China Electric Car Market Size
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Study Period | 2017 - 2030 |
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Base Year For Estimation | 2023 |
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Forecast Data Period | 2024 - 2030 |
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Market Size (2024) | USD 0.52 Trillion |
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Market Size (2030) | USD 1.29 Trillion |
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CAGR (2024 - 2030) | 16.29 % |
Major Players |
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*Disclaimer: Major Players sorted in no particular order |
China Electric Car Market Analysis
The China Electric Car Market size is estimated at 0.52 trillion USD in 2024, and is expected to reach 1.29 trillion USD by 2030, growing at a CAGR of 16.29% during the forecast period (2024-2030).
0.52 Trillion
Market Size in 2024 (USD)
1.29 Trillion
Market Size in 2030 (USD)
63.79 %
CAGR (2017-2023)
16.29 %
CAGR (2024-2030)
Largest Segment by Vehicle Body Type
51.48 %
value share, Sports Utility Vehicle, 2023
SUVs lead the electric car market due to their popularity among consumers for spaciousness, comfort, and the growing availability of electric SUV models catering to diverse needs.
Largest Segment by Vehicle Body Type
18.96 %
Projected CAGR, Multi-purpose Vehicle, 2024-2030
MPVs are rapidly growing due to their versatility, spacious interiors, and increasing consumer preference for vehicles that offer both passenger and cargo transportation.
Largest Segment by Fuel Category
72.61 %
value share, BEV, 2023
BEVs dominate due to strong government support, extensive charging infrastructure, and increasing consumer awareness of the environmental benefits of electric mobility.
Fastest-growing Segment by Fuel Category
35.11 %
Projected CAGR, FCEV, 2024-2030
FCEVs are the fastest-growing segment due to investments in hydrogen fuel technology, expanding infrastructure, and a focus on developing sustainable transportation solutions.
Leading Market Player
35.09 %
market share, BYD Auto Co. Ltd., 2023
BYD was the leading player in the Chinese electric vehicles market owing to the increasing orders for its passenger cars from the domestic and international markets.
The focus on diverse vehicle configurations mirrors China's ambition to lead in electric car innovation, catering to a broad spectrum of consumer preferences
- In China's vibrant automotive landscape, the push toward EVs is reshaping the market dynamics across different vehicle segments, reflecting broader shifts in consumer preferences and policy directives aimed at fostering a more sustainable transportation ecosystem. While the hatchback HEV segment anticipates a slight decline, signaling a market adjustment toward full electrification, the sedan, SUV, and MPV segments are poised for continued growth, propelled by a combination of eco-friendly demand, technological advancements, and strong governmental incentives.
- The sedan HEV market, in particular, has experienced dramatic increases, with projections indicating further expansion, underscored by China's aggressive carbon reduction policies and subsidies that make HEVs more appealing to consumers. Similarly, the SUV HEV sector has shown exponential growth, highlighting a clear preference for vehicles that merge environmental benefits with the practicality and versatility of SUVs. This trend is expected to continue, with sales projected to reach significant numbers by the end of the decade, driven by ongoing advancements in hybrid technology.
- The MPV segment, while smaller, mirrors this upward trajectory, showcasing the diverse needs of Chinese consumers for spacious, versatile, and eco-friendly transportation solutions. Government policies promoting sustainable transportation, alongside developments in charging infrastructure and vehicle technology, are key factors fueling this growth. As China continues to navigate its path toward electrification, the varying trajectories of these vehicle segments reveal a complex and rapidly evolving market.
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China Electric Car Market Trends
Government initiatives and strong OEM investments drive rapid drowth in electric vehicle sales in China
- The programs launched by the government to reduce gas emissions caused by vehicle fuels are encouraging consumers to shift to green vehicles. In November 2020, the government of China announced a ban on fossil fuel vehicles by 2035, clearly stating the selling of 100% new energy vehicles under the new energy program. As a result, the demand for electric cars increased. Adopting such regulations enhanced the sales of electric cars and various types of battery packs used in them in China in recent years.
- The government is introducing various schemes and incentives for customers and manufacturers to promote and enhance the demand for electric vehicles in the country. In May 2022, the government announced the reintroduction of the subsidy program to increase the sales of electric vehicles. Moreover, the government will allocate a subsidy of USD 1500 to customers opting for an electric car. Such factors have encouraged customers to invest in electric mobility, which further has increased the sales of electric cars by 2.90% in 2022 over 2021 in China.
