China drives its way up EV exporter rankings
Global electric vehicle (EV) trade has grown undeterred in the last five years—increasing at a compound annual growth rate (CAGR) of 50.4% between 2017-2021—as multiple nations and regions encouraged EV adoption as means for meeting long-term climate change targets. China has benefitted most with its strong competitive advantages moving it up to second place in the global EV exporter rankings.
What you will learn:
- Chinese EV exports have risen exponentially throughout this five-year period, swiftly becoming the second largest global EV exporter by 2021, accounting for 15.5% of global EV exports compared to a mere 1.3% in 2017. Substantial government support, comparative advantages in battery manufacturing, and a rapid build-up of EV charging infrastructure have boosted China’s EV production, domestic sales, and exports.
- Looking on the other side of the global trade equation, a plethora of countries are increasingly importing EVs on the back of China’s growing global presence in the market. Continuously improving Chinese EVs as well as foreign branded China-made EVs have continued to make inroads into the European market. At the same time, Chinese brands have managed to capture a large portion of its domestic EV market, evidenced by the reduction in EV imports in 2020-21.
- We forecast a steady increase in EV penetration globally—from 13% in 2022 to 40% in 2030—and across major regions over the forecast horizon. This provides an opportunity to China, but whether it can maintain its position as a leading EV exporter will depend on its continued attractiveness as a production location for domestic and foreign OEMs as well as its ability to convince consumers abroad of the reliability and quality of its homegrown EV brands.
Industry Climate Service
Assess the impact climate change will have on all facets of your business. Now and in the future.Find Out More
A comprehensive source of forecasts for world trade.Find Out More
Global Industry Service
Gain insights into the impact of economic developments on industrial sectors.Find Out More