In recent years, the sales growth of new energy vehicles has attracted worldwide attention. From 2.11 million in 2018 to 10.39 million in 2022, global sales of new energy vehicles have increased fivefold in just five years, and market penetration has also increased from 2% to 13%.
The wave of new energy vehicles has swept the world, and China is bravely leading the tide. In 2022, the sales share of the Chinese market in the global new energy vehicle market exceeds 60%, and the sales share of the European market and the United States market are 22% and 9% respectively (regional new energy vehicle sales ratio = regional new energy vehicle sales/global new energy vehicle sales), and the total sales volume is less than half of China’s new energy vehicle sales.
2024 Global sales of new energy vehicles
It is expected to be close to 20 million
The market share will reach 24.2%
In recent years, the sales growth of new energy vehicles has attracted worldwide attention. From 2.11 million in 2018 to 10.39 million in 2022, global sales of new energy vehicles have increased fivefold in just five years, and market penetration has also increased from 2% to 13%.
Regional market size: 2024
China continues to lead the low-carbon transition in the automotive industry
Accounting for 65.4% of the global market size
From the perspective of various regional markets, China, Europe and the Americas three regional markets leading the transformation of new energy vehicles has become a foregone conclusion. Up to now, China has become the world’s largest new energy vehicle market, and the share of new energy vehicle sales in the Americas is expected to grow rapidly in the past two years. It is expected that by 2024, China’s new energy vehicle sales will account for 65.4%, Europe 15.6%, and the Americas 13.5%. From the perspective of policy support and industrial development, it is expected that by 2024, the combined global market share of new energy vehicle sales in China, Europe and the Americas will continue to rise.
China Market: 2024
Market share of new energy vehicles
It is expected to reach 47.1 percent
In the Chinese market, due to the long-term support of the Chinese government, as well as the rapid iteration of intelligent and electric technology, the price and performance of electric vehicles are increasingly attractive to consumers. Consumers begin to enjoy the technical dividend brought by good products, and the industry will enter a stage of steady growth.
In 2022, China’s new energy vehicle sales will account for 25.6% of China’s auto market share; By the end of 2023, China’s new energy vehicle sales are expected to reach 9.984 million, and the market share is expected to reach 36.3%; By 2024, the sales volume of new energy vehicles in China is expected to exceed 13 million, with a market share of 47.1%. At the same time, the scale and share of the export market is expected to gradually expand, promoting the sustained and good development of China’s auto market.
European market:
The policy promotes the gradual improvement of superimposed infrastructure
Huge potential for development
Compared with the Chinese market, the sales growth of new energy vehicles in the European market is relatively flat. In recent years, European consumers have become more environmentally conscious. At the same time, European countries are accelerating the transition to clean energy, and the European new energy vehicle market has great potential for development. A number of incentive policies such as carbon emission regulations, new energy vehicle purchase subsidies, tax relief, and infrastructure construction will drive the sales of new energy vehicles in Europe to enter a rapid growth track. It is expected that by 2024, the market share of new energy vehicles in Europe will increase to 28.1%.
American market:
New technologies and new products guide consumption
The growth momentum should not be underestimated
In the Americas, although traditional fuel vehicles still dominate, new energy vehicle sales are growing rapidly and are expected to hit a new high in 2024. Supportive government policies, technological advances and rising consumer demand will drive the development of new energy vehicles. It is expected that by 2024, the improvement of battery technology and the maturity of vehicle technology will make new energy vehicles more attractive and feasible for consumers in the Americas, and the share of new energy vehicles in the American automobile market will increase to 14.6%.
Post time: Oct-31-2023