- The growing demand for electric vehicles has forced OEMs to plan to increase development and production in the electric vehicle category. In 2021, General Motors announced its plans to raise its spending on electric and autonomous vehicles to USD 20 billion by 2025. The company is expected to launch 20 new electric models by 2023 and aims to sell more than 1 million electric cars a year in China. As a result, these factors are expected to drive the electric vehicle market in China during the 2024-2030 period.
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OTHER KEY INDUSTRY TRENDS COVERED IN THE REPORT
- China's population, influenced by factors like aging demographics and reduced birth rates, is anticipated to decline further, reaching 1,395.21 million by 2030
- A stable and optimistic growth trend is anticipated for 2024-2030, supported by technological innovations and a growing consumer base
- China's MaaS revolution is a journey of growth and projections in shared mobility
- The declining cost of lithium-ion batteries drives electric vehicle demand in China
- Driving forces behind China's thriving used car sales market
- The Asia-Pacific automotive industry, led by China, is undergoing a significant shift toward electrification
- China's GDP per capita expected to continue rising driven by long-term economic strategies, innovation, and global positioning
- Achieving steady inflation is a strategic imperative for China's sustained economic dominance
- China's electric vehicle charging station market soared to 1,000,000 slow charging and 760,000 fast charging stations in 2022, with future projections on the rise
- New Chinese electric vehicle debuts are driving the demand for battery packs
- The demand for crude oil in China is expected to decline slightly owing to strong demand for EVs
China Electric Car Industry Overview
The China Electric Car Market is moderately consolidated, with the top five companies occupying 53.91%. The major players in this market are BYD Auto Co. Ltd., Chongqing Changan Automobile Company Limited, Tesla Inc., Volkswagen AG and Wuling Motors Holdings Limited (sorted alphabetically).
China Electric Car Market Leaders
BYD Auto Co. Ltd.
Chongqing Changan Automobile Company Limited
Tesla Inc.
Volkswagen AG
Wuling Motors Holdings Limited
Other important companies include Chery Automobile Co. Ltd., Gac Aion New Energy Automobile Co.Ltd, Hozon New Energy Automobile Co. Ltd., Li Xiang (Li Auto Inc.), Nio (Anhui) Co. Ltd..
*Disclaimer: Major Players sorted in alphabetical order.
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China Electric Car Market News
- November 2023: Tesla has acquired US-based start-up SiILion battery (Battery manufacturer) to excel the battery production in US.
- November 2023: In Argentina, Volkswagen debuted the brand-new Nivus. Both the Comfortline and Highline models of the VW Nivus will be offered in Argentina. They both come equipped with a 1.0-liter TSi three-cylinder engine that generates 116 horsepower and 200 Nm of torque and is coupled to a six-speed automated transmission.
- November 2023: Tesla opened its single-point electric vehicle super-charging station between the Bay Area and Los Angeles areas in the US.
Free with this Report
For the Vehicle Hub report, we provide an extensive collection of over 150 free charts, delivering detailed insights on regional and country-level dynamics within the vehicle industry. This encompasses in-depth analyses of vehicle registrations, usage patterns in both consumer and business segments, and evaluations of various vehicle configurations and body types. The report delves into critical industrial trends such as shifts in vehicle production and distribution centers, changes in vehicle ownership costs, and advancements in automotive technologies. Further, our report offers comprehensive market segmentation by vehicle type, body type, propulsion, and fuel categories, providing a nuanced understanding of the market landscape. It also explores the adoption rate of new technologies, the impact of regulatory changes, and the influence of economic factors on the vehicle market. We include a thorough examination of key industry players, regulatory frameworks, and market size in terms of both revenue and unit sales, leading to strategic projections and forecasts that account for emerging trends and potential shifts in the industry.
