China's automobile exports have shown significant growth in recent years, with the export volume reaching 5.22 million units in 2023, nearly 800,000 more than Japan's, making China the world's largest automobile exporter. According to DIGITIMES Research's latest report covering China's automobile exports, China's automobile export shows several obvious characteristics such as rapidly rising volume and value, electric vehicles becoming mainstream models, and diversifying export markets.
In the past, Japan was a major automobile-exporting country until China overtook it in 2023, when China's automobile exports reached 5.22 million units, surpassing Japan by nearly 800,000 units. Historical data shows that China's automobile exports broke the one million mark in 2018 and began gaining momentum until after 2021, with the export volume for 2023 being 4.5 times higher than that of 2018, the report's figures showed.
The rapid growth was attributed to the saturation of the Chinese automobile market and changes in the structure of export vehicles and regions. These changes also led to the rise of the average export price of Chinese automobiles to CNY137,000 (US$19,180) in 2023.
Electric vehicles (EVs) have become the main growth driver of China's automobile exports. Their export volume increased from 147,000 units in 2018 to 1.77 million units in 2023, a 12.1-fold increase in six years, far exceeding the 4.5-fold increase in total automobile exports.
The proportion of EVs relative to total automobile exports has also increased yearly, reaching 34% in 2023. This indicates the competitiveness and growth potential of China-made EVs in overseas markets.
Furthermore, DIGITIMES Research has observed differences in demand for various types of automobiles in the top ten export outlets of Chinese automobiles in 2023. For example, the top two export destinations, Russia and Mexico, primarily demanded fuel vehicles, whereas Europe and Southeast Asia preferred EVs.
Notably, Europe's mature EV market attracted Chinese companies to enhance their presence there, and in Southeast Asia, Chinese companies held an approximately 80% share in the EV market in Thailand in 2023. These regions have become important destinations for Chinese EV exports.
