BEVs to account for 26% of Chinese market by 2024
- 说明
BEVs to account for 26% of Chinese market by 2024
- Sales of battery electric passenger cars (BEVs) continued to grow in China in 2024. From 5% of the Chinese market in 2020, they rose to 13% of the market in 2021, 21% in 2022, 24% in 2023 and 26% in 2024. China is thus consolidating its lead over other countries in terms of battery electric cars, since in Europe (30 countries: EU + United Kingdom + Switzerland + Norway), the share of BEV sales did not exceed 16% last year, and in the United States it did not exceed 8%. In Japan, it did not exceed 2% market share.
- In volume, BEV sales represent 7,037,467 units compared to 6,132,487 in 2023 in a market of 27.5 million passenger vehicles, up 5.8% compared to 2023. The strongest growth in China, however, are plug-in hybrid engines (PHEV), with a market share reaching 19% in 2024, compared to 11% in 2023 and 7% in 2022. In volume, PHEVs represent 5,103,379 units in 2024 compared to 2,735,656 in 2023.
- One carmaker has emerged exponentially during the rapid and significant development of BEV and PHEV sales in China, thanks to a range well adapted to demand. This is BYD, which has captured a quarter of the Chinese BEV market and half of the Chinese PHEV market. BYD has thus sold 1,750,000 BEVs + 2,500,000 PHEVs in 2024, or 4,250,000 vehicles, becoming the sixth largest car carmaker in the world last year.
- Full-hybrid (HEV) engines have little success in China, since they only represent 3% of the Chinese market in 2024, as in the previous two years. At the same time, gasoline, diesel and mild-hybrid (MHEV) engines are losing a lot of influence, going from 82% of the Chinese market in 2021 to 62% in 2023 and 52% in 2024.
BEVs represents 16% of the European market in 2024
- 说明
BEVs represents 16% of the European market in 2024
- Sales of battery electricvehicles (BEVs) have slightly decreased in Europe (30 countries: EU + United Kingdom + Switzerland + Norway) in 2024, compared to 2023, their market share at 16% remaining stable after several years of uninterrupted growth, on a market of 12.9 million passenger vehicles, up 1% compared to 2023.
- This slight decrease in BEV sales in Europe can be explained by the end of subsidies for the purchase of this type of vehicle in Germany and by the lack of low-cost battery electric offers. The Citroën e-C3 at less than 25,000 euros arrived very late on the market (September 2024). The same goes for the Renault 5 E-Tech at less than 30,000 euros. The Fiat Grande Panda, Opel Frontera and Citroën C3 Aircross will not arrive until 2025. The Volkswagen ID1/ID2 will arrive in 2026. The market share of BEVs, stable at 16% in Europe in 2024, raises question: the European Commission's objectives of a 100% European market of electric cars by 2035 seem unattainable.
- The analysis of the market shares by fuel type in Europe in 2024 shows several interesting facts:
1. gasoline engines continue their slow decline (4,273,672 units in 2024 compared to 4,581,736 in 2023).
2. mild-hybrid engines (MHEV) continue to develop (2,857,682 units in 2024 compared to 2,410,891 in 2023).
3. battery electric engines (BEV) saw their sales drop slightly (1,993,102 units in 2024 compared to 2,009,372 in 2023).
4. diesel engines continue to lose influence (1,350,294 units in 2024 compared to 1,530,800 in 2023).
5.f ull-hybrid engines (HEV) continue to progress (1,210,626 units in 2024 compared to 982,000 in 2023).
6. plug-in hybrid engines (PHEV) continue to decline (952,058 units in 2024 compared to 987,231 in 2023).
In China, market and production growth expected to continue in 2025
- 说明
In China, market and production growth expected to continue in 2025
- Chinese Market:
• The passenger car market reached a volume of nearly 22.9 million units in 2024, up 5.5% compared to 2023 (source: CPCA). The market was among other factors driven by the two "bonus" systems for purchasing a new vehicle that ended in December 2024 (but was finally extended for 2025): one for scrapping an older ICE vehicle or NEV for a new NEV and the second for scrapping an old vehicle for a new ICE vehicle with an engine smaller than 2.0 litres.The NEV market (BEV+PHEV) reached a volume of 12.23 million units, (+37.8% compared to 2023). NEVs represent 53% of the passenger car market in 2024.
