China Automotive Growth Outlook, 2022

China Automotive Growth Outlook, 2022

Higher Market Competitiveness will be Achieved by Strengthening the Transformation of Electrification, Connectivity, and Autonomous Driving

RELEASE DATE
18-Apr-2022
REGION
Asia Pacific
Deliverable Type
Market Outlook
Research Code: PCE3-01-00-00-00
SKU: AU02301-AP-MO_26358
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Description

This study assesses the automotive market in China, with a focus on the passenger vehicle market segment. Within this, electric vehicles, as well as charging and battery swap, will be discussed further.

China’s automotive market has grown rapidly, particularly after the 2008 Beijing Olympics. The unit shipment of China’s passenger vehicle market has consistently exceeded 20 million since 2015.

Despite years of growth, automotive sales declined between 2017 and 2020 due to the economic pressure from the US-China trade war in 2018, the reduction of EV subsidies in 2019 (by an average of 50% compared to 2018), and the reduction of production and the pandemic-induces national lockdown in 2020.

In 2021, automotive sales increased to 21.5 million units, up from 20.2 million units in 2020. The major growth drivers were the rapidly increasing sales of EVs and the improvement of China’s domestic brand competitiveness; this growth trend will continue in 2022, with a 7.5% year-over-year increase to 23.1 million units of passenger vehicle sales.

As a result of the government’s multiyear push-pull strategies, the EV segment has grown rapidly. In 2021, China’s automotive market achieved year-over-year growth of 6.5%. Tesla is a major contributor to the battery electric vehicle (BEV) segment because production started in China, a price-competitive market. Its main consumers come from cities with strong economic strength and driving restriction implementations, such as Beijing, Shanghai, Shenzhen, and Guangzhou. BYD is the key pioneer in Plug-in Hybrid EV (PHEV) technology, launching the world’s first PHEV production in 2008. In addition to years of experience, BYD also offers competitive PHEVs that are priced similar to gasoline vehicles, starting at $16,928.

Chinese consumer purchase interest has gradually shifted, and their confidence in domestic Chinese brands has increased. For example, the proportion of Chinese brands in total automotive sales increased from 23.2% in 2020 to 44.4% in 2021, with a total unit shipment of 9.5 million vehicles in 2021.

In this research service, Frost & Sullivan highlights the total size of the Chinese automotive market and provides historical and forecast data from 2016 to 2022. This study also defines the key highlights of China’s automotive industry in 2021 and future market trends in 2022. It discusses further segment information, including vehicle subsegment and powertrain subsegment; connected and autonomous driving vehicles are also included.

Author: Ming Lih Chan

Table of Contents

Why Is It Increasingly Difficult to Grow?

The Strategic Imperative 8™

The Impact of the Top Three Strategic Imperatives on the Chinese Automotive Industry

Growth Opportunities Fuel the Growth Pipeline Engine™

Key Highlights of the Chinese Automotive Industry

China Automotive Industry Historic Sales

Top Predictions for 2022

Top 12 Transformation Shifts

Scope of Analysis

Segmentation

Definitions

Top 5 Global Economic Highlights of 2021

Top 5 Global Predictions for 2022—Macroeconomic Trends

Global GDP Growth

2022 Scenario Analysis—Quarterly Global Growth

2022 Scenario Analysis—Assumptions

2022 Global GDP Growth Snapshot

Advanced Economies—Predictions for 2022

Emerging Market Economies—Predictions for 2022

Key Growth Metrics

Consumption Indicators

Findings

Findings by Segment

Unit Shipment Forecast

Passenger Vehicle Sales Trend

Passenger Vehicle Sales by Province, 2020

Passenger Vehicle Ownership by Province, 2020

Market Share Analysis

Sedan

SUV

MPV

Cross Models

Battery Electric Vehicles

Plug-in Hybrid Electric Vehicles

EV Charging Points

EV Battery Swap Stations

Connected and Autonomous Vehicles

FAW-VW

SGM

Geely

Predictions, 2022

Prediction 1—Positive Automotive Sales During the Pandemic in 2022

Prediction 2—The Rapid Growth of Electric Vehicles

Prediction 3—Further Reduction of Emissions Through Dual Credit Policy

Prediction 4—Higher Technology Advances for L3 Autonomous Driving

Prediction 5—Strengthen the Development of the Automotive Supply Chain and Key Components

