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Executive summary
- Key issues covered in this Report
- Definitions
- What you need to know
- The NEV market: democratising technology and experiences
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Market overview
- Market size and forecast
- Policy support + reduced prices and improved specifications = continued rapid growth in the NEV market
- Graph 1: NEVs and new passenger cars, retail volume sales and percentage, 2016-24
- This year, volume sales of new energy passenger cars are expected to continue to grow, with penetration exceeding 50%.
- Market segments
- BEV growth slows; PHEV growth remains strong
- Graph 2: volume sales shares of BEVs and PHEVs, 2015-Jan/Feb 2025
- Range-extended models remain a growth point in the mid-to-premium market
- Graph 3: volume sales, class segments of new energy passenger cars, 2024-Jan/Feb 2025
- The diverse demands of family travel are pushing up the proportion of plug-in hybrid SUV models
- Graph 4: body type share of NEV volume sales, 2020-24
- Graph 5: body type share of volume sales, by energy type, 2024
- The top ten brands account for nearly 80% of the NEV market
- Market drivers
- Stricter environmental policies bring stricter emissions standards
- Significant increase in charging infrastructure
- Graph 6: top ten provinces by number of public charging points, 2024
- Graph 7: top ten provinces for charging points installed with vehicle purchases, 2024
- ‘Vehicle-road-cloud integration’ in practice
- ‘Smart driving (if you pay)’ vs ‘smart driving for all’
- Full lifecycle services for NEVs unveiled
- Integrate local car culture into urban planning
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Consumer insights
- Performance: democratising brand hierarchies
- From one starting line, a race for tangible performance
- The ratio of first-time purchases to additional/replacement purchases reached 4:6, with willingness to choose new energy vehicles rising to 55% in both cases
- Graph 8: intent to purchase cars within 12 months, by city tier, 2025
- Graph 9: most preferred energy type when purchasing a car in the next 12 months, by car purchase scenario, 2025
- 90% of prospective new energy vehicle buyers plan to purchase domestic independent brands
- Graph 10: brands purchased in the past three years vs brands intending to purchase in the next 12 months, 2025
- Joint venture brands are strengthening cooperation with domestic technology companies
- The proportion of middle/high income prospective BEV owners is higher than the proportion of middle/high income prospective ICEV owners
- Graph 11: age of current car owners vs prospective car owners, by energy type, 2025
- Graph 12: income of current car owners vs prospective car owners, by energy type, 2025
- A diversification of driving scenarios and smart technology are spurring a rapid increase in SUV demand
- Graph 13: currently owned car body types, by energy type, 2025
- Graph 14: body types chosen by prospective car owners, by energy type, 2025
- Fierce competition in the premium mid-to-large SUV market
- Smart features are becoming an important NEV purchase factor
- Graph 15: NEV purchase driver tracking, 2021 vs 2023
- Range concerns and charging difficulties remain primary obstacles
- Graph 16: reasons for not choosing NEVs, by owner type x energy type, 2025
- Long-range plug-in hybrid models find favour
- Graph 17: current vs prospective mileage range, by owner type x energy type, 2025
- New generation PHEVs vie to achieve the ‘ultimate range’
- Ongoing: the battle to democratise safety and peace of mind
- Empowered by technology, a competition for total safety and peace of mind
- Fewer than 20% of car owners use slow charging every day; daily use is basically worry-free
- Graph 18: charging frequency, by energy type, 2025
- Graph 19: charging frequency, 2025
- BEV owners experience more pronounced range anxiety and power display issues
- Graph 20: charging anxiety and issues, by energy type, 2025
- Enhanced smart functionality is transitioning from a ‘potential demand’ to an ‘explicit demand’
- Graph 21: understanding of and attention to brand and car development, 2025
- Frequent OTA updates are an important means of enhancing smart functionality and security
- Graph 22: understanding of and attention to brand and car development – ability to provide high-frequency OTA upgrades, 2025
- Graph 23: understanding of and attention to brand and car development – electrical architecture of new energy car brands, 2025
- Smart driving leads OTA upgrades of software-defined vehicles
- Safety performance and driving experience are top priorities no matter what the car runs on
- Graph 24: selected car purchase attitudes of prospective car owners vs current car owners, by energy type, 2025
- ‘Advanced safety’ demonstrates the core values of smart driving
- Testing, traceability and emergency rescue help to democratise aftersales peace of mind
- Graph 25: methods to enhance a brand’s favourability (partial) – sum of the top three options, by age, 2025
- Convey a sense of responsibility and support through service entitlements
- Positioning: the battle to democratise marketing
- A new interactive model: immersive experiences reshape the boundaries of marketing
- Xiaomi and Huawei: the favoured ‘technology ecosystem integrators’
- Graph 26: car model awareness, test drive interest and favoured brands, 2025
- Family size is directly related to interest in cars
- Graph 27: Have test driven/interested in test driving, by household structure, 2025
- The Xiaomi marketing phenomenon: rise of a smart ecosystem
- Differing brand fan profiles bring unique advantages in market segments
- Graph 28: favourable opinions of car brands (partial), by age, 2025
- Publicly share driver profiles to enhance customers’ sense of belonging and brand loyalty
- Li Auto and XPENG retain their appeal, while IM is noticeably losing momentum
- Graph 29: awareness of certain models with performance configurations, by owner type x energy type, 2025
- Marketing mistakes affect brand image and market performance
- HIMA moves into lower price brackets; SAIC MOTOR restructures its NEV product line
- Sub-brands endorsed by traditional car companies are more favoured in lower-tier cities
- Graph 30: favourable opinions of car brands, by city tier, 2025
- Marketing based on culture and tourism should not only showcase beautiful scenery, but also directly address drivers’ pain points
- Traditional luxury brand NEVs enjoy a solid base among premium customers
- Graph 31: favourable opinions of car brands, by household monthly income, 2025
- Each joint venture brand faces unique challenges in the electric transition
- Graph 32: BBA global market and China market volume sales, 2024
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Opportunities and inspiration
- Competing on performance: points to note
- When competing on performance, incorporate real-world user experiences and avoid battles over specifications
- Technical cooperation: points to note
- Forge an independent brand image to avoid ‘sibling rivalry’
- Multi-scenario marketing: points to note
- ‘When in Rome, do as the Romans do’ – but do it in your own brand style
- What we think
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Appendix – methodology and abbreviations
- Methodology
- Abbreviations
This report looks at the following areas:
- NEV range and related issues
- Charging scenarios and user habits
- Why people choose or avoid NEVs
- New cars: awareness, level of interest and brand recognition
- Attention to and understanding of the development of brands and the industry
As battery technology and smart driving technology continue to advance, market competition is becoming increasingly fierce. Fair competition among brands has driven technological innovation to truly focus on user needs and safety.
Laurel Gu, Director, China Insights
Market Definitions
The respondents in this report include 2,000 existing car owners who purchased a car within the last three years and 1,000 prospective buyers planning to purchase a car within the next year. In this Report, a ‘car’ is defined as a passenger car used by individuals. Types of passenger cars include internal combustion engine vehicles (ICEVs), plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs).
This report explores changes and opportunities in the field of electric and hybrid cars (new energy vehicles; NEVs) from several perspectives: NEV owner profiles, the most valued performance indicators in NEVs, charging habits, reasons for considering or not considering a purchase, understanding and interest in the latest models and attitudes towards NEVs.
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