China Electric Vehicle Market Research Report, 2030

The China electric vehicle (EV) market is the largest in the world, accounting for around 58% of global production of electric vehicles (EVs). In 2023, China sold 9.05 million passenger EVs, including 6.26 million battery electric vehicles (BEVs) and 2.79 million plug-in hybrid electric vehicles (PHEVs). The market has seen substantial growth, driven by government policies such as subsidies, tax exemptions, and investments in EV research and development. China's EV industry is supported by major players like BYD Auto, SAIC Motor, and CATL, which dominate both the domestic and international markets. The country's commitment to reducing greenhouse gas emissions and promoting sustainable transportation has led to significant advancements in EV technology and infrastructure. As a result, EVs have become increasingly mainstream, with a growing share of new vehicle sales. The continued expansion of the EV market in China is expected to have major implications for global trends in sustainable transportation. The history of the electric vehicle (EV) market in China began in the early 2000s, driven by the government's recognition of the need to reduce greenhouse gas emissions and dependence on fossil fuels. The Chinese government introduced several policies to promote EV adoption, including subsidies, tax exemptions, and investments in EV research and development. These efforts led to rapid growth in the EV market, with China becoming the world's largest producer and consumer of EVs. In 2023, China sold 9.05 million passenger EVs, including 6.26 million battery electric vehicles (BEVs) and 2.79 million plug-in hybrid electric vehicles (PHEVs) 2. Key players in the market include BYD Auto, SAIC Motor, and CATL, which dominate both the domestic and international markets. The government's supportive policies and the growing demand for sustainable transportation have positioned China as a global leader in the EV industry. According to the research report, " China Electric Vehicle Market Research Report, 2030," published by Actual Market Research, the China Electric Vehicle Market is anticipated to grow at more than 24.83% CAGR from 2025 to 2030. China’s electric vehicle (EV) sector holds the title of the largest and fastest-expanding in the globe, propelled by robust governmental initiatives, technological progress, and an increasing need for cleaner transit options. The advocacy and promotion of EVs in China have been greatly shaped by the government's dedication to mitigating air pollution, lowering reliance on imported oil, and reaching carbon neutrality by 2060. China's engagement with electric vehicles commenced in the early 2000s, spurred by government initiatives aimed at curbing pollution and securing a competitive foothold in the global electric mobility arena. Initially, China concentrated on electric buses and low-speed electric vehicles (LSEVs) targeted for rural communities. Nonetheless, the market experienced significant growth in the 2010s with the invention of economical electric passenger vehicles. By 2014, China had outpaced other countries in terms of EV output and sales, with homegrown brands like BYD and Geely rising to prominence in the industry. Companies such as NIO, XPeng, and Li Auto surfaced, providing competition to traditional car manufacturers and contributing to the swift increase of completely electric models. China has offered substantial subsidies, tax perks, and non-financial incentives like exemptions from vehicle license plate restrictions in major cities such as Beijing. These initiatives have lowered the initial expense of EVs, enhancing their appeal to consumers. China has heavily invested in electric vehicle technology, especially in battery design and production. Companies such as CATL (Contemporary Amperex Technology) have emerged as world leaders in battery manufacturing, guaranteeing a consistent supply of affordable, high-performance batteries for electric vehicles. The swift growth of EV charging stations throughout the nation has notably facilitated the uptake of electric vehicles, particularly in metropolitan areas.

