Chinese market grows by 10.2% in 2023 compared to 2022
- The Chinese passenger cars market returned to growth from 2021 after three years of decline. It reached the record of 25.9 million units in 2023 compared to 23.6 million in 2022, 21.5 million in 2021 and 20.2 million in 2020. The 30 million units may probably be reached in 2025. Last year, China remained by far the world's largest automobile market, ahead of Europe and the United States. It also remains by far the leading market for BEVs and plug-in hybrids (PHEV). Out of 25.9 million passenger car sales in 2023, there are 6,132,487 BEV sales (or 23.7% of the market) and 2,735,656 PHEV sales (10.6% of the market).
- By carmakers, we have observed for several years the declining influence of foreign carmakers (especially European), facing the increasing Chinese carmakers who now hold 55% of the Chinese market compared to 40% in 2020.
- The progression of Chinese brands, which was pushed by the growth of BEV and PHEV sales, particularly helping the BYD group which caught up with the “leader” Volkswagen group, with 13% market share for each of the two carmakers. BYD sold 3 million vehicles in China last year, including 53% BEV and 47% PHEV, while Volkswagen also sold 3 million vehicles but only 6% BEV and 1% PHEV. The Europeans' delay in electric motorization is obvious and could amplify their decline over the coming years.
- Behind Volkswagen and BYD, GM (8%) is followed by Geely (8%) and Toyota (7%) is followed by Chery (7%). Tesla occupies 4% of the Chinese market, while Stellantis completely disappears from the Chinese market.