Description
According to CRI analysis, the global electric vehicle market has grown rapidly in recent years. In 2012, the global sales of electric vehicles were only about 120,000, and by 2019 it had reached 2.21 million. In 2020, despite the global outbreak of COVID-19, global car sales dropped by more than 10%. However, global electric vehicle sales in 2020 will still exceed 3.2 million, an increase of more than 40% year-on-year. China is the world’s largest electric vehicle market. In 2012, China’s electric vehicle sales were about 13,000, and by 2019 it had reached 1.21 million. In the first half of 2020, China’s economy has been severely affected by COVID-19, resulting in a decline in electric vehicle sales. Starting from July 2020, China’s electric vehicle market has gradually recovered. In 2020, China’s total electric vehicle sales will reach 1.367 million.
In the global and Chinese markets, electric car manufacturers are divided into two categories. One is traditional car manufacturers such as Toyota, local, Volkswagen, GM, Renault, Ford, BMW, BYD, etc. The other category is emerging companies, such as Tesla, NIO, XPEV, etc. In 2020, Tesla occupied the number one position in the global electric vehicle market with approximately 490,000 sales. Other leading companies include Volkswagen, General Motors, Renault, BYD and so on. According to CRI’s analysis, in 2020, the competitive landscape of China’s new energy vehicles will also change. Tesla, NIO, and XPEV have performed well in the Chinese auto market and the global capital market, while many traditional car companies have not performed well. For example, NIO’s electric vehicles are contracted by JAC and sold only by JAC. However, as of the end of January 2021, the market value of JAC, which has a history of more than 20 years, is less than US$3 billion, while the market value of NIO, which has a history of only 6 years, has reached approximately US$90 billion.
According to CRI analysis, the rapid global growth of the electric vehicle market has benefited from many factors such as government subsidies, fashionable designs, and the popularity of environmental protection concepts.
According to CRI analysis, although the Chinese government has reduced the number of subsidies for consumers to purchase electric vehicles since 2019, for consumers, buying electric vehicles is still more favorable than fuel vehicles. For example, the application fee for a petrol vehicle license in Shanghai, China’s largest city, is more than 100,000 yuan (approximately US$15,000), while the purchase of an electric vehicle can get a license for free. Therefore, more and more Chinese consumers are buying electric vehicles. On December 30, 2019, the completion of Tesla Giga Shanghai in Shanghai, China further marked that China’s electric vehicle market has become a hot spot for competition between global traditional auto companies and emerging auto companies.
According to CRI analysis, there are certain differences between the electric vehicle industry chain and fuel vehicles. On the one hand, there are differences in auto parts, and the electric vehicle industry chain includes power lithium batteries, charging stations and other industrial chain links that are not needed by the traditional auto industry. For traditional car manufacturers, parts manufacturers, and car dealers, if they want to enter the electric car market, they need to conduct comprehensive market research and product design.
CRI predicts that from 2021 to 2025, global sales of fuel vehicles will continue to show a downward trend, while global annual sales of electric vehicles will maintain a CAGR of at least 20%. By 2025, global annual sales of electric vehicles will reach more than 10 million.
Topics covered:
-The impact of COVID-19 on the Global Electric Vehicle Industry
-Global and China’s electric vehicle industry development environment
-Global and Chinese electric vehicle production and sales 2012-2020
-Analysis of global and Chinese electric vehicle industry chain
-Major companies in the global and Chinese electric vehicle market
-Traditional auto companies, such as Toyota, Volkswagen Group, General Motors, BYD, etc.
-Emerging electric vehicle companies, such as Tesla, NIO, XPEV, etc.
-2021-2025 global electric vehicle market driving force and market opportunities
-Global Electric Vehicle Market Outlook 2021-2025
