have been provided in revenue and volume terms. For sales conversion to volume, the average selling price (ASP) is kept constant throughout the forecast period for each country, and inflation is not a part of the pricing.
  • Step-3: Validate and Finalize: In this important step, all market numbers, variables and analyst calls are validated through an extensive network of primary research experts from the market studied. The respondents are selected across levels and functions to generate a holistic picture of the market studied.
  • Step-4: Research Outputs: Syndicated Reports, Custom Consulting Assignments, Databases & Subscription Platforms
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China Electric Car Market Research FAQs

The China Electric Car Market size is expected to reach USD 0.52 trillion in 2024 and grow at a CAGR of 16.59% to reach USD 1.12 trillion by 2029.

In 2024, the China Electric Car Market size is expected to reach USD 0.52 trillion.

BYD Co., Changan Automobile, Chery Motors, Geely Motors and SAIC Motors are the major companies operating in the China Electric Car Market.

In the China Electric Car Market, the Sports Utility Vehicle segment accounts for the largest share by sub body type.

In 2024, the Sedan segment accounts for the fastest growing by sub body type in the China Electric Car Market.

In 2023, the China Electric Car Market size was estimated at USD 432.79 billion. The report covers the China Electric Car Market historical market size for years: 2016, 2017, 2018, 2019, 2020, 2021, 2022 and 2023. The report also forecasts the China Electric Car Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.

China EV Industry Report

Statistics for the 2024 China EV market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. China EV analysis includes a market forecast outlook to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.

China EV Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)