◆英語タイトル：China Electric Vehicles Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The China Electric Vehicles market accounted for USD 98 billion in 2019 and is anticipated to register a CAGR of 31% during the forecast period (2021 – 2026).
Recent COVID-19 has disrupted the market growth due to lockdowns, and reduced income of the population in China. The market has only registered sales of 100,000 battery electric vehicles and 247,000 in 2020 when compared to 972,000 battery electric vehicles and 232,000 sales in 2019.
With the growing environmental concerns and rise in exhaust emissions, 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 also witness growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.
Individual EV consumption has increased to nearly 70% in 2020 from 20% two years ago. EV sales accounted for about 60% in cities without a limit on vehicle increment, which showed there is still a large room for increasing electric vehicle sales in China during the forecasted period.
Key Market Trends
Increasing Adoption of Electric and Hybrid Vehicles, due to Government Norms
With rapid urbanization and increase in the vehicle sales, China is determined to reduce the exhaust emissions from the vehicles. Meanwhile, the country also intends to reduce its dependence on oil imports, in turn, driving the demand for and sales of electric vehicles in the country.
Additionally, some major cities and provinces are imposing more stringent restrictions. For instance, Beijing only issues 10,000 permits for the registration of combustion-engine vehicles per month, in order to encourage its inhabitants to switch to electric vehicles.
Also, the government of China had lifted taxes or has given a considerable amount of tax exemption on purchase of EVs. These initiatives by the government have attracted a lot of customers to purchase EVs in this country For instance,
- In April 2020, the China government has introduced 10% service tax waiver for electric vehicles to boost the demand of the market due to Covid-19 impact.
Currently, vehicle manufacturers such as Toyota and Honda have been dominating the hybrid vehicle segment in China, with their models such as Toyota Corolla Hybrid and Honda Accord Hybrid.
- In the first three quarters of 2019, Corolla Hybrid sold 38,540 units in China, which has accounted for nearly 20% increase of total hybrid deliveries during the period.
Such measures are aiding China to formulate a resolute and optimistic prospect for the development of electric vehicles in the country, which is expected to drive the market.
Passenger Cars Segment Experience Highest Market Share
Currently, the passenger cars segment is experiencing more demand than commercial vehicles, and it is projected to continue its dominance during the forecast period. The growth is attributed to the increasing population which is catering to the growth in EVs and stringent government emission norms. For instance, The Chinese government is implementing China 6 norms for pollution control in the region which are stricter than previous China 5 norms and are based on EURO 6 norms, form July 2020, which results in supporting the demand of micro hybrid vehicles in this region.
The battery electric vehicles market in China has been heavily fueled by the presence of several competitors, backed up by the generous support of the government. China extended the incentives related to the purchase of new energy vehicles (NEVs) till 2022.
Some non-automotive companies, like Alibaba, are also entering the rapidly growing EV market in the country. For instance,
In January 2021, Alibaba Group introduced two electric model in the country, under the IM label (Intelligence in Motion), in partnership with SAIC Motor. Battery cells for these vehicles are supplied by CATL.
Of the two models launched, one is an electric sedan and the other is an electric SUV. The sedan is expected to be launched first, with the presale starting at the Auto China 2021 in April, and the SUV may hit the market in 2022. The company has informed that the vehicles may be offered with 93 kWh battery, while a 115 kWhbattery will be available as an option. Hence, the sedan may provide a range of up to 874 km in the NEDC cycle.
In December 2020, Hyundai Motor Group announced its plans to introduce an only-electric platform in 2021, using its own battery technology, to cut production time and cost. In September 2020, Tesla Inc. announced that it was working on reducing the cost of its EV batteries and increasing the production. It aims to reduce the price of its car to USD 25,000.
With most of the electric vehicles and components being manufactured locally and with the government’s key national strategies and plans, it is expected that the country’s market will have high growth rate during the forecasted period.
The China Electric Vehicles market is dominated by 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. Companies are investing heavily in research and development for the innovation of advanced products and technologies.
- In February 2020, Honda Motor Company, Ltd. has announced to begin its sales of all new Honda Fit Hybrid vehicles. It is equipped with Honda’s 2-motor hybrid system which drives the vehicle with an electric motor, which results a better fuel efficiency and smooth drive.
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1.1 Study Assumptions
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Driver
4.2 Market Restraint
4.3 Porter’s Five Forces Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 Drivetrain Type
5.1.1 Battery Electric Vehicles
5.1.2 Plug-in Hybrid Electric Vehicles
5.2 Vehicle Type
5.2.1 Passenger Cars
5.2.2 Commercial Vehicles
6 COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles
6.2.1 BAIC Motors
6.2.2 Honda Motor Company
6.2.3 Geely Motors
6.2.4 SAIC Motors
6.2.5 BYD Co.
6.2.6 Chery Motors
6.2.7 Jiangling Motors Corporation
6.2.8 JAC Motors
6.2.9 Changan Automobile
6.2.10 Great Wall Motors
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
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