• After a spectacular breakthrough, the Chinese BYD has managed to supplant the Volkswagen and GM groups, to become the number 1 in the market in 2024, with a 15% market share, while Volkswagen has fallen to 10% and GM to 6% (the Chinese brands Wuling and Baojun representing two thirds of GM's 6%). The Chinese groups Chery, Geely and Changan are now in 3rd, 4th and 5th position behind BYD and Volkswagen. Conversely, the Japanese and Korean brands are losing a lot of ground. At the end of 2024, Chinese carmakers represent 66% of the Chinese passenger car market compared to 57% in 2023 and 45% in 2021.
• For 2025, the market should continue to grow at a rate equivalent to 2024, even if some say that the economic climate in China is less dynamic, it is difficult to see it in the figures. The growth of NEVs should also continue with strong competition between Chinese carmakers to launch regularly new models and at competitive prices.
- Production
• The production of passenger cars (PC) in China reached 27,476,886 units in 2024, up 5.2%. These figures include cars assembled under license (J.V.). Chinese production benefits from local dynamics but also from export markets, including Russia, Mexico, Europe but also the Middle East countries (led by the United Arab Emirates and Saudi Arabia) and to a lesser extent ASEAN.
• For 2025, growth should be confirmed at a level equivalent to 2024, with export markets on the rise (Russia) and despite a policy in Europe less in favour of imports from China, but which should not see a notable effect in the short term.
Hyundai-Kia Group sold 7.23 million vehicles in 2024
- 说明
Hyundai-Kia Group sold 7.23 million vehicles in 2024
- The Korean group Hyundai-Kia sold 7.23 million vehicles worldwide in 2024, compared to 7.3 million in 2023, which represents a small decrease of 1% while the carmaker's targets had been set at 7.44 million units for 2024. The new targets for 2025 are set at 7.37 million vehicles sold, or 2% more than the final result of 2024. The Hyundai-Kia group therefore remains the third largest carmaker in the world behind the Toyota and Volkswagen groups and ahead of GM and Stellantis.
- By brand, Hyundai (including Genesis) sold 4,141,791 vehicles (-1.8% compared to 2023) and Kia 3,089,457 vehicles (+0.1% compared to 2023).
- The United States remains the Korean group's leading market in 2024, with 1,708,212 vehicle sales compared to 1,652,821 in 2023. Hyundai-Kia holds 10.7% of this market last year compared to 10.6% in 2023. South Korea remains its second market, with 1,245,020 sales and compared to 1,327,903 in 2023. Hyundai-Kia holds 76.85% of this market last year compared to 77% in 2023. Large Europe (EU + UK + Switzerland + Norway) is its third market, with 1,006,073 sales and 7.8% market share. India is its fourth market, with 850,429 sales and 17.5% market share. China is its fifth market, with 431,215 sales and only 1.6% market share, a market where the Korean group tends to gradually disappear.
- In 2024, Hyundai-Kia sold 400,000 BEVs (compared to 376,500 in 2023), 95,000 PHEVs (compared to 105,000 in 2023) and 650,000 HEVs (compared to 646,000 in 2023). These models represent 16% of the Korean carmaker's total sales (compared to 15% in 2023).
The Big Three will only represent 38% of the US market in 2024
- 说明
The Big Three will only represent 38% of the US market in 2024
- The American brands of the Big Three (GM, Ford, Stellantis) still accounted for more than 80% of new car sales in the United States in the early 1970s, with imports mainly represented by the Volkswagen Beetle, a few Japanese brands and a few European brands. This level was much lower than that recorded by American brands in the 1950s and 1960s, but had continued to decline over the following decades. From 83% of the US market in 1970, the share of the Big Three had gradually fallen to 74% in 1980, 72% in 1990, 70% in 2000, then this decline would become more pronounced in the early 2000s (this was the time of the end of the high-volume brands Plymouth and Oldsmobile). In 2010, the share of the Big Three went gradually to 45%, which cause the end of the Mercury, Pontiac and Saturn brands.
- At the same time, the share of foreign carmakers (especially Japanese) had increased from 30% in 2000 to 55% in 2010 of the US market, representing for the first time more than one in two sales. It is especially in the sedan category that foreign predominance will be affirmed and this is the reason why the Big Three had left this category of vehicles in the early 2020s.
- Between 2010 and 2020, the Big Three tried to resist with a market share flowing around 44-45% of the US market. But the following years marked by the Big Three cancelling sedans in favour of SUVs and pickups saw their market share falling below the 40% mark to 39% in 2023 and 38% in 2024. Luckily for the Big Three, their dominance in the pickup category remains very strong, but in the SUV category it seems more fragile.
- The new American brands (Tesla, Rivian, Lucid) began to develop after 2015, but their market share never reached 5% (4.2% in 2024 including 3.8% for Tesla) and are not yet offsetting the fall of the former Big three.