China Electric Vehicle Market is to grow by USD 268.22 billion from 2022 to 2027, The market is fragmented due to the presence of prominent companies like AB Volvo, BAIC Group and Brilliance China Automotive Holdings Ltd., and many more - Technavio

NEW YORK, Oct. 12, 2023 /PRNewswire/ -- The electric vehicle market in China is estimated to grow by USD 268.22 billion from 2022 to 2027, growing at a CAGR of 16.24%. The electric vehicle market is fragmented owing to the presence of many global and regional companies. A few prominent companies that offer electric vehicle market are AB Volvo, BAIC Group, Brilliance China Automotive Holdings Ltd., BYD Co. Ltd., Chery Automobile Co. Ltd., China FAW Group Co. Ltd., Chongqing Changan Automobile Co. Ltd., Dongfeng Motor Group Co. Ltd., Great Wall Motor Co. Ltd., Guangzhou Automobile Group Co. Ltd., Hyundai Motor Co., Nissan Motor Co. Ltd., SAIC Motor Corp. Ltd., Tesla Inc., Toyota Motor Corp., Xiamen King Long United Automotive Industry Co. Ltd., Zhejiang Geely Holding Group Co. Ltd., Zhengzhou Yutong Group Co. Ltd., Zhongtong Bus Holding Co. Ltd., and Zotye Holding Group Co. Ltd. For details on companies and their offerings – Buy a report!

Company Offering:

• AB Volvo: The company offers electric vehicles such as Volvo FH electric, Volvo FM electric, and Volvo FMX electric.
• BAIC Group: The company offers electric vehicles such as X55 II, U5 plus, and Joy.
• Brilliance China Automotive Holdings Ltd.: The company offers electric vehicles such as Brilliance SY7000BEVDAE1, Brilliance SY7000BEVDAF, and Brilliance SY7000BEVDAE.
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Market Dynamics

• Impactful driver- Growing demand for fuel-efficient and low-emission vehicles
• Key Trend - Charging stations powered through renewable energy
• Major Challenges - The slowdown in the Chinese economy is a major challenge in the China Electric Vehicle Market

The growing demand for fuel-efficient and low-emission vehicles is a key factor driving the growth of the market. Demand for low-emission vehicles was forced by the detrimental effects of fossil fuel-operated vehicles. Furthermore, with the instability in oil and gas prices, consumers are concentrating on better fuel-efficient vehicles. In addition, Dynamic changes in policy, implementation of guidelines, and advancements in technology have shown a raised demand for EVs. Thus, the growing consensus among government and consumers in the country to reduce emissions will drive the demand for EVs during the forecast period. 

 Market Segmentation

• By Technology, the market is classified into BEV and PHEV. The BEV segment is estimated to witness significant growth during the forecast period. BEV segment is anticipated to hold its dominance due to factors such as growing government support to promote sustainable mobility and rapid development in advanced battery solutions for BEVs through R&D testing. Moreover, one of the main drawbacks of BEVs is the reliance on charging infrastructure and limitation on miles when compared with other types. To eliminate the challenge, the Chinese government is focusing on increasing its efforts to increase charging infrastructure in the country. Thus, such factors will drive the growth of the segment during the forecast period. 

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Related Reports:
The electric vehicle (EV) motor market is estimated to grow at a CAGR of 20.87% between 2022 and 2027. The size of the market is forecast to increase by USD 14,492.96 million.

The electric vehicle (EV) charging station market is estimated to grow at a CAGR of 20.62% between 2022 and 2027. The market size is forecasted to increase by USD 19,024.88 million.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation by Technology

7 Market Segmentation by Type

8 Customer Landscape

9 Geographic Landscape

10 Drivers, Challenges, and Trends

11 Company Landscape

12 Company Analysis

13 Appendix

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SOURCE Technavio