The new energy vehicle (NEV) market is undergoing significant adjustments, with maintenance demand expected to reach a high level in the coming years. According to the latest forecasts, by April 25, 2025, the market for NEVs is projected to expand dramatically. This year, the Chinese automotive industry is set to see NEV sales reach 3.182 million units, a growth of 50.4% compared to last year, and 3.075 million units for commercial vehicles, showing a 47.1% increase. NEVs are anticipated to account for 41.2% of total vehicle sales.
Specifically, pure electric vehicle (EV) sales are expected to rise by 47.7%, while plug-in hybrid sales are projected to increase by 46.1%. Looking ahead to the 2024-2029 period, the NEV market is expected to maintain an annual growth rate of around 20%, reaching approximately 2.9 million units by 2029.
From the perspective of vehicle manufacturers, the main focus will be on the development of two-wheeled electric vehicles, battery maintenance, and the integration of electric vehicles into existing infrastructure. The market is also witnessing a shift towards intelligent transportation systems that enhance the driving experience.
According to industry reports, in April 2024, the sales of NEVs in China are projected to reach 27.5 million units, reflecting a 15% increase compared to last year, with a growth rate exceeding 53.3%. The intelligence of NEVs is improving rapidly, leading to an increased demand for vehicle replacements among customers, particularly younger users.
In 2024, it is anticipated that 1.1285 million NEVs will be sold, marking a growth of 47.9% year-on-year. Despite the growth in sales, the NEV market still faces challenges regarding the availability of essential components and services.
As of April 19, 2023, the data shows that there are 52,371 vehicles on the road in China, with only 12,420 being NEVs, which represents about 23.7% of the total. The market for NEVs remains competitive, with various manufacturers striving for a larger share.
Furthermore, the industry is witnessing a trend towards higher standards for maintenance services, with a significant gap between the number of NEVs on the road and the available service facilities. Currently, less than 10,000 technicians are qualified for NEV maintenance, which is inadequate for the growing number of vehicles.
In conclusion, while the NEV market is expanding rapidly, it still faces challenges related to maintenance and service availability. The continuing growth in NEV sales is expected to foster improvements in service infrastructure and technician training to meet the rising demand.
Original article by NenPower, If reposted, please credit the source: https://nenpower.com/blog/new-energy-vehicles-market-analysis-growth-projections-and-service-needs-through-2025/
