Energy Vehicle Market Enter A New Era
The sales volume of generalized new energy vehicles in China reached 9.98 million, including 2.76 million hybrid vehicles, accounting for 28%, Passenger Transport Association reported during the period of Jan to Sept 2022.
The number of new energy passenger vehicles in the world reached 6.96 million, with a year-on-year growth of 69%. The sales volume in September was 1.05 million, up 63% year on year.
China’s share of new energy vehicles in the world was 67% by the end of August 2022.
The number of commercial vehicles in the world’s new energy vehicles market is less than 4%, with new energy passenger vehicles as the main segment. China’s new energy passenger vehicles accounted for 62% of the world’s new energy vehicle market, which is mainly due to the strong demand for the new energy market in China.
While the production and sales of traditional vehicles and new energy vehicles in Europe are low while China’s development is very strong.
The wholesale sales of new energy passenger vehicles in September reached 675000, up 94.9% year on year and 6.2% month on month.
4341,000 new energy passenger cars were wholesale, up 115.4% year on year. The retail sales of new energy passenger vehicles reached 611,000, with a year-on-year growth of 82.9% and a month-on-month growth of 14.7%.
The domestic retail sales of new energy passenger vehicles reached 3.877 million, with a year-on-year growth of 113.2%.
The Chinese government is heavily investing in EV technology
China views electric vehicles as a pathway for sustainable transportation because of their low emissions and high energy efficiency. The Chinese government has invested substantially in EV research and development.
Notably, China has by far the biggest EV industry in the world. As the largest EV manufacturer, China’s EV production amounted to 3.5 million units in 2021, an increase of 1.6 times year-over-year. Revenues from the EV market reached approximately 102.2 billion U.S. dollars for the year, the highest in the Asia-Pacific region.
Revenue in the Electric Vehicles market is projected to reach US$190.40bn in 2023.
Revenue is expected to show an annual growth rate (CAGR 2023-2027) of 14.18%, resulting in a projected market volume of US$323.60bn by 2027.
Electric Vehicles market unit sales are expected to reach 7,526.4K vehicles in 2027.
The volume weighted average price of Electric Vehicles market in 2023 is expected to amount to US$44.61k.
From an international perspective it is shown that the most revenue will be generated in China (US$190,400.00m in 2023). Data Resource: Statista Market Forecast
EVs Market Slower Growth in 2023
China’s 200-odd EV makers are expected to deliver a total of 8.4 million vehicles in 2023, up about 30 per cent from the previous year’s 6.4 million. That compares to the year-on-year growth of 114 per cent recorded in 2022. China’s EV industry sold 2.99 million vehicles in 2021
"As long as the Chinese market is booming, they may as well just sell locally," says Ms Nicholls. "I mean, why wouldn't you?"
Analysts tend to agree that it will be very interesting to see what happens when the subsidies run out. That could push Chinese EV makers towards other markets - and maybe we'll all fall in love with EVs thanks, indirectly, to the policies of Chinese authorities. We'll have to wait and see.
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