2023
0
China Electric and Hybrid Cars Market Report 2023
2023-06-09T04:03:42+01:00
OX1155935
3695
164024
[{"name":"Electric and Hybrid","url":"https:\/\/store.mintel.com\/industries\/transport\/automotive\/electric-hybrid-cars"}]
Report
en_GB
“With the increase of NEVs’ penetration, positive word of mouth from NEV owners drove consumers’ recognition of NEVs’ product power. The survey results show that the satisfaction rate in terms…

China Electric and Hybrid Cars Market Report 2023

£ 3,695 (Excl.Tax)

Description

Key Topics Discussed in this Report

  • NEV owners’ portraits and their satisfaction with various aspects of NEVs.
  • Perceived advantages of NEVs over fuel vehicles within the same price range.
  • Preferences for NEV purchase methods.
  • Usage and reach frequency of information on brands’ official apps.
  • Exploration of the environmental significance of NEVs.
  • Car owners’ car usage and lifestyle habits.

Expert Insights from a Research Analyst

This report, written by Austin Yuan, a leading research analyst, delivers in-depth commentary and analysis to highlight trends in the electric and hybrid cars market and add expert context to the numbers.

With the increase of NEVs’ penetration, positive word of mouth from NEV owners drove consumers’ recognition of NEVs’ product power. The survey results show that the satisfaction rate in terms of driving, riding comfort and charging mileage exceeded 70%, indicating that NEVs can meet the daily use needs of most car owners. In terms of car purchase methods, consumers’ growing acceptance of flexible purchase modes, such as battery exchangeable mode and car-electricity separation mode, may become new opportunities and new tracks for brand operation. In terms of app private domain operation, brands can leverage user co-creation and other campaigns to create a self-operating community, establish a user ecosystem and enhance the private domain value.”

Austin Yuan
Research Analyst

Table of Contents

  1. Overview

    • What you need to know
      • Key issues covered in this Report
        • Report scope
        • Executive Summary

            • Issues and insights
              • Investing in niche market segments to meet car owners’ individual needs
                • Figure 1: BYD’s new energy hardcore off-road SUV Yangwang U8, 2023
              • Opportunities exist for charging options that combine versatility and portability
                • Figure 2: Tesla CyberVault, 2023
              • User co-creation helps to stimulate community dynamics and create a user ecosystem
                • Figure 3: NIO app Car Owner Benefit Partner, 2023
              • The market
                • The share of NEVs in total new passenger vehicle sales volume nearly doubled to reach 27.6%, a 90% year-on-year growth
                  • NEV sales volume is estimated to reach 8.4 million units in 2023, accounting for 39% of total new passenger cars sales volume
                    • Continuation of local subsidies and infrastructure improvement promote a virtuous growing phase for new energy vehicles
                      • Multiple factors such as a price war and rising fuel prices are helping NEVs to offer better value for money
                        • Invest more in core technologies and tap into upstream industry chain for first-mover advantage
                          • Self-owned brands invest heavily in plug-in hybrid technology and PHEVs are expected to grow
                            • BYD stood out as self-owned brands started focusing on NEVs
                              • What we think
                              • Market Size and Forecast

                                • The share of NEVs in total new passenger vehicle sales volume nearly doubled to reach 27.6%, a 90% year-on-year growth
                                  • Figure 4: Sales volume and growth rate of NEVs and new passenger cars, 2015-22
                                • NEV sales volume is estimated to reach 8.4 million units in 2023, accounting for 39% of the total new passenger cars sales volume
                                  • Figure 5: Sales volume and forecast of passenger cars in China, 2017-27
                              • Market Factors

                                • Continuation of local subsidies and infrastructure improvement promote a virtuous growing phase for new energy vehicles
                                  • Multiple factors such as a price war and rising fuel prices are helping NEVs to offer better value for money
                                    • Invest more in core technologies and tap into upstream industry chain for first-mover advantage
                                    • Market Segmentation

                                      • Self-owned brands invest heavily in plug-in hybrid technology and PHEVs are expected to grow
                                        • Figure 6: Shares of BEVs and PHEVs, by sales volume, 2015-22
                                      • BYD stood out as self-owned brands started focusing on NEVs
                                        • Figure 7: Ranking of new energy manufacturers, by sales volume, 2022
                                    • Marketing Activities

