New energy vehicle energy storage competition

What is the market penetration of new energy vehicles in 2022?

In 2022, the overall market penetration of NEVs was 25.6%, while that of new energy commercial vehicles was only 10.2% (Fig. 1.12), and that of new energy trucks was merely 8.5% (Table 1.1).

Why is the Chinese new energy vehicle industry important?

The Chinese new energy vehicle (NEV) industry has developed rapidly, which has become one of the largest NEV markets in the world. The Chinese government has played a pivotal role in supporting and promoting the NEV industry, leading to significant advancements in policies, technology, infrastructure, industrial chain, and market development.

What are the development prospects of China's new energy vehicle industry?

Overall, the competitive landscape of the Chinese NEV industry is very complex, with many different enterprises competing. It also indicates the enormous potential of the Chinese NEV market, with broad development prospects and market opportunities. In summary, the development prospects of China's new energy vehicle industry are broad in 2023.

What are new energy vehicles (NEVs)?

Throughout this report, unless otherwise specified, regional groupings refer to those described in the Annex. In the Chinese context, the term New Energy Vehicles (NEVs) includes BEVs, PHEVs and FCEVs. Based on model trim eligibility from the US government website as of 31 March 2024.

How can new energy commercial vehicles improve the clean-up process?

The frequent application in public sector with long operating hours per unit of time boosts the electrification of commercial vehicles, thus advancing the clean-up process in the road transport sector. The industry of China’s new energy commercial vehicles lags behind the whole market of NEVs.

How will the state contribute to the development of energy storage technology?

We will continue the diversification of energy storage technology and reduce the costs of relatively mature new energy storage technologies like lithium-ion batteries and commercial-scale applications. It shows that the state attaches importance to the energy storage industry and further accelerates the development of the power battery industry.