From plateau to record — then the turn
2021–2023 were quiet years: 24.94M units in 2021 (still 2.4% below the 2017 peak), 24.90M in 2022 (−0.2%), 25.30M in 2023 (+1.5%). Cumulative growth over those three years was just 1.2%. Then the market broke out of its plateau: +4.9% in 2024 to 26.5M, and +2.8% in 2025 to 27.2M — roughly 730,000 extra cars year over year and a two-year gain of 7.8%. 2025 closed at a record level.
| Year | Sales | Change | Note |
|---|---|---|---|
| 2021 | 24.94M | — | 2.4% below the 2017 peak |
| 2022 | 24.90M | −0.2% | plateau continues |
| 2023 | 25.30M | +1.5% | 2021–23 cumulative: +1.2% |
| 2024 | 26.50M | +4.9% | breakout year |
| 2025 | 27.20M | +2.8% | record level |
| 2026 YTD | 13.30M | −21.7% | September alone −26% (1.9M) |
2026 has entered a down phase. In the detailed brand rating, 16 of the 20 leading brands are declining — and for 15 of them the drop is double-digit. The steepest falls: Changan (−41.9%), BYD (−40.8%) and Honda (−39.3%).
Who is still growing
Only four brands in the leading group show growth. Leopard (Fangchengbao) tops the dynamics ranking with sales doubled (+103.5%); Leapmotor stands out among the larger players at +36.9%. Xiaomi (+7.4%) and Foton (+1.5%) grow more modestly, while Li Auto (−2.7%) is near stable — far better than the industry average.
NEVs: the engine behind the changes
Electrification is the main force that reshaped the market in a short time. NEV sales grew +149% in 2021 and +81.6% in 2022, making the segment the primary source of demand. By 2024, BEV and PHEV sales reached 9.4M units (35.5% of the total); in 2025 they grew to 10.7M (+11.4%) for a 39.3% share. The pace is far below the early boom years, but still roughly four times the overall market's growth (+2.8%) — the segment added about 1.3M units, more than the whole market's net gain of ~730,000.
Since the start of 2026, NEV sales are down 11.9% — yet the segment's share has risen to 44.7% (from 41.5% a year earlier). Nearly half of the Chinese car market is now electric or hybrid, which means the state of this segment largely defines the state of the whole market.
The NEV brand scorecard
In the top-10 NEV brand rating, four brands are growing: Leopard / Fangchengbao (+135.6%), Li Auto (+46.7%), Leapmotor (+36.9%) and Xiaomi (+2.7%). The other six are in the red. Segment leader BYD posts the biggest fall (−40.8%), with Geely second-worst at −23.7%.
Why we watch this market
Domestic momentum is the best early signal for export availability, resale value and parts depth. A downturn at home pushes Chinese brands to fight harder overseas — which is good news for dealers sourcing BYD, Geely, Leopard, Leapmotor, Xiaomi and more. We follow the monthly trend so our quote list stays ahead of the market.
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