For the first eight months of 2024, global automotive sales reached a staggering 58.24 million units; notably, new energy vehicle (NEV) sales accounted for 16.1% of the total, with a remarkable 9.39 million units sold. Pure electric vehicles accounted for a significant 10.4% of the total market share, while plug-in hybrids comprised 5.7%, and traditional hybrids made up 5.6% of the sales. Throughout China’s electric vehicle (NEV) era, the country has dominated the global market, capturing a significant 67% of total NEV sales. Notably, from July to August, this dominance reached an impressive peak of 73%. In the global pure electric vehicle market and plug-in hybrids, China’s dominance remains unchanged, with a stable 62% and 77% market share, respectively.
Pure electrical car market share
The global pure electric car market share held by China fluctuated between 2017 and 2023, with a peak of 60-65% during the period 2017-2022, before declining to 48% in 2020, and then rebounding to reach 62% in 2023. The company’s market share remained steady at 62 percent for the first eight months of 2024.
| BYD | 9.9% | 6.6% | 7.1% | 12.1% | 16.9% | 16.9% | 18.5% | 18.5% |
| Tesla | 20.1% | 23.1% | 23.0% | 20.2% | 21.3% | 23.4% | 18.7% | 18.4% |
| Geely | 3.6% | 2.0% | 2.4% | 5.0% | 5.6% | 7.4% | 7.4% | 8.9% |
| Volkswagen | 4.1% | 10.5% | 8.5% | 5.2% | 7.4% | 6.6% | 6.9% | 6.5% |
| SAIC | 8.2% | 12.9% | 14.6% | 13.3% | 9.2% | 6.1% | 6.5% | 5.5% |
| GAC | 2.8% | 3.1% | 2.7% | 4.0% | 5.1% | 2.6% | 3.2% | 3.7% |
| Nio | 1.4% | 2.2% | 2.0% | 0.0% | 1.7% | 1.5% | 2.3% | 2.5% |
| Changan | 1.9% | 0.9% | 1.7% | 2.7% | 2.2% | 3.1% | 2.9% | 2.3% |
| Chery | 3.1% | 2.2% | 2.2% | 2.9% | 1.3% | 1.7% | 2.8% | 2.2% |
| Leapmotor | – | 0.6% | 1.0% | 1.5% | 1.1% | 1.2% | 1.6% | 2.2% |
| FAW | 1.4% | 0.4% | 0.8% | 1.9% | 1.1% | 1.0% | 1.6% | 1.8% |
As a leading Chinese automaker’s share of the global pure electric vehicle market continues to climb steadily. Between 2017 and 2021, the overall share price plateaued at over 7%. This stagnation was followed by a significant surge in 2022 to 12%, which continued to escalate in 2023 to 17% and ultimately reached 18.5% in 2024? Moreover, Geely’s market share surged from a mere 4% in 2019 to an impressive 8% by 2024.
Plug-in hybrid market share
| China | 41.9% | 24.6% | 32.3% | 55.5% | 68.9% | 69.3% | 77.5% | 82.8% |
| Germany | 9.2% | 25.6% | 18% | 13.2% | 4.4% | 4.0% | 3.1% | 2.6% |
| Japan | 3.0% | 1.3% | 1.3% | 1.4% | 1.3% | 1.9% | 1.1% | 1.1% |
The Chinese market’s share of the global plug-in hybrid market fluctuated between 30% and 50% from 2017 to 2018, before declining to 25% by 2020. By 2021, China accounted for 32% of the global plug-in hybrid market, a figure that jumped to 56% in 2022 and reached an impressive 69% by 2023. Between January and August 2024, the stock’s value increased by 77%, with a notable surge of 78% during the second quarter alone.
Hybrid market share
| China | 11.9% | 16.5% | 19.4% | 22.5% | 17.5% | 13.6% | 16.2% | 18.2% |
| Germany | 2.1% | 2.5% | 2.5% | 3.1% | 2.6% | 2.6% | 3.2% | 3.6% |
| South Korea | 4.0% | 5.6% | 4.9% | 5.5% | 6.3% | 6.9% | 6.6% | 3.4% |
| Japan | 44.3% | 36.7% | 27.3% | 24.9% | 26.0% | 27.4% | 21.4% | 23.7% |
China’s hybrid market share exhibited a mixed trajectory between 2019 and 2024, experiencing a steady increase from 2019 to 2022, followed by a decline in 2023 before recovering in the third quarter of 2024?
New power car penetration fee
The global penetration rate of new energy vehicles (NEVs) has consistently accelerated, reaching 13% in 2022, 16% by 2023, and experiencing a slight dip early in 2024 with rates of 15% in Q1, 18.5% in Q2, and 16.9% in the first half of the year? By the end of 2024’s first eight months, China had achieved a notable 36.4% New Energy Vehicle (NEV) market penetration, outpacing many other nations. Germany lagged behind at 16%, while Norway led the way with an impressive 60.6%. In contrast, the US and Japan trailed at 9% and 3%, respectively.
Supply: Cui Dongshu