China Electric Car Market Report - Table of Contents
1. EXECUTIVE SUMMARY & KEY FINDINGS
2. REPORT OFFERS
3. INTRODUCTION
- 3.1 Study Assumptions & Market Definition
- 3.2 Scope of the Study
- 3.3 Research Methodology
4. KEY INDUSTRY TRENDS
- 4.1 Population
- 4.2 GDP Per Capita
- 4.3 Consumer Spending For Vehicle Purchase (cvp)
- 4.4 Inflation
- 4.5 Interest Rate For Auto Loans
- 4.6 Shared Rides
- 4.7 Impact Of Electrification
- 4.8 EV Charging Station
- 4.9 Battery Pack Price
- 4.10 New Xev Models Announced
- 4.11 Used Car Sales
- 4.12 Fuel Price
- 4.13 Oem-wise Production Statistics
- 4.14 Regulatory Framework
- 4.15 Value Chain & Distribution Channel Analysis
5. MARKET SEGMENTATION (includes market size in Value in USD and Volume, Forecasts up to 2030 and analysis of growth prospects)
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5.1 Vehicle Configuration
- 5.1.1 Passenger Cars
- 5.1.1.1 Hatchback
- 5.1.1.2 Multi-purpose Vehicle
- 5.1.1.3 Sedan
- 5.1.1.4 Sports Utility Vehicle
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5.2 Fuel Category
- 5.2.1 BEV
- 5.2.2 FCEV
- 5.2.3 HEV
- 5.2.4 PHEV
6. COMPETITIVE LANDSCAPE
- 6.1 Key Strategic Moves
- 6.2 Market Share Analysis
- 6.3 Company Landscape
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6.4 Company Profiles
- 6.4.1 BYD Auto Co. Ltd.
- 6.4.2 Chery Automobile Co. Ltd.
- 6.4.3 Chongqing Changan Automobile Company Limited
- 6.4.4 Gac Aion New Energy Automobile Co.Ltd
- 6.4.5 Hozon New Energy Automobile Co. Ltd.
- 6.4.6 Li Xiang (Li Auto Inc.)
- 6.4.7 Nio (Anhui) Co. Ltd.
- 6.4.8 Tesla Inc.
- 6.4.9 Volkswagen AG
- 6.4.10 Wuling Motors Holdings Limited
- *List Not Exhaustive
7. KEY STRATEGIC QUESTIONS FOR VEHICLES CEOS
8. APPENDIX
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8.1 Global Overview
- 8.1.1 Overview
- 8.1.2 Porter’s Five Forces Framework
- 8.1.3 Global Value Chain Analysis
- 8.1.4 Market Dynamics (DROs)
- 8.2 Sources & References
- 8.3 List of Tables & Figures
- 8.4 Primary Insights
- 8.5 Data Pack
- 8.6 Glossary of Terms
List of Tables & Figures
- Figure 1:
- CHINA ELECTRIC CAR MARKET, POPULATION YOY GROWTH RATE, UNITS, 2017 - 2030
- Figure 2:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 3:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 4:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 5:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 6:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 7:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 8:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 9:
- CHINA ELECTRIC CAR MARKET, NEW XEV MODELS ANNOUNCED, VOLUME, YOY GROWTH RATE, UNITS, 2023 - 2027
- Figure 10:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2030
- Figure 11:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 12:
- CHINA MARKET, UNDEFINED YOY GROWTH RATE, 2017 - 2022
- Figure 13:
- CHINA ELECTRIC CAR MARKET, VOLUME IN UNITS, 2017 - 2030
- Figure 14:
- CHINA ELECTRIC CAR MARKET, VALUE IN USD, 2017 - 2030
- Figure 15:
- CHINA ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 16:
- CHINA ELECTRIC CAR MARKET, BY VEHICLE BODY TYPE, BY VALUE IN USD, 2017 - 2030
- Figure 17:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 18:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 19:
- CHINA ELECTRIC CAR MARKET, BY HATCHBACK, BY VOLUME IN UNITS, 2017 - 2030
- Figure 20:
- CHINA ELECTRIC CAR MARKET, BY HATCHBACK, BY VALUE IN USD, 2017 - 2030
- Figure 21:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 22:
- CHINA ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 23:
- CHINA ELECTRIC CAR MARKET, BY MULTI-PURPOSE VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 24:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 25:
- CHINA ELECTRIC CAR MARKET, BY SEDAN, BY VOLUME IN UNITS, 2017 - 2030
- Figure 26:
- CHINA ELECTRIC CAR MARKET, BY SEDAN, BY VALUE IN USD, 2017 - 2030
- Figure 27:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 28:
- CHINA ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VOLUME IN UNITS, 2017 - 2030
