Canalys, in a recent forecast, asserts that Chinese automotive manufacturers are poised to swiftly reap the benefits of global investments, emerging as an influential force that demands attention.
In 2024, the global market for new energy vehicles is projected to experience a remarkable 27% growth, with Chinese brands poised to dominate a substantial 78% market share, according to recent predictions by Canalys. The automotive landscape is set to witness the fruits of significant global investments in Chinese manufacturers, establishing them as an undeniable force.
Canalys' latest report predicts a significant 27% increase in the total number of new energy vehicles globally by 2024, with an estimated 17.5 million units. China is expected to maintain its position as the leading market for new energy vehicles, achieving local sales of 7.6 million units and capturing a commanding 55.5% share of the global market.
In 2023, global new energy vehicle sales are projected to grow by 29%, reaching 13.7 million units, with a penetration rate of 17%. China is expected to maintain its dominance in the new energy vehicle market, with local sales projected to reach 7.6 million units, accounting for 55.5% of the global market. Europe and North America are expected to join China as the top three global new energy vehicle markets, with sales reaching 3.2 million and 1.8 million units, respectively.
Canalys predicts that the North American new energy vehicle market will experience a growth of 26.8% in 2024, reaching 2.2 million units, with a penetration rate of 13%. This rate is considerably lower than that of China and Europe.
The decline in the price of power batteries is expected to boost the proportion of pure electric vehicles in the small and compact car segments. Due to their widespread application and comprehensive cost advantages, plug-in hybrid vehicles are expected to continue gaining market share in the next two to three years.
In the Chinese market, Canalys forecasts a modest 1% growth in local sales of light vehicles in 2024, totaling 22.7 million units. New energy vehicle local sales are projected to reach 9.1 million units, constituting 40% of the total sales.