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1、Insights on Singles Car Market(2024)Yiche Research InstituteThe Force Behind the Rise of the Xiaomi EVAuthorsDirector/Chief AIndustry AIndustry ALijun ZhouYing GaoBenya ShiVisual DQiang ZhangMarried Car MarketSingles Car MarketSingle0MarriedSingles car market:vehicle segment composed of unmarriedcar

2、 buyersChinas singles car market has gone through significant changes in recent years:more and more younger consumers are buying cars earlier in their lives.Rather than buying when they get married after working for a few years,they are now buying as soon as they start working when they are still si

3、ngle.This is driving up the scale of the singles car market;singles car buyers are also becoming older with higher education levels,which is driving up the value of the that marketThough many carmakers have launched brands that are distinctive,which will drive up research value of the singles car ma

4、rket that are more friendly to these types of brands,most of these carmakers did not launch these brands with the singles buyers in mind.This makes the urgency to research and understand the singles car market all that greater;The research data presented in YRIs 2024 China PV user insights series is

5、 primarily based on YRI online research with a sample size of more than 60,000 in 2023,as well as on Yiche Big Data and YRI offline research with a sample size of more than 10,000 in 2023.Singles Car Market Schematic-5%0%5%10%15%20%25%30%01002003004005002014201520162017201820192020202120222023Over t

6、he past decade or so,the singles population in China has risen significantly as more and more people go into marriage and have kids much later in their lives,housing prices continue to rise,college graduates continue to baloon,working over time become more common and wedding gift values continue to

7、rise,driving the rise of the singles car market.In 2014,that market was less than 2 million units,but rose steadily over the next three years to more than 3 million units in 2017.Growth stagnated over the next three years,but sales suddenly jumped to 3.8 million units in 2021,over 4 million units in

8、 2022 and 4.66 million units in 2023,up 11.63%with market share rising to 21.56%;Chinas car market during those 10 years were dominated by family cars whereas the singles car market was masked,lacking charm and strength.Fast forward 10 years,the singles car market has become center stage.The 4.66 mi

9、llion units sold in 2023 is enough to surpass the German car market and nearly equaled the Japanese market,becoming a new force in the global car market;The singles car market is totally capable of cultivating blockbuster sellers and brands.All it needs is a“prince charming”to ignite that growth.Chi

10、nas singles car market in 2023 had end-user sales of 4.66 million units,rising significantly to become a dominant force in the family car market and a new force in the global car marketChina PV Market Singles Car End-User Sales&Growth 2014-2023(10,000 units)End-User SalesYoY GrowthSource:YRIMarket s

11、hare:said variable as a percentage of overall marketShare of Singles Car Buyers inChinas PV Market 2014-2023Sales of Top 10 Global Car Market 2023(10,000 units)0%5%10%15%20%25%201420152016201720182019202020212022202301000200030004000ChinaUSAIndiaJapanChinese Singles CarMarket(PV)GermanyBrazilUKFranc

12、eKoreaCanadaSource:YRIMarket share:said variable as a percentage of overall marketSource:YRIThough the singles car market is still dominated by male buyers,it is female buyers that are driving growth:from 2021 to 2023,their contribution to sales grew from 35%to 42.95%.This is closely associated with

13、 the fact that in recent years single male buyers flocked to the used car market and single female buyers still preferred to buy new cars;Because the use case for female buyers is centered more on mobility enabling,the fact more sales in the singles car market are going to female buyers means that i

14、tll become more of a mobility enabling market.From 2021 to 2023,the percentage of buyers in the singles car market buying to enable mobility rose from 33.94%to 45.83%.Mobility enabling is now the No.1 buying factor in the singles car market;Because EVs are more suitable for mobility enabling,the mor

15、e the singles car market becomes a mobility enabling market,the more it will become an electrified market.From 2021 to 2023,the share of NEV sales in the singles car market rose from 7.01%to 38.45%,the share of BEVs rose from 5.17%to 27.31%.Based on the 4.66 million units sold in 2023,the singles ca

16、r market contributed 1.79 million vehicles to the NEV market and 1.27 million vehicles to the BEV market;In 2023,a slew of EV brands like ZEEKR,NIO,Xpeng,IM and AVATR sold only 100,000-200,000 vehicles in China,with many selling less than 100,000 units.The singles car market therefore is of critical

17、 value to these brands as well as the Xiaomi SU7 that launched on March 28.In hindsight,the rapid rise of Tesla over recent years is directly correlated with the singles car market.The key growth driver for the singles car market has been female buyers,who contributed to 42.95%of sales in 2023 and h

