How big is the China Electric Vehicles Market?

The China Electric Vehicles Market size is expected to reach USD 305.57 billion in 2024 and grow at a CAGR of 17.15% to reach USD 674.27 billion by 2029. Read More

What is the current China Electric Vehicles Market size?

In 2024, the China Electric Vehicles Market size is expected to reach USD 305.57 billion. Read More

Who are the key players in China Electric Vehicles Market?

BYD Company Ltd, SAIC Motor Corporation Limited, BAIC Motor Corporation, Geely Auto Group and Tesla Inc. are the major companies operating in the China Electric Vehicles Market. Read More

What years does this China Electric Vehicles Market cover, and what was the market size in 2023?

In 2023, the China Electric Vehicles Market size was estimated at USD 253.16 billion. The report covers the China Electric Vehicles Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the China Electric Vehicles Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029. Read More

What are the key factors driving the China Electric Vehicle Market?

The key factors driving China Electric Vehicle Markets are: a) Stringent government emission norms b) Growing population, and c) Government incentives, including tax exemptions or lowered taxes for electric vehicles Read More

China Electric Vehicles Market Growth | Industry Analysis, Size & Forecast Report

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

The Report Covers China Electric Vehicle Market Share by Company and is Segmented by Vehicle Type (Passenger Cars and Commercial Vehicles) and Drivetrain Type (Battery Electric Vehicles and Plug-In Hybrid Electric Vehicles). The Report Offers Market Size and Forecasts for the Chinese Electric Vehicles Market in Value (USD Billion) for all the Above Segments.

China Electric Vehicles Industry Overview

The Chinese electric vehicles market is dominated by a few players such as BAIC Motors, SAIC Motors, Honda Motor Company, Geely Motors, and BYD Co. BYD is the leading player in the Chinese electric vehicles market, owing to the increasing orders for its passenger cars and electric buses from the domestic and international markets. SAIC is expected to be the second-largest company, followed by Geely Motors and BAIC Motors. In order to develop advanced products and technologies, companies invest heavily in research and development.

In June 2022, BMW AG opened its new factory in Shenyang, China. The company invested CNY 15 billion (USD 2.2 billion) to focus on electric vehicles.
In February 2022, Danfoss announced that its Editron division successfully began mass production of its EM-PMI240-T180 motor, which is specifically designed for electric and hybrid drivetrains in buses at its Nanjing factory, located in eastern Jiangsu province.
In June 2021, China Yuchai International Limited announced that it partnered with Guangxi Shenlong Automobile Manufacturing (Sun long) to develop four new energy powertrain systems, including an e-CVT power-split hybrid powertrain ("YC e-CVT"), integrated electric drive axle powertrain ("YC e-Axel") for new energy bus production in southern China.
In February 2020, Honda Motor Company Ltd announced the beginning of its sales of all-new Honda Fit Hybrid vehicles. It is fortified with Honda's 2-motor hybrid system, which drives the vehicle with an electric motor, which results in a smooth drive and better fuel efficiency.