The electric vehicle market will continue to grow in 2023

In 2022, the global automotive industry will usher in a comprehensive electric transformation, and the sales of new energy vehicles will continue to rise.

According to the latest data of China Association of Automobile Manufacturers, from January to November 2022, China's automobile production and sales will reach 24.628 million and 24.302 million respectively, up 6.1% and 3.3% year on year respectively. Among them, the production and sales of new energy vehicles were 6.253 million and 6.067 million respectively, both doubling year on year, with a market share of 25%.

Wang Qing, deputy director of the Market Economy Research Institute of the Development Research Center of the State Council, said in an interview with the China Economic Times that, looking back on 2022, there are four impressive data on the new energy vehicle market, namely, 100% year-on-year growth in new energy vehicles, 100% growth in exports, more than 25% domestic market share, and nearly 50% market share of Chinese brands.

In Wang Qing's view, the history of the export of new energy vehicles in 2022 is impressive.

According to the data of China Association of Automobile Manufacturers, in the first three quarters of 2022, the export volume of new energy vehicles (4.030, 0.01, 0.25%) in China reached 389000, which has exceeded the annual sales volume in 2021. China overtook Germany to become the world's second largest auto exporter, second only to Japan.

Wang Qing believes that with the market share of new energy vehicles exceeding 20%, new energy vehicles have reached the stage of replacing fuel vehicles.

What changes will be made in 2023 for the well developed new energy vehicles in 2022?

The Central Economic Work Conference held recently proposed to support the consumption of housing improvement, new energy vehicles, elderly care services, etc.

Industry analysis points out that at present, the penetration rate of new energy vehicles is gradually increasing, consumers' recognition of new energy vehicles is still improving, and future demand is expected to further increase. According to the China Association of Automobile Manufacturers, the sales volume of new energy vehicles is expected to reach 9 million in 2023, with a year-on-year growth of 35%.

Lin Cheng, the chief scientist of the National Electric Vehicle Engineering Laboratory of Beijing University of Technology, predicted that the new energy vehicle market would continue to grow in 2023, especially high-end electric passenger vehicles, next-generation electric buses, electric logistics vehicles, electric heavy trucks and export electric vehicles.

"In 2023, affected by the macro-economy, the new energy vehicle market may have some small fluctuations. But in the medium and long term, it will still maintain a significant growth trend, and the growth effect and substitution effect are expected to continue." Wang Qing said.

For the challenges and tests that the development of new energy vehicles may face, Wang Qing believes that they mainly focus on the complete withdrawal of subsidies and whether the charging and changing facilities can meet the demand for more new energy vehicles.

"In addition, in 2023, whether there will be a breakthrough in the OEM mode and background mode, and whether there will be a new pattern, mainly depends on whether more innovative subjects are allowed to participate in the policy." Wang Qing stressed.