18、elped accelerate electrification and mobility enabling of the segment,a boon for models like the Xiaomi SU7Singles Car Market by Gender2021-2023Top 5 Purchase FactorsAmong Singles Car Buyers 2021-2023Singles Car Market by Energy Type 2021-20230%20%40%60%80%100%202120230%20%40%60%0%20%40%60%80%100%20

19、212023BEVEREVPHEVHEVICEVFemaleMale20212023MobilityEnablingWorkCommuteRoadTripNormalUpgradeMarriageSingles car buyers are older and more middle-class,so they have more desire for high-end and large vehiclesa boon for large distinctive vehicles priced aboveRMB200K such as the Xiaomi SU7Though the sing

20、les car market is still dominated by young buyers and the working class,the share of sales going to buyers that are middle-aged and middle-class has risen in recent years.From 2021 to 2023,the share of middle-aged buyers in the singles car market rose from 25.04%to 26.89%,while that of middle-class

21、buyers increased from 28.48%to 31.94%.This is closely associated with the fact that in recent years people that work in high-income industries such as internet and finance were more likely to delay marriage and having kids;Because middle-aged and middle-class buyers are more likely to purchase high-

22、end brands and bigger vehicles,more middle-aged and middle-class buyers means higher share of high-end brands and midsize and larger vehicles.From 2021 to 2023,the share of singles buyers that purchased high-end brands rose from 15.34%to 25.04%,while that of those that purchased midsize and larger v

23、ehicles increased from 24.06%to 36.63%;In recent years,many EV brands like Tesla,NIO,IM,ZEEKR,AVATR,ARCFOX and Xpeng primarily produced and sold midsize and larger vehicles positioned as high-end vehicles priced above RMB200K.They all should have benefited from the singles car market opportunity.But

24、 in reality,only Tesla has really benefited.Can Xiaomi with its charismatic leader Lei Jun and tremendous brand strength also capitalize on this opportunity?Singles Car Market bySegment 2021-2023Singles Car Market byVehicle Size 2021-2023Source:YRIYouth:35 years old;middle-aged:35-54;elderly:55&abov

25、e;working class:annual income RMB500K 0%10%20%30%40%50%60%70%80%90%100%20212023High-EndMass MarketEntryLargeMid to LargeMidsizeCompactSmallMicro0%10%20%30%40%50%60%70%80%90%100%20212023Singles Car Buyers by Age Group 2021-2023Singles Car Buyers by Income 2021-20230%10%20%30%40%50%60%70%80%90%100%202

26、12023RMB500K&AboveRMB450K-499.9KRMB400K-449.9KRMB350K-3999KRMB300K-349.9KRMB250K-299.9KRMB200K-249.9KRMB150K-199.9KRMB100K-149.9KRMB50K-99.9KRMB50K55&Above50-5445-4940-4435-3930-3425-2924&Below0%10%20%30%40%50%60%70%80%90%100%20212023More singles car buyers have higher education level and live in bi

27、gger cities,which will drive personalized consumption not only in the singles car market but in Chinas car market overallBeginning from 2020,the number of fresh college graduates in China accounted for more than half of the population of people of the same age group.Many universities and colleges ar

28、e located in large cities and many of their graduates often stay in those cities to work.These factors have contributed to the fact that more singles car buyers than ever have higher education level and live in larger cities.From 2021 to 2023,the share of singles buyers with junior college degrees o

29、r higher rose from 63.28%to 75.99%,while that of singles buyers living in tier 1,new tier 1 and tier 2 cities increased from 66.68%to 72.76%;Because singles car buyers that receive higher education and live in large cities tend to marry and have kids later in their lives and love distinctive product

30、s that are sporty,stylish and tech-rich,its going to drive personalized consumption.In 2023,relative to industry average,the share of singles car buyers choosing personalized products such as streamlined&sporty,refined&stylish,cute&small and off-road&macho is higher;In 2023,many users of EV brands l

31、ike Xpeng,NIO,ZEEKR,IM and AVATR more often than not have received higher education and live and work in large cities.These brands should make every effort to capitalize on this new wave of personalized consumption,but in reality,many of these companies are acting like mainstream carmakers and launc

32、hing a diversified product lineup.Companies like Xpeng,NIO and ZEEKR not only have distinctive products like the P7,ET5 and 007,but also products catered to families like the G9,ES8 and 009.Xiaomi will confront the same issue and will have to balance between being focused versus adapting to the mark

