Market Size of China Electric Vehicles Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Market Size (2024) | USD 305.57 Billion |
| Market Size (2029) | USD 674.27 Billion |
| CAGR (2024 - 2029) | 17.15 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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China Electric Vehicles Market Analysis
The China Electric Vehicles Market size is estimated at USD 305.57 billion in 2024, and is expected to reach USD 674.27 billion by 2029, growing at a CAGR of 17.15% during the forecast period (2024-2029).
The market was negatively impacted by COVID-19 in the first half of 2020. Market growth was disrupted owing to lockdowns and the reduced income of the population in China. Manufacturing and sales activities slowed and the supply chain was disrupted in the first half of 2020. The automotive industry in China witnessed significant growth in terms of the production of electric vehicles last year, and it is expected to continue during the forecast period.
Over the medium term, with the rise in exhaust emissions and rising environmental concerns, the country has been focusing on and working toward the development of sustainable transportation. This, in turn, has resulted in the electrification of its transport sector.
During the forecast period, the country may witness growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit shortly, including Guangzhou, Zhuhai, Dongguan, Foshan, Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong. EV sales account for about 60% of cities without a limit on vehicle increments. This indicates that there is still room for increased electric vehicle sales in China in the coming years.