- Figure 29:
- CHINA ELECTRIC CAR MARKET, BY SPORTS UTILITY VEHICLE, BY VALUE IN USD, 2017 - 2030
- Figure 30:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY VEHICLE BODY TYPE, 2017 - 2030
- Figure 31:
- CHINA ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VOLUME IN UNITS, 2017 - 2030
- Figure 32:
- CHINA ELECTRIC CAR MARKET, BY FUEL CATEGORY, BY VALUE IN USD, 2017 - 2030
- Figure 33:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 34:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 35:
- CHINA ELECTRIC CAR MARKET, BY BEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 36:
- CHINA ELECTRIC CAR MARKET, BY BEV, BY VALUE IN USD, 2017 - 2030
- Figure 37:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 38:
- CHINA ELECTRIC CAR MARKET, BY FCEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 39:
- CHINA ELECTRIC CAR MARKET, BY FCEV, BY VALUE IN USD, 2017 - 2030
- Figure 40:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 41:
- CHINA ELECTRIC CAR MARKET, BY HEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 42:
- CHINA ELECTRIC CAR MARKET, BY HEV, BY VALUE IN USD, 2017 - 2030
- Figure 43:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 44:
- CHINA ELECTRIC CAR MARKET, BY PHEV, BY VOLUME IN UNITS, 2017 - 2030
- Figure 45:
- CHINA ELECTRIC CAR MARKET, BY PHEV, BY VALUE IN USD, 2017 - 2030
- Figure 46:
- CHINA ELECTRIC CAR MARKET MARKET, SHARE(%), BY FUEL CATEGORY, 2017 - 2030
- Figure 47:
- CHINA ELECTRIC CAR MARKET, MOST ACTIVE COMPANIES, BY NUMBER OF STRATEGIC MOVES, 2017 - 2030
- Figure 48:
- CHINA ELECTRIC CAR MARKET, MOST ADOPTED STRATEGIES, 2017 - 2030
- Figure 49:
- CHINA ELECTRIC CAR MARKET SHARE(%), BY MAJOR PLAYERS, 2021
China Electric Car Industry Segmentation
Passenger Cars are covered as segments by Vehicle Configuration. BEV, FCEV, HEV, PHEV are covered as segments by Fuel Category.
- In China's vibrant automotive landscape, the push toward EVs is reshaping the market dynamics across different vehicle segments, reflecting broader shifts in consumer preferences and policy directives aimed at fostering a more sustainable transportation ecosystem. While the hatchback HEV segment anticipates a slight decline, signaling a market adjustment toward full electrification, the sedan, SUV, and MPV segments are poised for continued growth, propelled by a combination of eco-friendly demand, technological advancements, and strong governmental incentives.
- The sedan HEV market, in particular, has experienced dramatic increases, with projections indicating further expansion, underscored by China's aggressive carbon reduction policies and subsidies that make HEVs more appealing to consumers. Similarly, the SUV HEV sector has shown exponential growth, highlighting a clear preference for vehicles that merge environmental benefits with the practicality and versatility of SUVs. This trend is expected to continue, with sales projected to reach significant numbers by the end of the decade, driven by ongoing advancements in hybrid technology.
- The MPV segment, while smaller, mirrors this upward trajectory, showcasing the diverse needs of Chinese consumers for spacious, versatile, and eco-friendly transportation solutions. Government policies promoting sustainable transportation, alongside developments in charging infrastructure and vehicle technology, are key factors fueling this growth. As China continues to navigate its path toward electrification, the varying trajectories of these vehicle segments reveal a complex and rapidly evolving market.
| Vehicle Configuration | Passenger Cars | Hatchback |
| Multi-purpose Vehicle | ||
| Sedan | ||
| Sports Utility Vehicle | ||
| Fuel Category | BEV | |
| FCEV | ||
| HEV | ||
| PHEV |
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Market Definition
- Vehicle Type - The category includes passenger cars.
- Vehicle Body Type - This include various body types such as Hatchbacks, Sedans, Sports Utility Vehicles, and Multi-purpose Vehicles.