33、et.Only a few carmakers like Li Auto and Tesla have been able to balance short-term and long-term strategic interests for maximum benefit.Product CharacteristicsIndustry vs.Singles Car Market 2023IndustrySingles0%5%10%15%20%25%30%35%40%Grand&High-EndEconomy BlandMainstream QualityStreamlined&SportyR

34、efined&StylishSmall&CuteOff-Road&MachoNoble&LuxuryPremium BusinessSolid&SturdyTech&SimpleAvant GardeClassic&RetroSource:YRISingles Car Buyers by Education Level 2021-2023Singles Car Buyers byCity Tier 2021-20230%10%20%30%40%50%60%70%80%90%100%202120230%10%20%30%40%50%60%70%80%90%100%20212023MasterBa

35、chelorJunior CollegeHigh School/PolytechnicMiddle School&BelowTier 1New Tier 1Tier 2Tier 3Tier 4Tier 5In 2023,Deepal led all mainstream brands with a singles buyer penetration of 43.41%,new and distinctive brands are inthe limelight againIn 2023,a relatively young Deepal brand shot up into the leade

36、rship position among all mainstream brands in singles buyer penetration with a share of 43.41%.The SL03 midsize sedan launched in July 2022 and the S7 midsize SUV launched in June 2023 were both very sporty in terms of styling and reflected the brands distinctive positioning,thereby catering to purc

37、hase desires of singles buyers.In 2023,end-user sales of Deepal in China topped 100,000 units,though thats a far cry from the unrealistic 400,000-unit target it set for itself,it was still pretty amazing that it sold that many vehicles.The G318 with a macho styling that will launch in Q2 2024 will b

38、e an extension of Deepals sporty and distinctive positioning,and likely solidify the brands attractiveness to singles car buyers.An issue may come up over the next couple years when Deepal surpasses sales of 200,000 units,at which point senior execs at Changan might tweak Deepals positioning:whether

39、 it will stay the course or expand market coverage.From past experience,the risk for Changan comes not from being focused,but rather wanting to try something new;Source:YRIMainstream brand denotes those with sales of more than 30,000 in China in 2023;the denominator of the penetration rate is the br

40、and itselfwhile the numerator is the actual value of variable,this better reflects the conditions of the said brandso we are not going to do horizontal comparison43.41%39.23%38.02%36.22%34.86%32.04%31.92%29.20%28.27%27.86%27.57%27.40%26.93%26.85%26.31%25.14%24.97%24.59%23.58%23.49%DeepalMGLYNK&COPor

41、scheTANKTeslaMazdasmartORAAudiBaojunBMWBeijingZEEKRMercedesHondaXpengGeelyLand RoverLexusTop 20 Mainstream Brands with the Most Singles Car Buyer Penetration 2023Compared to Deepal,the brand definition and product positioning at LeapMotor and NETA are more complicated:they both have mainstream produ

42、cts catered to families but also offer distinctive products and are a bit indecisive on where they want to focus,resulting in a blurred positioning and weakened market presence；MG ranks second with a singles buyer penetration of 39.23%,but has not benefited fully from the singles opportunity.From 20

43、21 to 2023,MG end-user sales in China dropped from 164,100 units to 102,800 units.The reason being:a huge mismatch of what MG perceives as young or singles buyers versus what they actually are.By adding the cheaper MG5 following the MG6,MG hoped that it could capitalize on small town youth buyers.Bu

44、t in reality,these buyers flocked to larger cities for better education and job opportunities,hoping to gain more wealth and become social elites,resulting in them becoming a primary cohort of people marrying and having kids later in life.The MG5 obviously would not serve their appetite to upgrade.I

45、n 2023,MG adjusted its product strategy by launching the premium sports model MG7 and the MG Cyberster sports car.In Q1 2024,the MG7 quickly became the new star model for MG and the Cyberster greatly helped elevate the MG brand.Going forward,its all about MGs strategic determination and how effectiv

46、ely it can match the rhythm of“con-sumption upgrading”of new young Chinese buyers who are mostly single,and make MG their brand of choice!LYNK&CO ranks third with a singles buyer penetration of 38.02%.The 01,02,03,05 and 06 distinctive and sporty products that are primarily compact models launched p

47、rior to 2021 have laid a solid foundation for LYNK&COs battle in the singles car market.Had LYNK&CO timely launched EVs during that time it could have led the new trend of female buyers increasingly penetrating the singles car market.The mid to large 09 SUV launched in 2021 did help LYNK&COs efforts

48、 to go high-end,but it also inadvertently moved the LYNK&CO brand into the mainstream race.In 2023,the 08 catered to both personalized and family needs launched to market acted as a buffer between the 03 and 09.If the sporty energy-saving 07 sedan does well in 2024,it will certainly help solidify LY

