The proportion of insurance coverage exceeded 50% for the first time, and new energy vehicles have become the mainstream choice

In 2024, new energy vehicles will usher in a historic turning point.

Domestic terminal insurance volume data for new energy passenger vehicles show that in the third week of May 2024 (13th-19th), the number of domestic new energy passenger vehicles insured reached 168,000. The passenger car market share reached 50.2%, exceeding 50% for the first time.

This is also the first time that the proportion of insurance coverage has exceeded 50% since the retail penetration rate of domestic new energy vehicles exceeded 50% in the first half of April 2024. At present, the retail penetration rate and insurance penetration rate of domestic new energy passenger vehicles have both exceeded 50%.

This means that the decisive battle between new energy vehicles and fuel vehicles has ushered in a new situation - new energy has truly become the mainstream.

In fact, the general trend of new energy vehicles replacing fuel vehicles has already appeared at auto shows that are industry benchmarks. New energy vehicles have become the protagonists, while fuel vehicles have become a "rare species." More and more car companies have announced their electric transformation schedules and even suspended investment in the research and development of fuel vehicles. Brands such as BYD have even completely stopped producing fuel vehicles.

However, the growth in the penetration rate of new energy vehicles is not linear, but gradually accelerating:

From 2005 to 2015, it took China 11 years for new energy vehicles to achieve The penetration rate exceeded 1%.

From 2016 to 2019, it took China four years to increase the penetration rate of new energy vehicles from 1% to 5%.

But starting from 2020, the penetration rate of new energy vehicles has begun to grow rapidly. In 2020, the penetration rate reached 5.6%, exceeding 14% in 2021, 27% in 2022, and 33% in 2023... …

(Photo source: CCTV)

New energy vehicles have become the mainstream of the industry, and the reasons behind it are not complicated:

First of all, it is the continuous improvement of new energy vehicle product capabilities. In the early years, the range of new energy vehicles was mostly less than 300km, and the charging speed was also slow. Car owners had obvious range anxiety. In addition, early new energy vehicles lagged behind fuel-powered vehicles of the same price range in terms of power, comfort, and functional configuration. But now, new energy vehicles have surpassed fuel vehicles of the same class in terms of power, quietness, ride comfort, etc.; in terms of functional configuration, new energy vehicles with higher levels of intelligence and connectivity are also far behind fuel vehicles. gap. In terms of product strength, new energy vehicles have achieved overall leadership.

Secondly, China’s continued subsidies for new energy vehicles and the improvement of infrastructure such as charging and energy replenishment networks are also a major reason for the accelerated popularity of new energy vehicles. Nowadays, charging stations have achieved comprehensive coverage in China from first- and second-tier cities to counties and villages. Except for a few scenes such as peak travel periods during holidays, there are almost no news about new energy vehicle owners queuing up for charging. In addition, the popularity of new energy vehicles such as plug-in hybrids and extended range vehicles in recent years has further alleviated the range anxiety of new energy vehicle owners.

Finally, another major reason for the accelerated penetration of new energy vehicles in the past two years is the decline in product prices. In the early years, if a car model had both petrol and electric versions, the price of the pure electric version would often be more than 100,000 yuan higher than the petrol version. "Using a car is cheap, buying a car is expensive" is the stereotype that many people have about new energy vehicles. But now, as China's new energy vehicle industry chain matures, the prices of new energy vehicles have become more affordable. Some car companies have even used slogans such as "gas and electricity are the same price" and "electricity is cheaper than gas."

#The combination of various reasons has made new energy vehicles the mainstream choice for consumers in the current automobile market. As more and more consumers switch to new energy vehicles, the market for fuel vehicles will only shrink further, and will eventually become the choice of a small number of car enthusiasts and under special circumstances. Today, the road to popularization of new energy vehicles is not only more than halfway, but also continues to accelerate, and its popularity trend is irreversible.

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