July 3, 2022

Minicars, sometimes called mini passenger vehicles, are appropriate for short-distance transportation and are located as entry-level automobiles. Because of low price, handy parking and occasional utilization price, minicars are appreciated via the running elegance. Within the gasoline generation, minicars basically come with Chery QQ and Benni MINI.

As China vigorously develops electrical automobiles, micro electrical automobiles have transform the point of interest of minicar advertising and marketing and feature been identified via increasingly customers. Lately, the gross sales quantity of minicars in China has grown all of a sudden. In 2021, the once a year gross sales quantity swelled via 198.2% year-on-year to 978,000 devices. It’s anticipated that the business will keep growing radically within the brief to medium time period. Through 2027, the gross sales quantity will hit 4.387 million devices, with a compound annual expansion price of 28.4% over 2021.

Because of superstar fashions equivalent to Chery QQ and Changan Benni, minicars loved the marketplace proportion of 6%-7% ahead of 2008. With the creation of the coverage of popularizing vehicles within the geographical region in the beginning of 2009, the minicar marketplace expanded radically from 30,000 devices in 2008 to 750,000 devices in 2010. On the other hand, the minicar marketplace has been slow since 2011 because of the termination of the aforementioned coverage. In 2016, handiest 234,000 minicars (together with 120,000 gasoline minicars) had been bought, accounting for 1.0%.

In 2016, the generation of electrical automobiles got here. The subsidy coverage sparked the emergence of electrical minicars, and driven up the gross sales quantity of electrical minicars to 420,000 devices in 2018. However for the reason that subsidy declined, the gross sales quantity dropped to 250,000 devices in 2019. In 2020, the beautiful Hongguang Mini EV redefined minicars which now not hover on the low finish, in order that the marketplace boomed and the gross sales quantity herein soared to 978,000 devices in 2021. Available in the market, just about 100% minicars are pushed via new power, and they’re all battery-electric fashions. The fashion of 100% electrification is anticipated to proceed.

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Relating to the aggressive panorama, China Passenger Automobile Affiliation (CPCA) printed that there have been 49 minicar fashions on sale within the Chinese language automobile marketplace in 2021, of which 14 fashions noticed the gross sales quantity of greater than 10,000 devices every. Amongst them, SAIC-GM-Wuling’s Hongguang Mini EV was once a long way forward of its competition with the gross sales quantity of 426,500 devices, with a marketplace proportion of 43.6%.

In spite of chip scarcity and value hikes, the gross sales quantity was once nonetheless as top as 106,700 devices within the first quarter of 2022. Changan Benni EV and Nice Wall ORA Black Cat secured the gross sales quantity 76,438 devices and 63,492 devices respectively in 2021, occupying the second one and 3rd puts, with the marketplace proportion of seven.8% and six.5% one at a time.

Relating to producers, SAIC-GM-Wuling introduced Hongguang MINI EV, Baojun E200, Baojun E300P and Baojun E100 in 2021, which received the blended gross sales quantity of 451,900 devices, accounting for 46.2% of the minicar marketplace. As for the second-ranked Nice Wall Motor, ORA White Cat and ORA Black Cat occupied about 8.6% of the minicar marketplace, with the overall gross sales quantity of 84,097 devices. Changan Car handiest had Benni EV on sale, making up 7.8% of the minicar marketplace as the second one runner-up out there.