49、NK&COs sporty genes.By continuing to strengthen its macho-car and sports car lineup going forward,LYNK&CO could establish a new unique business model:elevating from an entry sporty brand positioning to a high-end sporty brand positioning to cater to the continuous upgrading rhythm of singles car buy

50、ers;Many mainstream high-end brands like Porsche,Audi,BMW,Mercedes and Lexus rank in the top 20,as do EV brands like Tesla,smart,ORA,Baojun,ZEEKR and Xpeng;macho and hardcore brands like TANK,Beijing and Land Rover also rank in the top 20,as well as brands that focus on“go young”like Honda and Geely

51、;Most of the brands in the top 20 rankings of mainstream brands with the highest singles buyer penetra-tion still do not have a clear overarching strategy and concrete measures to address the singles car market.Even though many of these brands have concrete“go young”strategy in place,that strategy i

52、s still focused on young married buyers.The singles car market with 4.66 million vehicles sold in 2023 could very well cultivate several blockbuster brands if it continues to expand in the future.In 2023,the LYNK&CO 03 led all mainstream models with a58.78%singles car buyer penetration,the era of di

53、stinctive vehicle models taking off is coming fastSince its brand launch in 2018,LYNK&CO has stuck to its sporty positioning,helping the LYNK&CO 03 attract young buyers that are primarily single.In 2023,the 03 led all mainstream models with a singles buyer penetration of 58.78%,selling 67,300 units

54、at relatively stable prices,in sharp contrast to massive sales promotions offered on traditional sporty models like the Civic and Mazda 3.Because Geely puts emphasis on offering models with sporty styling that cater to the interests of young buyers,models like the Binyue,Binrui and LYNK&CO 06 all ra

55、nk among the top models in singles car buyer penetration;ICE sporty sedans such as LYNK&CO 03,Civic,Mazda 3,EMPOW,Golf and CC all rank in the top 20;BEV sporty models like the Model 3,Seal,Xpeng P7 and BMW i3 all rank in the top 20;entry-lev-el high-end models like the BMW X1,Mercedes A-Class,Audi Q

56、3 and A3 all rank in the top 20.ICE sporty sedans,BEV sporty models and entry high-end models dominate the top 20 model rankings in singles buyer penetration.Source:YRIMainstream model denotes those with sales of more than 30,000 in China in 2023;the denominator of the penetration rate is the model

57、itselfwhile the numerator is the actual value of variable,this better reflects the conditions of the said modelso we are not going to do horizontal comparisonTop 20 Mainstream Models with the Most Singles Buyer Penetration 202358.78%52.51%41.50%40.66%39.85%38.95%38.42%38.26%37.58%37.44%36.74%36.47%3

58、6.45%36.06%35.92%35.77%35.31%35.28%34.05%33.84%LYNK&CO 03Deepal SL03SealBinyueBMW X1Deepal S7Model 3Mercedes A-ClassAudi Q3Mazda 3Xpeng P7TANK 300BinruiGolfCivicAudi A3EMPOWLYNK&CO 06VW CCBMW i3From a market share perspective,VW and BYD were brandsthat benefited the most from the singles car market,

59、Model Y was the biggest beneficiary model wise From a brand perspective,VW and BYD were the biggest beneficiaries of the singles car market in 2023,garnering market shares of 9.27%and 9.14%respectively,each getting over 400,000 units in end-user sales from singles buyers.Models like the Yuan PLUS,Qi

60、n PLUS,Song PLUS,Dolphin,Seagull,Lavida and Sagitar are all among mainstream models with the highest market shares in the singles car market;From 2008 to 2012,the compact car strategy helped VW increase end-user sales in China to more than 2 million units.But the current strategic planning and produ

61、ct strategy centered on young family buyers and economy,bland and spacious models has been a drag on VW,forcing it to try to defend that 2-million-unit plateau.Because VW has not responded effectively to the fact that more young buyers are becoming single,the German brand has lost market share to BY

62、D which offers more stylish and distinctive products.BYDs market share in the singles car market creeped closer to that of VW and will likely surpass it in 2024;Honda and Toyota had respective shares of 6.52%and 5.88%in the singles car market,equivalent to end-user sales of 290,600 and 262,300 units

63、,respectively;Geely had a market share of 4.81%,equivalent to end-user sales of 214,600 units;high-end brands like BMW,Mercedes,Tesla and Audi all benefited tremendously;From a model perspective,the Model Y was the biggest beneficiary of the singles car market in 2023,garnering a market share of 2.9

