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.
China Electric Vehicles Industry Segmentation
An electric vehicle (EV) operates on an electric motor instead of an internal combustion engine that generates power by burning a mix of fuel and gases. Rising pollution, global warming, and depleting natural resources are likely to see such a vehicle as a possible replacement for current-generation automobiles across the country.
The Chinese electric vehicle market is segmented by vehicle type and drivetrain type. Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. Based on the drivetrain type, the market is segmented into battery-electric and plug-in hybrid electric vehicles. For each segment, market sizing and forecasting have been done based on value (USD billion).
| Drivetrain Type | |
| Battery Electric Vehicles | |
| Plug-in Hybrid Electric Vehicles |
| Vehicle Type | |
| Passenger Cars | |
| Commercial Vehicles |
China Electric Vehicles Market Size Summary
The China electric vehicle (EV) market is poised for substantial growth, driven by a combination of government initiatives, environmental concerns, and rapid urbanization. The market is experiencing a shift towards sustainable transportation, with a significant focus on reducing exhaust emissions and decreasing reliance on oil imports. This transition is supported by stringent government regulations and incentives, such as tax exemptions and subsidies, which are encouraging the adoption of electric vehicles across the country. The Chinese government is also investing heavily in infrastructure, including the construction of charging stations, to support the burgeoning EV market. These efforts are expected to create a favorable environment for the continued expansion of electric vehicles in China over the forecast period.
The market landscape is characterized by the dominance of key players such as BYD, SAIC Motor, and Geely Motors, who are heavily investing in research and development to advance EV technologies. The passenger car segment is currently leading in demand, bolstered by the growing population and urbanization trends. Additionally, non-automotive companies like Alibaba are entering the EV market, further intensifying competition. The market is also witnessing collaborations and investments from global automotive giants, aiming to leverage China's robust EV market potential. With these dynamics, the Chinese electric vehicle market is expected to achieve remarkable growth, positioning the country as a leader in the global EV industry.
China Electric Vehicles Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porter's Five Forces Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD Billion)
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2.1 Drivetrain Type
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2.1.1 Battery Electric Vehicles
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2.1.2 Plug-in Hybrid Electric Vehicles
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2.2 Vehicle Type
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2.2.1 Passenger Cars
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2.2.2 Commercial Vehicles
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China Electric Vehicles Market Size FAQs
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.
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.
