China's New Energy Vehicles (HS: 87038000) 2024 Latest Annual Import and Export Analysis
“According to customs data, the export volume of Chinese new energy vehicles (NEVs) showed a significant upward trend from 2018 to 2024. In 2021, the total export volume reached 499,993 units, representing a year-on-year growth of 157.9%. In terms of export value, the total for 2021 was $8.597 billion, an increase of 444.5% year-on-year.”
New Energy Vehicles (NEVs) refer to automobiles that utilize new power systems and are primarily or completely driven by new energy sources. With the global focus on environmental protection and energy security, the development of NEVs has received increasing attention and support. China is the largest NEV market in the world, leading in both sales and ownership. The country has not only introduced various subsidy policies but also boasts a complete NEV industry chain, including battery manufacturing, electric vehicle production, and the construction of charging infrastructure.
Today, we'll take a closer look at China's NEV exports using the example of HS: 87038000, which includes motor vehicles equipped solely with electric drive motors primarily used for passenger transport.
According to customs data, China's NEV exports have shown a significant upward trend from 2018 to 2024. In 2021, the total export volume reached 499,993 units, a year-on-year increase of 157.9%. In terms of export value, 2021 saw a total of $8.597 billion, a year-on-year increase of 444.5%. As of May 2024, the cumulative export volume was 717,500 units, a year-on-year increase of 19.39%. The cumulative export value was $14.603 billion, a year-on-year increase of 3.12%.
Based on the above data analysis, it is evident that China's NEV industry is rapidly rising in the export market. With further technological development and the expansion of global markets, export volumes and values are expected to continue growing. As China's NEV technology advances and the international influence of Chinese brands increases, Chinese-made NEVs are gaining higher recognition in the global market, particularly in emerging markets and regions with stringent environmental regulations.
Customs data indicates that China's NEV exports are primarily concentrated in European and Asian markets, accounting for 60.08% and 23.91% of the total export value, respectively. The European market is the main growth area, driven by the EU's strict carbon emission regulations and policies encouraging NEV adoption. Key markets include Belgium, the UK, Spain, Germany, and the Netherlands. In Asia, markets such as Thailand, South Korea, and Japan have increasingly embraced Chinese electric vehicles over the past few years. While the penetration rate of Chinese electric vehicles in the Americas is relatively low, China still holds a certain market share in countries like Canada, Brazil, and the United States.
Chinese NEV brands will continue to strengthen their international presence by setting up overseas factories, increasing sales outlets, and enhancing after-sales services, further consolidating and expanding their international market share. With the global emphasis on environmental protection and sustainable development, the export market for Chinese electric vehicles is expected to keep expanding, especially in emerging markets and regions with strict environmental regulations.
Guomaotong, as China’s first data company, can provide import and export customs data from over 80 countries since 2010, offering precise analysis of market distribution, detailed transaction information of import and export enterprises, volume and price analysis, supply cycles, and more. This data serves as a reliable basis for foreign trade enterprises and industry consulting firms.
(This article is an original creation by Guomao Tong. Please indicate the source when reposting.)