- Fuel Category - The category exclusively covers electric propulsion systems, including various types such as HEV (Hybrid Electric Vehicles), PHEV (Plug-in Hybrid Electric Vehicles), BEV (Battery Electric Vehicles), and FCEV (Fuel Cell Electric Vehicles).
| Keyword | Definition |
|---|---|
| Electric Vehicle (EV) | A vehicle which uses one or more electric motors for propulsion. Includes cars, buses, and trucks. This term includes all-electric vehicles or battery electric vehicles and plug-in hybrid electric vehicles. |
| BEV | A BEV relies completely on a battery and a motor for propulsion. The battery in the vehicle must be charged by plugging it into an outlet or public charging station. BEVs do not have an ICE and hence are pollution-free. They have a low cost of operation and reduced engine noise as compared to conventional fuel engines. However, they have a shorter range and higher prices than their equivalent gasoline models. |
| PEV | A plug-in electric vehicle is an electric vehicle that can be externally charged and generally includes all-electric vehicles as well as plug-in hybrids. |
| Plug-in Hybrid EV | A vehicle that can be powered either by an ICE or an electric motor. In contrast to normal hybrid EVs, they can be charged externally. |
| Internal combustion engine | An engine in which the burning of fuels occurs in a confined space called a combustion chamber. Usually run with gasoline/petrol or diesel. |
| Hybrid EV | A vehicle powered by an ICE in combination with one or more electric motors that use energy stored in batteries. These are continually recharged with power from the ICE and regenerative braking. |
| Commercial Vehicles | Commercial vehicles are motorized road vehicles designed for transporting people or goods. The category includes light commercial vehicles (LCVs) and medium and heavy-duty vehicles (M&HCV). |
| Passenger Vehicles | 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. |
| Light Commercial Vehicles | Commercial vehicles that weigh less than 6,000 lb (Class 1) and in the range of 6,001–10,000 lb (Class 2) are covered under this category. |
| M&HDT | Commercial vehicles that weigh in the range of 10,001–14,000 lb (Class 3), 14,001–16,000 lb (Class 4), 16,001–19,500 lb (Class 5), 19,501–26,000 lb (Class 6), 26,001–33,000 lb (Class 7) and above 33,001 lb (Class 8) are covered under this category. |
| Bus | A mode of transportation that typically refers to a large vehicle designed to carry passengers over long distances. This includes transit bus, school bus, shuttle bus, and trolleybuses. |
| Diesel | It includes vehicles that use diesel as their primary fuel. A diesel engine vehicle have a compression-ignited injection system rather than the spark-ignited system used by most gasoline vehicles. In such vehicles, fuel is injected into the combustion chamber and ignited by the high temperature achieved when gas is greatly compressed. |
| Gasoline | It includes vehicles that use gas/petrol as their primary fuel. A gasoline car typically uses a spark-ignited internal combustion engine. In such vehicles, fuel is injected into either the intake manifold or the combustion chamber, where it is combined with air, and the air/fuel mixture is ignited by the spark from a spark plug. |
| LPG | It includes vehicles that use LPG as their primary fuel. Both dedicated and bi-fuel LPG vehicles are considered under the scope of the study. |
| CNG | It includes vehicles that use CNG as their primary fuel. These are vehicles that operate like gasoline-powered vehicles with spark-ignited internal combustion engines. |
| HEV | All the electric vehicles that use batteries and an internal combustion engine (ICE) as their primary source for propulsion are considered under this category. HEVs generally use a diesel-electric powertrain and are also known as hybrid diesel-electric vehicles. An HEV converts the vehicle momentum (kinetic energy) into electricity that recharges the battery when the vehicle slows down or stops. The battery of HEV cannot be charged using plug-in devices. |
| PHEV | PHEVs are powered by a battery as well as an ICE. The battery can be charged through either regenerative breaking using the ICE or by plugging into some external charging source. PHEVs have a better range than BEVs but are comparatively less eco-friendly. |
| Hatchback | These are compact-sized cars with a hatch-type door provided at the rear end. |
| Sedan | These are usually two- or four-door passenger cars, with a separate area provided at the rear end for luggage. |
| SUV | Popularly known as SUVs, these cars come with four-wheel drive, and usually have high ground clearance. These cars can also be used as off-road vehicles. |
| MPV | These are multi-purpose vehicles (also called minivans) designed to carry a larger number of passengers. They carry between five and seven people and have room for luggage too. They are usually taller than the average family saloon car, to provide greater headroom and ease of access, and they are usually front-wheel drive. |
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Research Methodology
Mordor Intelligence follows a four-step methodology in all its reports.
- Step-1: Identify Key Variables: 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 based on 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. Market revenue is calculated by multiplying the sales volume with their respective average selling price (ASP). While estimating ASP factors like average inflation, market demand shift, manufacturing cost, technological advancement, and varying consumer preference, among others have been taken into account.
- 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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