According to Counterpoint's recent Global Passenger Electric Vehicle Model Sales Tracker, global passenger pure electric vehicle (BEV) sales grew 29 percent year-on-year in the third quarter of 2023, driven by Europe and the expanding Southeast Asian market.
While China thought to maintain its position as the world's largest pure electric vehicle market, the weak economy and fierce price competition in the automotive industry led to a slowdown in the growth of local vehicle sales. During the quarter, China's pure electric vehicle sales grew only 11 percent, below the global average. But in overseas markets, Chinese brands sold more than 130,000 all-electric vehicles, a four-fold increase from a year earlier.
Commenting on the market dynamics, Senior Analyst Soumen Mandal said, "China still holds 58 percent of the global EV market, with the U.S. at about 12 percent. Germany is the third largest pure electric vehicle market, with annual growth of more than 60 percent. At the same time, the automotive groups in these three regions are leading the market.
According to a Counterpoint report, Tesla, BYD Auto and Volkswagen rank among the top three best-selling pure electric vehicle groups in the world. Among them, BYD Auto (excluding Tesla) has caught up with Tesla in terms of sales and is expected to overtake Tesla in the fourth quarter to become the new global leader.
China's new energy vehicle penetration rate is expected to reach 40% by 2024
According to statistics, from January to November 2023, China's new energy vehicle production and sales were completed at 8,426,000 and 8,304,000 respectively, up 34.5% and 36.7% year-on-year.
This strong growth trend will continue until 2024. Therefore, several senior industry experts have recently expressed considerable optimism about the development of China's auto market in 2024.
For example, Hao Hong, Director of Marketing and Brand Management, Quality and Economic Operation Department of SAIC Group, said that China's auto industry-wide sales in 2024 may be 31-32 million units, up 4%-6.7% year-on-year, of which 5.2-5.8 million units will be exported, up 11%-16% year-on-year, while the wholesale volume of local new-energy vehicles will be about 12.5 million units, up more than 30% year-on-year.
China's new energy vehicle penetration rate is expected to reach 40% in 2024. For example, Chen Chuan, director of the Passenger Vehicle Research Office of China Automotive Data Co., expects annual sales to stabilize upward in 2024, with a 4.4% growth, to reach 25.8 million units.
Among them, the new energy vehicle market penetration rate is expected to hit 40%. Cui Dongshu, secretary-general of the National Passenger Vehicle Market Information Association, expects China's new energy passenger vehicle wholesale volume to reach 11 million units in 2024, with a net increase of 2.3 million units, up 22% year-on-year, and a penetration rate of 40%.
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