Significant Growth in China’s Plug-In Market
China’s market for plug-in electric vehicles (EVs) experienced a robust 29% increase in March 2024, with nearly 750,000 units sold. According to EV Volumes and researcher Jose Pontes, approximately 743,000 new plug-in electric cars were registered in China that month, marking a notable rise from the previous year. This growth boosted the market share of plug-ins to about 43% of all new car sales, up from 34% in the same month last year.
Detailed Sales Breakdown
In March, registrations of battery electric vehicles (BEVs) rose by 16% year-over-year, reaching around 476,000 units, which comprised 28% of the total car market and 64% of all plug-in sales. Concurrently, plug-in hybrid electric vehicles (PHEVs) saw a significant 62% growth, with roughly 268,000 units sold, representing 15% of the market. This impressive increase in PHEV sales underscores the growing appeal of versatile electric vehicle options among consumers.
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Quarterly and Annual Market Trends
During the first quarter of 2024, more than 1.8 million new plug-in electric cars were registered in China, reflecting a 36% rise compared to the same period the previous year, accounting for 39% of the total car market. For perspective, over 8 million new plug-in electric cars were registered in China in 2023, making up about 37% of the total vehicle volume. The sustained growth in 2024 indicates that the market could exceed 10 million units by the end of the year.
Top Models and Dominant Brands
BYD continues to lead the Chinese plug-in market, holding a 29.3% share of the segment, and 31.2% when including its satellite brands. The best-selling models in March included the BYD Song family, the BYD Qin Plus, and the Tesla Model Y. These models also maintained the top spots for the first quarter of 2024, reflecting strong and consistent consumer demand.
Optimistic Future Prospects
With a strong beginning to the year, the Chinese plug-in market is on track for continued expansion. As electric vehicle adoption grows and charging infrastructure improves, the market share of plug-in cars is expected to rise further. This trend benefits the environment and drives technological innovation in the automotive industry.