                                      • Collaborate with sci-fi film IPs to highlight the brand’s tech-savvy image
                                        • Figure 8: NIO’s short video released in collaboration with The Wandering Earth 2, 2022
                                      • XPENG combines technology and art to present a brand image of exploration and breakthrough
                                        • Figure 9: The limited edition clothes-themed Mirrored Future from the XPENG XPLORE Discovery Lab × Beijing Institute of Fashion Technology, 2022
                                      • Tesla and MANNER join forces to convey technical advantages
                                        • Figure 10: MANNER × Tesla co-branded special drink Autumn Rose Latte One Moment Cup, 2022
                                    • New Product Trends

                                      • Continental AG’s HUD enables new cockpit design
                                        • Figure 11: Continental AG’s Scenic View HUD, 2022
                                      • BMW’s solar panels can charge a car via outer glass panels
                                        • Figure 12: BMW charging glasses, 2023
                                      • Toyota vehicle-to-grid charging technology can be used for emergency at home
                                        • Figure 13: Toyota Motor, 2023
                                      • Hyundai invents a new system to sanitise the boot and its luggage
                                        • Figure 14: Hyundai Motor, 2023
                                      • BMW uses the Roundel badge as an exterior air freshener
                                        • Figure 15: BMW, 2023
                                    • NEV Owners’ Portraits

                                      • The proportion of surveyed first-time NEV buyers increased compared to last year
                                        • Figure 16: NEV owners’ portraits, by age and car ownership, 2022 and 2023
                                      • Proportion of higher-priced NEVs in lower tier cities increased
                                        • Figure 17: NEV owners’ portrait, by car purchase price and city tier, 2022 and 2023
                                    • Vehicle Satisfaction

                                      • Overall satisfaction rate is over 70%
                                        • Figure 18: Vehicle satisfaction, 2023
                                      • Marketing concept on battery safety is most helpful in increasing satisfaction among mid- to low-priced car owners
                                        • Figure 19: Vehicle satisfaction, by car purchase price, 2023
                                      • Tier 1 city NEV owners have relatively better charging experience
                                        • Figure 20: Vehicle satisfaction, by city tier, 2023
                                    • NEV Advantage Recognition

                                      • Intended NEV buyers may have over-expectation for NEVs’ simple and convenient maintenance
                                        • Figure 21: NEV advantage recognition, by car ownership and energy type, 2023
                                      • Owners of NEVs priced RMB200,000-300,000 are more likely to recognise the more intelligent configuration advantage of NEVs
                                        • Figure 22: NEV advantage recognition, by car purchase price, 2023
                                    • Preferences for NEV Purchase Methods

                                      • Battery exchangeable mode is the most popular, while car-electricity separation mode is widely accepted
                                        • Figure 23: Preferences for NEV purchase methods, by car energy type, 2023
                                      • Older intended NEV buyers prefer the traditional whole car purchase mode
                                        • Figure 24: Preferences for NEV purchase methods, by age, 2023
                                      • Owners of higher-priced cars may consider financing lease in the future
                                        • Figure 25: Preferences for NEV purchase methods, by car purchase price, 2023
                                    • Reach Frequency of Information on Brands’ Official Apps

                                      • NEV owners and tier 1 city car owners have higher usage of brands’ official apps
                                        • Figure 26: Reach frequency of information on brands’ official apps, by energy type and city tier, 2023
                                      • Reach of car owners’ daily life sharing on apps on par with the view rate of car usage data
                                        • Figure 27: Reach frequency of information on brands’ official apps, 2023
                                      • Community activities reach more younger car owners
                                        • Figure 28: Reach frequency of information on brands’ official apps, by age, 2023
                                    • Exploration of the Environmental Significance of NEVs

                                      • Environmental friendliness does not directly influence purchase intentions, but is recognised by most people
                                        • Figure 29: Exploration of the environmental significance of NEVs, 2023
                                      • Higher-priced car owners are less affected by the electricity price
                                        • Figure 30: Exploration of the environmental significance of NEVs, by car purchase price, 2023
                                      • Intended NEV buyers expect more from other environmentally friendly energy sources
                                        • Figure 31: Exploration of the environmental significance of NEVs, by energy type, 2023
                                    • Car Usage and Lifestyle Habits

                                      • Over 60% of surveyed car owners pay close attention to the cleanness of their cars
                                        • Figure 32: Car usage and lifestyle habits, by car ownership and energy type, 2023
                                      • Young people like niche clothing brands
                                        • Figure 33: Car usage and lifestyle habits, by age, 2023
                                      • Higher usage of car perfume and automatic driving assistance by higher-priced car owners
                                        • Figure 34: Car usage and lifestyle habits, by car purchase price, 2023
                                    • Appendix – Methodology and Abbreviations

                                      • Methodology
                                        • Abbreviations

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