New Energy Vehicle Market Summary in China in 2023
PV sales reached a new high in 2023, surpassing 25 million units.
NEV lead with sales on the rise, achieving a 34.7% market penetration rate.
NEVs make a significant contribution to exports, standing alongside solar energy and lithium batteries as the 'New Trio' in foreign trade exports.
BEVs Lead in the New Energy Sector, with New Entrants in PHEV/EREV Segment.
Domestic brands occupy over 80% of the new energy market share, while joint venture growth is slow.
The scale of the new energy market exhibits an 'oval' distribution, with penetration rates in a 'dumbbell' configuration.
New energy sedans show steady improvement, while SUVs surge powerfully.
The elimination round for new energy players is approaching, with competition intensifying and the industry landscape beginning to take shape.
New energy is accelerating penetration across cities of all tiers, with the growth rate of penetration in first-tier cities showing signs of fatigue.
CATL and BYD command a 70% share of the market's power battery installation volume, with LFP being the predominant battery material.
Public charging advances steadily, private charging strides rapidly forward, and the charging station count increasingly meets demand.
