China’s remarkable achievement in the global electric vehicle (EV) automotive industry
SHERAZUR RAHMAN##
In recent years, the global EV automotive industry has witnessed a remarkable increase in the production, export, and consumption of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). The market value of the global EV car industry is estimated to be around $610 billion in 2023, and it is projected to reach about $623.3 billion in 2024.
The global market for electric vehicles (EVs) is projected to reach a remarkable value of $906 billion by 2028, driven by its consistent annual growth rate of 9.28%. Additionally, it is expected that the market will see a significant surge of around 29% in 2024, leading to the sale of approximately 17.5 million units. In 2023, out of the total 13.6 million EV cars sold globally, 9.5 million were battery electric vehicles (BEVs), while 4.1 million were plug-in hybrid electric vehicles (PHEVs).
China has positioned itself as a significant player in the electric vehicle sector, pioneering the production and use of EV cars within its borders. Additionally, China has emerged as the leading exporter in this industry. The country has made considerable investments in research and development with the goal of fostering the expansion of the EV automotive sector. Consequently, China has achieved remarkable achievements in this field.
Despite not achieving significant success in the conventional heavy automobile sector reliant on oil, China has made remarkable progress in the manufacturing of electric vehicles (EVs). In 2022, China’s domestic automobile companies, utilizing their own technology, played a significant role by contributing approximately 62.5% to China’s largest EV car market.
Furthermore, when it comes to the market share in China’s electric vehicle (EV) car market, General Motors and Tesla held 9.6% and 7.5%, respectively. In contrast, Germany’s Volkswagen brand only accounted for 3.4% of the market, while companies from various other countries collectively held a market share of 17.5%. It is worth noting that China’s contribution to global EV car sales was close to 60%.
Moreover, as of last year (2022), BYD, a renowned Chinese company, emerged as the leading manufacturer of battery EV cars and plug-in EV cars worldwide. Being the first local EV car manufacturing company in the world, BYD produced an impressive 1.858 million units of EV cars during that time. In comparison, US-based Tesla Corporation produced 1.32 million units, Volkswagen Group produced 0.84 million units, and General Motors produced 0.59 million units of battery (BEV) and plug-in hybrid (PHEV) cars.
According to data from the Japan Automobile Manufacturers Association, Japan exported 4.42 million units of hybrid EV cars globally in 2023. In the same period, China exported 4.91 million units of hybrid EV cars. However, the Chinese Customs Bureau reported that China’s export of hybrid EV cars in 2023 reached 5.22 million units, which was approximately 57% higher than the previous year of 2022.##