The market for new energy vehicles continues to grow rapidly, with the Chinese new energy vehicle market expected to maintain its upward momentum. According to recent reports, the sales volume of electric vehicles in China exceeded 1.6 million units in March, marking a year-on-year increase of 25%. This includes a 32% increase in sales of pure electric vehicles, which reached 1.1 million units.
In terms of market share, electric vehicles accounted for 25% of total vehicle sales in March, compared to 21% in the first quarter of the previous year. This demonstrates that the Chinese electric vehicle market is steadily progressing along the path of electrification, with the demand for electric vehicles remaining robust.
China is the primary driving force behind the growth of the new energy vehicle market. According to the China Passenger Car Association, the market share of new energy vehicles in China has risen to 67.7%, with a penetration rate reaching 84%. This indicates that homegrown brands are performing strongly in international markets. By March 2025, sales in overseas markets are expected to reach 1.17 million units, an increase of 9.9% compared to 2021.
Currently, the Chinese vehicle market is experiencing a trend where new energy vehicles are gaining significant attention. A comparison of sales data from January to March reveals that new energy vehicle sales grew by 263.3 thousand units, with a year-on-year increase of 47.6%. The rapid growth in sales of new energy vehicles is evident, especially in the pure electric segment, which saw an increase of 248.4 thousand units during the same period.
From the perspective of exports, the first quarter saw new energy vehicle exports reach 44.1 thousand units, a growth of 43.9%. In contrast, the export of hybrid vehicles was 41.9 thousand units, reflecting a 39.6% increase. Additionally, the exports of plug-in hybrid vehicles totaled 2.3 thousand units, which is a 2.3% increase.
When looking at the types of vehicles, pure electric vehicles accounted for 29 thousand units in exports, representing a growth of 16.7%. Meanwhile, plug-in hybrid vehicles saw exports of 15.2 thousand units, a growth of 1.6%.
In the European market, electric vehicles gained significant traction based on data from the European Automobile Manufacturers Association (ACEA). By the first quarter of 2025, the total sales of electric vehicles in Europe are projected to reach 338.2 thousand units, with pure electric vehicle sales expected to hit 57.35 thousand units, marking a 28% increase from the previous year’s figures.
Furthermore, the mixed fuel vehicles category has become increasingly popular in Europe, with sales rising by 20.5%, reaching 121.5 thousand units. In contrast, traditional internal combustion engine vehicles have seen a decrease of 21.2%, amounting to 95.6 thousand units.
Overall, the electric vehicle market in Europe is poised for strong growth, significantly influenced by regulatory measures and incentives for consumers. The shift towards electric mobility is evident, as electric vehicle sales are expected to accelerate in the coming years.
As we look ahead, the implications of these trends highlight a compelling trajectory for the electric vehicle market across global platforms, with substantial growth anticipated in both the Chinese and European sectors.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/chinas-new-energy-vehicle-market-continues-to-surge-amidst-increased-demand-and-technological-advancements/
