Analysis of the New Energy Special Vehicle Market in the First Half of 2024

According to data from the China Automobile Dealers Association, in the first half of 2024, my country's new energy special-purpose vehicles sold a total of 225,500 units, a year-on-year increase of 113%, setting a record high for the same period in history, demonstrating the strong development momentum of the new energy special-purpose vehicle market since this year.
So, what are the main characteristics of my country's new energy special-purpose vehicle market in the first half of 2024?
Feature 1. Cumulative sales exceeded 200,000 units for the first time, setting a record high for the same period in history
According to terminal registration data, my country's new energy special-purpose vehicle sales and year-on-year statistics in the past 7 years:

The above chart shows that in the first half of 2024, the sales volume of new energy special vehicles in my country reached 225,500 units, the highest in the same period in the past seven years. It is also the first year in the first half of the year that the sales volume exceeded 200,000 units, and the sales volume increased by 113% year-on-year, ranking third in the same period in the past seven years. Since the cumulative sales volume of new energy special vehicles in my country has been relatively small in the first half of the year before 2018, it can be concluded that the sales volume of new energy special vehicles in the first half of this year has reached a record high in the same period in history. This shows that the new energy special vehicle market in the first half of this year is the hottest in the same period in history.
According to analysis, it mainly benefits from the following aspects:
First, it benefits from the continuous increase of national policies.
In the first half of this year, the state intensively issued policies to support the development of new energy logistics vehicles.
For example, on March 5 this year, Premier Li Qiang delivered a government work report to the Second Session of the 14th National People's Congress. The government work report deploys ten tasks for this year, many of which involve transportation, including the implementation of reducing logistics and transportation costs, deepening comprehensive transportation, consolidating and expanding the leading advantages of industries such as intelligent networked new energy vehicles, boosting the consumption of intelligent networked new energy vehicles, electronic products, etc., focusing on supporting scientific and technological innovation, new infrastructure, energy conservation, emission reduction and carbon reduction, deepening the implementation of rural construction actions, strengthening the construction of charging piles, cold chain logistics, and delivery and distribution facilities, vigorously developing a green and low-carbon economy, and promoting the green transformation of industrial structure, energy structure, transportation structure, and urban and rural construction.
In addition, the increase in the policy of replacing new vehicles issued by the state in the first half of this year has also effectively promoted the increase in sales of new energy special vehicles in the first half of this year.
Second, thanks to the implementation of the new blue license plate regulations, the rapid growth of new energy logistics vehicles, especially new energy light trucks and large trucks, has been promoted in the first half of this year.
Feature 2: New energy logistics vehicles lead the new energy special vehicle market, but their dominant position has declined year-on-year
According to terminal registration data, in the first half of 2024, a total of 193,000 new energy logistics vehicles were sold, a year-on-year increase of 110%, outperforming the 113% year-on-year growth rate of the new energy special vehicle market in the first half of this year by nearly 3 percentage points; in the first half of 2024, new energy logistics vehicles accounted for 85.6% of the new energy special vehicle market, a year-on-year decrease of 1 percentage point. This shows that the dominant position of new energy logistics vehicles in the new energy special vehicle market in the first half of this year has declined year-on-year.

According to analysis, the new energy heavy-duty trucks in the new energy special vehicle market in the first half of 2024 showed a significant year-on-year increase (141% year-on-year), outperforming the 113% growth rate of the new energy special vehicle market in the first half of 2024 by nearly 28 percentage points, thus promoting the faster growth of the new energy special vehicle market in the first half of 2024. The rapid growth of the new energy heavy-duty truck market benefited from the higher growth rate (189%) of new energy tractors in the first half of 2024.
Feature 3: The status of the new energy truck system has increased year-on-year, and the status of the new energy surface system has weakened.

