Domestic Passenger Car Sales Are Expected to Achieve Steady Growth

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Domestic Passenger Car Sales Are Expected to Achieve Steady Growth

The penetration rate of new energy vehicles in 2022 is close to 30%. Wholesale sales of new energy passenger cars reached 676,000 in October, up 83.9% year-on-year and basically flat month-on-month. The total wholesale sales of passenger cars was 2.223 million, and the penetration rate of new energy vehicles reached 30.4%. With the increase in the penetration rate of new energy vehicles, it will bring new increments to the automotive thermal management industry.

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The ratio of pure electric vehicles to plug-in hybrid is 3:1. With the continuous improvement of the penetration rate of new energy vehicles, new energy vehicle companies represented by BYD have gradually led the plug-in hybrid vehicle market. However, with the continuous improvement of the penetration rate of new energy vehicles, the overall sales of pure electric vehicles are also gradually rising. According to the latest data from the Passenger Association, as of October 2022, the monthly wholesale sales of pure electric passenger cars had reached 508,000, an increase of 68% year-on-year.

In 2025, the domestic new energy passenger car thermal management industry market space is expected to reach 75.7 billion yuan. According to the data of the Federation, the wholesale sales of domestic passenger cars in January-October 2022 reached 19.16 million units, up 13.7% year-on-year. According to the historical car sales in November and December 2019-2021, sales at the end of the year were relatively strong, with monthly sales exceeding 2 million vehicles. As a result, wholesale passenger car sales are expected to exceed 23.5 million in 2022, up 9 percent year-on-year, largely eliminating the adverse impact of the outbreak on full-year car sales in the second quarter, spurred by preferential policies. With the subsequent outbreak gradually stabilizing, domestic passenger car sales are expected to achieve steady growth. According to the Automotive forecast of the Federation and LMC, the total domestic passenger car market is expected to reach 24 million vehicles in 2025.


Post time: Jan-05-2023