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The propulsion segment of the China electric vehicle (EV) market is characterized by a diverse range of technologies aimed at enhancing vehicle performance, efficiency, and sustainability. The market is dominated by battery electric vehicles (BEVs), which rely solely on electric power stored in batteries for propulsion. BEVs are favoured for their zero emission capabilities and are supported by extensive government incentives and tax credits. Plug-in hybrid electric vehicles (PHEVs) combine an internal combustion engine with an electric motor, offering the flexibility of both electric driving and traditional fuel use. PHEVs are popular among consumers who seek the benefits of electric driving without range anxiety. Hybrid electric vehicles (HEVs), which also combine an internal combustion engine with an electric motor but cannot be plugged in for charging, provide improved fuel efficiency compared to conventional vehicles. The market is also witnessing the emergence of fuel cell electric vehicles (FCEVs), which generate electricity through a chemical reaction between hydrogen and oxygen, emitting only water vapor as a byproduct. FCEVs are gaining traction due to their potential for long-range travel and quick refuelling times. Key players in the propulsion segment include BYD, NIO, Xpeng, and Li Auto, each investing heavily in research and development to advance their respective technologies. The expansion of charging infrastructure, including high-speed DC fast chargers and home charging solutions, is further driving the adoption of EVs across the country. As consumer awareness of environmental impact grows, the propulsion segment is expected to continue evolving, with a focus on improving energy density, reducing charging times, and enhancing overall vehicle performance. The vehicle type segment of the China electric vehicle (EV) market is diverse, encompassing a wide range of vehicle categories designed to cater to different consumer needs and preferences. The market includes passenger cars, which are the most popular segment, offering various models such as sedans, hatchbacks, and SUVs. Passenger cars are favoured for their versatility and suitability for daily commuting and family use. Commercial vehicles, including electric buses, trucks, and vans, are also a significant part of the market, driven by the growing demand for sustainable transportation solutions in urban areas and logistics. Luxury electric vehicles (EVs) are gaining traction, with high-end brands offering premium features, advanced technology, and superior performance. These luxury EVs cater to affluent consumers who seek both sustainability and luxury. Additionally, the market includes special-purpose EVs, such as electric taxis and ride-sharing vehicles, which are becoming increasingly common in major cities. Key players in the vehicle type segment include BYD, NIO, Xpeng, and Li Auto, each offering a wide range of models across different vehicle types. The expansion of charging infrastructure, including high-speed DC fast chargers and home charging solutions, is further driving the adoption of EVs across the country. As consumer awareness of environmental impact grows, the vehicle type segment is expected to continue evolving, with a focus on improving energy density, reducing charging times, and enhancing overall vehicle performance. China's electric vehicle (EV) market has experienced swift expansion, fuelled not only by the growing demand for electric vehicles but also by the enhancement of charging infrastructure. The EV charging market in China is categorized into two primary types: fast charging and normal (or standard) charging, both of which are essential in aiding the country’s electric mobility objectives. Fast charging represents a vital element of China’s EV infrastructure, providing a rapid and effective method to recharge electric vehicles. Fast chargers, commonly referred to as DC fast chargers, can recharge an EV battery up to 80% in approximately 30 minutes, making them perfect for long-distance travel and bustling urban environments. China has been significantly investing in the development of its fast-charging network, especially along highways, city centres, and key commercial zones. Companies such as State Grid, Tesla, and China’s prominent automaker BYD are leading efforts to create a formidable fast-charging infrastructure. Fast charging stations are increasingly being established in public locations such as shopping centres, highways, and business areas. Consequently, EV owners are able to recharge swiftly, alleviating range anxiety and encouraging greater EV adoption. Normal charging, alternatively known as Level 2 charging, is the most prevalent form of EV charging, generally requiring several hours to fully charge an electric vehicle. These chargers utilize a 220V outlet and are commonly found at residential properties, workplaces, and public locations. Normal charging is more economical to install compared to fast charging, and it caters to the needs of daily commuters who can charge their vehicles overnight or during work hours. As the adoption of EVs increases, the installation of Level 2 chargers in residential complexes, workplaces, and public parking areas continues to grow across cities like Beijing, Shanghai, and Shenzhen.

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Nikita Jabrela

Business Development Manager

Considered in this report • Geography: China • Historic Year: 2019 • Base year: 2024 • Estimated year: 2025 • Forecast year: 2030 Aspects covered in this report • Electric vehicle Market with its value and forecast along with its segments • Region & country wise electric vehicle Market analysis • Application wise electric vehicle marker distribution • Various drivers and challenges • On-going trends and developments • Top profiled companies • Strategic recommendation By Propulsion • Battery Electric Vehicle (BEV) • Fuel Cell Electric Vehicle (FCEV) • Plug-In Hybrid Electric Vehicle (PHEV) • Hybrid Electric Vehicle (HEV)

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By Vehicle Type • Passenger • Commercial • Two Wheelers By charging type • Fast • Normals The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources. Intended audience This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to agriculture industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.