Screenshot 1, cumulative sales of various new energy logistics vehicles in the first half of 2024 (data source: public terminal registration information)
1. Cumulative sales of new energy special vehicles in each market segment in the first half of 2024:
Based on screenshot 1 and terminal registration data, sales of various new energy special vehicles in the first half of 2024:

2. Cumulative market share of each segment of new energy special-purpose vehicles in the first half of 2024:

3. Market share and year-on-year increase or decrease of each new energy market segment in the first half of 2024:

As can be seen from the above three figures, by type of vehicle, the sales structure characteristics of new energy special vehicles in the first half of 2024 are:
As can be seen from the above three figures, by type of vehicle, the sales structure characteristics of new energy special vehicles in the first half of 2024 are:
1. Pure electric van logistics vehicles (including micro vans, medium vans, and large van logistics vehicles, the same below) accounted for 52.2% in total, occupying the main position, but the proportion decreased by 8.5 percentage points year-on-year. It can be seen that pure electric vans occupy the main position in the new energy special vehicle market; but this main position has a clear weakening trend (mainly caused by the sharp decline of new energy mid-range vans. Terminal registration data shows that the proportion of new energy mid-range vans in the first half of this year decreased by 8.6 percentage points year-on-year.
2. New energy truck-based special vehicles occupy 47.8% of the market share in new energy special vehicles, ranking in a subordinate position; among them, new energy light trucks (including small trucks) account for 24.6%, ranking first; new energy heavy trucks account for 12.3%, ranking second; pure electric micro trucks account for 7.2%, ranking third; new energy pickup trucks account for 2.14%, ranking fourth; MINI trucks account for 1.5%, ranking fifth; new energy mid-range trucks account for 0.084%, ranking sixth;
3. In the first half of 2024, the cumulative share of new energy trucks (47.8%) increased by 8.5 percentage points year-on-year (in the first half of 2023, new energy trucks accounted for 39.3% of new energy special vehicles), indicating that the share of new energy trucks in the new energy special vehicle market in the first half of this year has increased significantly year-on-year, and its status has been significantly enhanced.
It is worth noting that in the 8.5% share of new energy trucks in the first half of this year, new energy light trucks (including small trucks) contributed 9.04 percentage points exclusively, making them the most contributing segment.
Feature 4: Hybrids lead the rise; the main position of pure electric vehicles is enhanced
Table 1, sales volume of new energy special vehicles of various technical routes in the first half of 2024, year-on-year, share and share compared with 2022 (data source: terminal registration):

The above table shows:
---In the sales volume of new energy special vehicles of various technical routes in the first half of 2024, the cumulative sales volume of hybrid models increased by 158% year-on-year, outperforming the growth rate of 113% of the new energy special vehicle market in the first half of this year by nearly 45 percentage points and leading the market;
---In the proportion of new energy special vehicles of various technical routes in the first half of 2024, pure electric still occupies an absolute dominant position (97.54%); followed by plug-in hybrid models (1.49%); the smallest is fuel cell models (0.97%);
---Compared with the proportion in the first half of 2023, the proportion of pure electric vehicles increased the most in the first half of 2024 (an increase of 0.74 percentage points), and the proportion of fuel cell models decreased the most (-1%).
In short, in the new energy special vehicle market of various technical routes in the first half of 2024, hybrid vehicles led the rise, pure electric vehicles led the way, and their proportion increased year-on-year.
Feature 5: Yuancheng Ruichi and Dongfeng ranked in the top three in the first half of the year
According to terminal registration data, the sales ranking of new energy special vehicles in the first half of 2024 (only car companies with cumulative sales of more than 10,000 vehicles are counted):

As shown in the above figure:
1. Among the TOP6 automakers with sales of more than 10,000 new energy special-purpose vehicles in the first half of 2024:
---Chengdu New Energy Commercial Vehicles has sold a total of 38,573 units, ranking first with a market share of 7.3%;
---Chongqing Ruichi New Energy Vehicle has sold a total of 16,391 units, accounting for 11.4% of the market, ranking second;
---Dongfeng Motor has sold a total of 14,136 units, accounting for 6.3% of the market, ranking third;
It can be foreseen that with the continued efforts of the "dual carbon" strategy and the strong support of favorable policies in various places, my country's new energy special-purpose vehicle market may usher in greater development opportunities in the second half of 2024.
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China Special Vehicle Adivsor