CHINA ELECTRIC VEHICLE MARKET

KEY FINDINGS

  1. In 2019, EV sales declined in China by 4% to 1.2 Million units, missing the stipulated quota of 8% of annual sales by almost 0.5 Million units
  2. BEVs comprised 81% of total EV sales in 2019.As of Jan 2020, 242 BEV models are available for sale in China, as compared to 26 in Europe and 24 in US. BAIC Group’s NEV unit BJEV sold the highest 150,000 units, the market leader of battery-only electric vehicles in China since 2013.
  3. Electric buses comprised 81% of all electric commercial vehicles sold in 2019. Yutong is the market leader with ~30% market share
  4. Total deployed capacity in terms of Li-ion batteries across EVs (including commercial vehicles) was 62 GWh in 2019, almost 2X of US and Europe
  5. CATL is the market leader in EV batteries with more than 51% market share, followed by BYD 17% share. CATL has more than 60% market share of installed battery capacity in electric buses in 2019.

INTRODUCTION

China is world`s biggest automotive market, by volume. In 2019, the production and sales of passenger cars was 21.3 Million units and 21.4 Million units, respectively. Production and sales dropped by ~9% and 9.5% year-on-year respectively– ~12% de-growth in sales from peak of 24 Million units in 2016.

But, in the premium segment (Audi, BMW, Mercedes, Lexus, Volvo and Cadillac), sales grew by 8% to 2.6 Million units or13% of annual car sales.

Table- Sales volume of International brands in China

OEM2019-Sales volume (M units)YOY Growth%
GM3.09(15%)
VW2.01(3%)
Ford0.57(26%)
BMW Including Mini.7213%
Mercedes Including Smart.704%
Audi.694%
Lexus.2025%

 

Electric vehicles comprised ~5% of new car sales in 2018 and 2019.

MARKET DYNAMICS

China after spending $3 Billion in subsidy expenditure in 2018 has raised technical threshold for the same. For instance, an EV purchased by a commercial fleet user would be given subsidies only if its aggregated driving range exceeded 20,000km per annum. Additionally, automakers are required to build platforms for monitoring operational status of vehicles sold and connect them with a national regulation platform that was launched in 2016.

As the EV market slowed down in H2-2019, due to subsidy cut, finally dragging down full year- 2019 EV volumes, the EV startups were most affected. For example, WEY had set itself a target of 100,000 units EV sales but ended up selling just 17% of that.

 

MARKET SEGMENTATION

Infographic: China Electric Vehicle(EV) market report

 

 

MARKET SIZE AND FORECAST

China electric vehicle market is estimated at $45 Billion in 2019. The Chinese EV battery market alone is estimated at $9.3 Billion. To know more about it read our report EV Battery Market in China 

In 2020, SAIC-GM(2nd biggest EV player in China) will launch 10 new models, including 2 BEVs. By 2025, SAIC-GM will invest $4.5 Billion to launch more than 9 new energy models.

 BAIC BJEV has developed three EV platforms, BE11, BE22 and BE22, which will underpin more than 30 vehicles by 2025.

Infographic: China EV market breakup by model, China EV market size, China EV market report, China EV market data

COMPETITIVE LANDSCAPE

The Chinese major, SAIC has plans to start EV manufacturing in India and Thailand. Since SAIC is well positioned to absorb the higher cost and low margin of EVs presently, we believe it can boost EV uptake in both India and ASEAN region.

BYD(18% market share in EV passenger cars) declined by 4% YOY to 219,000 units  in 2019. It had 9% share of Electric bus market in China.

COMPANY PROFILES

ELECTRIC CAR MANUFACTURERS

  1. BYD Company Limited
  2. SAIC
  3. BAIC Group
  4. JAC
  5. NIO
  6. Geely

 

ELECTRIC BUS MANUFACTURERS

  1. CRRC Electric
  2. Zhengzhou Yutong Bus Co. Ltd.
  3. Haige Bus((Suzhou Jinlong)
  4. Jinlong Bus
  5. Higer Bus Company Limited
  6. Foton Ouhui
  7. Shenlong Bus
  8. BYD Company Limited
  9. Kaiwo Automobile (Nanjing Jinlong)
  10. Zhongtong Bus Holding Co. Ltd.
  11. Ankai Bus

 

THIS REPORT WILL ANSWER FOLLOWING QUESTIONS

  1. Upcoming vehicles, by OEM, by vehicle type and by EV type (2020-2025)
  2. EV sales, by top 10 cities and state-wise legislation
  3. Advancements in EV battery by Chinese players
  4. Opportunity for traction motor , motor controller, on-board charger and Inverter manufacturers
  5. On-going developments in Electric commercial vehicle market, vehicles in pipeline and estimated sales volume
  6. OE-supplier alignment for battery, On-board charger and DC-DC Converter
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