Chan Ye Xin Xi Wang·2025-06-05 01:29Core Viewpoint - The rapid development of China's new energy vehicle (NEV) components industry is driven by domestic economic growth, the fast expansion of the vehicle market, supportive national policies, and increased global sourcing efforts, with projected revenue reaching approximately 1.903 trillion yuan in 2024 [1][14]. Industry Overview - NEV components are essential units that make up various parts of new energy vehicles, playing a critical role in vehicle performance, safety, and reliability [3][12]. - The main components include the drive system, brake system, suspension system, body and interior/exterior parts, lighting system, air conditioning system, safety system, network communication system, and auxiliary systems, with the "three electric systems" (battery, motor, and electronic control) being the core [3][4]. Policy Support - The Chinese government has introduced multiple policies to support the NEV components industry, aligning with the "dual carbon" strategy to promote sustainable development [5][7]. - Key policies include the promotion of new power batteries and critical materials, as well as the establishment of standards for key components and intelligent network technologies [5][7]. Industry Chain - The NEV components industry chain consists of upstream raw material supply, midstream production, and downstream manufacturers, including vehicle manufacturers and repair shops [8]. Cost Structure - The cost structure of NEV components shows significant characteristics of electrification and intelligence, with the battery system accounting for 30% to 45% of the total vehicle cost [10][12]. - The electric drive system constitutes about 10% to 15% of the total cost, while the body and chassis account for 15% to 25% [10]. Market Growth - The production of NEVs in China has grown from 340,500 units in 2015 to an estimated 12.888 million units in 2024, with a compound annual growth rate (CAGR) of 49.74% [12]. - In the first quarter of 2025, NEV production and sales reached 3.182 million and 3.075 million units, respectively, marking year-on-year growth of 50.4% and 47.1% [12]. Key Enterprises - Major players in the NEV components industry include CATL, BYD, and others, with CATL projected to generate 253 billion yuan in revenue from battery systems in 2024 [23]. - BYD is also a significant player, with projected revenue of 617.4 billion yuan from its automotive and related products in 2024 [25]. Development Trends - The industry is experiencing a shift towards high-tech areas, with advancements in solid-state batteries and intelligent driving technologies [27][28]. - Regional industrial clusters are reshaping the components industry landscape, enhancing supply chain resilience and reducing logistics costs [28][29].