Growth Opportunity 1—Continued Development of EVs to Meet the Growing Demand, Driven by Powertrain Adoption Transformation

Growth Opportunity 1—Continued Development of EVs to Meet the Growing Demand, Driven by Powertrain Adoption Transformation (continued)

Growth Opportunity 2—Deepening Automotive Intelligence for the Development of Connected and Autonomous Driving Vehicles

Growth Opportunity 2—Deepening Automotive Intelligence for the Development of Connected and Autonomous Driving Vehicles (continued)

Growth Opportunity 3—Automotive Revolution and Price-competitive Passenger Vehicles Boost the Demand for Domestic Automotive Brands

Growth Opportunity 3—Automotive Revolution and Price-competitive Passenger Vehicles Boost the Demand for Domestic Automotive Brands (continued)

Key Conclusions

Key Conclusions and Future Outlook, 2021

Table of Acronyms Used

Table of Acronyms Used (continued)

List of Exhibits

List of Exhibits (continued)

List of Exhibits (continued)

List of Exhibits (continued)

Legal Disclaimer

This study assesses the automotive market in China, with a focus on the passenger vehicle market segment. Within this, electric vehicles, as well as charging and battery swap, will be discussed further. China’s automotive market has grown rapidly, particularly after the 2008 Beijing Olympics. The unit shipment of China’s passenger vehicle market has consistently exceeded 20 million since 2015. Despite years of growth, automotive sales declined between 2017 and 2020 due to the economic pressure from the US-China trade war in 2018, the reduction of EV subsidies in 2019 (by an average of 50% compared to 2018), and the reduction of production and the pandemic-induces national lockdown in 2020. In 2021, automotive sales increased to 21.5 million units, up from 20.2 million units in 2020. The major growth drivers were the rapidly increasing sales of EVs and the improvement of China’s domestic brand competitiveness; this growth trend will continue in 2022, with a 7.5% year-over-year increase to 23.1 million units of passenger vehicle sales. As a result of the government’s multiyear push-pull strategies, the EV segment has grown rapidly. In 2021, China’s automotive market achieved year-over-year growth of 6.5%. Tesla is a major contributor to the battery electric vehicle (BEV) segment because production started in China, a price-competitive market. Its main consumers come from cities with strong economic strength and driving restriction implementations, such as Beijing, Shanghai, Shenzhen, and Guangzhou. BYD is the key pioneer in Plug-in Hybrid EV (PHEV) technology, launching the world’s first PHEV production in 2008. In addition to years of experience, BYD also offers competitive PHEVs that are priced similar to gasoline vehicles, starting at $16,928. Chinese consumer purchase interest has gradually shifted, and their confidence in domestic Chinese brands has increased. For example, the proportion of Chinese brands in total automotive sales increased from 23.2% in 2020 to 44.4% in 2021, with a total unit shipment of 9.5 million vehicles in 2021. In this research service, Frost & Sullivan highlights the total size of the Chinese automotive market and provides historical and forecast data from 2016 to 2022. This study also defines the key highlights of China’s automotive industry in 2021 and future market trends in 2022. It discusses further segment information, including vehicle subsegment and powertrain subsegment; connected and autonomous driving vehicles are also included. Author: Ming Lih Chan
More Information
Deliverable Type Market Outlook
Author Ming Lih Chan
Industries Automotive
No Index No
Is Prebook No
Keyword 1 China Automotive
Keyword 2 battery electric vehicle (BEV)
Keyword 3 electric vehicle
Podcast No
WIP Number PCE3-01-00-00-00