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According to a new study provided to Handelsblatt by Boston-based management consulting firm Arthur D. Little, three out of ten United States are interested in buying electric vehicles made by Chinese automakers. The study by Arthur D. Little surveyed 16,000 people around the world to understand their perceptions of electric vehicles, autonomous driving, and car sharing. They asked the respondents, "Are you interested in buying an electric car made by a Chinese automaker?"
According to the survey results, Chinese consumers have a high level of recognition of domestic electric vehicles, with as many as 90% of respondents expressing interest in purchasing them. Consumers in Southeast Asia and the Middle East also showed strong interest, with 73% and 65% of consumers answering "yes" respectively. Nearly six out of ten respondents (58%) in India said they would be willing to buy a Chinese electric vehicle.
In the European market, despite the existence of many traditional automotive powerhouses, Chinese electric vehicles still win the favor of 41% of consumers. The United States market is even more unexpected, even in the context of the ongoing trade dispute between the United States and China, 29% of consumers still expressed interest in buying Chinese electric vehicles.
However, interest in Chinese electric vehicles is relatively low in Japan and South Korea. According to the report, only 14% of Japanese and South Korean consumers said they were willing to buy a Chinese electric vehicle. The results may be related to the brand loyalty of Japan and South Korea in the automotive industry, in the August sales list of the Japan auto market, the top 10 are independent brands, in the top 20, Chinese brands such as BYD, Tesla is not on the list. A similar trend is seen in Korea, with Hyundai and Kia in the top two, followed by foreign brands such as Tesla. In contrast, the Chinese people can accept Japanese and Korean cars, especially Japan cars.
Wan Gang, chairman of the China Association for Science and Technology, said that the development of new energy vehicles is the only way for China to move from a big automobile country to an automobile power. At present, China's new energy vehicles have formed a large-scale market. In terms of market share, the global market share of new energy vehicles will reach 13.3% in 2022, of which China has the highest market share of new energy vehicles, reaching 24.4% in 2022, followed by Europe, with a market share of 17.3%. Compared with the average market share of 13.3% of the global new energy vehicle market, it can be seen that the market share of new energy vehicles in India and Japan is low, and the future market space is relatively broad.
In 2014, private purchases of new energy vehicles began to appear in the mainland, which also opened the first year of new energy vehicles in the mainland. In November 2015, the production and sales of new energy vehicles in mainland China accounted for more than 1% in the overall automotive industry for the first time, and mainland China also became the world's largest new energy vehicle market in this year.
According to the observation of forward-looking industry data, the market penetration rate of new energy vehicles in mainland China (the proportion of national new energy vehicle sales in the total national automobile sales) will reach 35.7% in 2023, a significant increase from 2022.
In addition, under the promotion of new quality productivity, the development of new energy vehicles in China is particularly necessary and urgent. China's new energy vehicle industry has continued to rise in prosperity under multiple incentives such as frequent policy warm winds, battery technology breakthroughs, and successive improvement of supporting services, and has achieved a leap from the exploration stage to the large-scale stage. The rapid development of the new energy vehicle industry has not only promoted the transformation and upgrading of the industrial structure, but also promoted the green and low-carbon transformation, and enhanced the status of Chinese manufacturing in the international industrial division of labor system. It is estimated that from 2024 to 2029, the scale of China's new energy vehicle market will increase from 1,313.97 billion yuan to 2,936.13 billion yuan, with a compound annual growth rate of 14.34%, and there is still a lot of room for development.
As a technology-based decision-making think tank that understands China's industry better, the Prospective Industry Research Institute has established the "New Energy Vehicle Industry Planning Institute", hoping to give full play to the exclusive characteristic industrial planning services of "industrial research + big data + technical insight + investment resources in advance", and provide local governments with scientific, forward-looking and more practical overall consulting solutions for industrial planning. It not only provides comprehensive services such as industrial planning, investment promotion, park construction, and project operation, but also provides large-screen monitoring of marine economic industry data, compilation of industrial chain map, preparation of special policies and training guidance.
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For more research and analysis of this industry, please refer to the "Analysis Report on Market Prospect and Investment Strategic Planning of China's New Energy Vehicle Industry" by Qianzhan Industry Research Institute
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