64、8%,which translated to 138,800 units in end-user sales,far ahead of others.The Model 3 had a market share of 1.22%translating to 57,600 units in end-user sales,also making it into the top 10.The user base of Tesla highly matches that of the singles car market evolution and therefore it is easier for

65、 Tesla to capitalize on the singles opportunity.This finding is conducive to carmakers that benchmark against Tesla better improve their benchmarking tactics.Top 20 Mainstream Brands inSinglest Car Market Share 2023Top 20 Mainstream Models in Singles Car Market Share 2023Source:YRIMainstream models

66、denote those with sales of more than 30,000 units in China in 2023;market share denotes share of variable as a percentage of total industry salesSource:YRIMainstream brands denote those with sales of more than 30,000 units in China in 2023;market share denotes share of variable as a percentage of to

67、tal industry sales9.27%9.14%6.52%5.88%4.81%4.76%4.37%4.20%4.20%3.11%2.94%2.39%1.71%1.63%1.54%1.46%1.35%1.16%1.10%1.04%VWBYDHondaToyotaGeelyBMWMercedesTeslaAudiWulingChanganNissanHavalLYNK&COBuickCheryGAC AIONChangan OshanDeepalGAC Trumpchi2.98%1.52%1.45%1.43%1.37%1.27%1.23%1.22%1.22%1.16%1.15%1.08%1

68、.03%0.97%0.97%0.96%0.95%0.87%0.85%0.83%Model YYuan PLUSHongguang MINIEVQin PLUS NEVCivicSeagullLavidaModel 3DolphinSagitarSylphyWuling BinguoBMW 3 SeriesSong PLUS NEVMercedes C-ClassFrontlanderAccordChangan UNI-VLYNK&CO 03IntegraSingles buyers accounted for 37.28%of buyers intending to purchaseXiaom

69、i and represent a key customer base even stronger than“Mi fans”Xiaomis official data showed that firm order intakes for the SU7 took off as soon as the order book opened after launch:reaching 10,000 units in 4 minutes,20,000 units in 7 minutes,50,000 units in 27 minutes and nearly 90,000 units withi

70、n the first 24 hours.YRI is very curious about the demographics of people wanting to buy a Xiaomi EV.Our research shows that the share of buyers intending to purchase that are single reached 37.28%,much higher than the industry average of 21.56%.Though married buyers still dominate,they account for

71、a much lower share than industry average;There has been a lot of debate and controversy on who exactly are buying Xiaomi EVs,at the center of that debate are the so-called“Mi fans.”Some think that they are the primary buying force,but others think they actually cant afford a Xiaomi SU7.We believe th

72、at the singles users in our research findings overlap with“Mi fans”but are not limited to“Mi fans.”They have a relatively more distinct profile;If singles car buyers indeed contribute significantly to Xiaomi EV sales as we predict,and given the current vitality of the singles car market making it a

73、new golden opportunity for Chinas car market,Xiaomi will have a clearer path to growth than just addressing“Mi fans.”Source:XiaomiXiaomi SU7 Firm Order Intake First 24 Hours After Launch(units)01000020000300004000050000600007000080000900001000004 min7 min27 min24 hrsShare of Buyers Intending toPurch

74、ase Xiaomi by MaritalStatus March 2024Share of China PV Market by Marital Status 2023Single37.28%Married62.72%Single21.56%Married78.44%The primary force of consumers intending to buy Xiaomi EV are thosetypical of singles car buyers,who in addition to the“Mi fans”will helpcultivate new growth opportu

75、nities for Xiaomi EVIts not a coincidence that 37.28%of people looking to buy Xiaomi SU7 are single,and the share of these potential buyers that are female,middle-aged,middle-class,have high education level and live in large cities are 40.71%,55.15%,74.29%,92.49%and 71.74%respectively,matching well

76、with the overall evolutionary trends of Chinas singles car market.These metrics for the Xiaomi SU7 are significantly ahead of the industry averages,which means the Xiaomi SU7 is perfectly suited for the singles car market,and it wont take too much efforts from Lei Jun to attract customers;At Xiaomi

77、SU7 launch event,Lei said its target customers would be owners of Model 3,Audi A4L,Mercedes C-Class and BMW 3 Series looking to upgrade.But who exactly are owners of Model 3,Audi A4L,Mercedes C-Class and BMW 3 Series?Not sure how Lei would respond to that question.YRI research shows that for these c

78、ompeting models that Lei mentioned,their share of singles car buyers are all higher than industry average and they are all in the sweet spot in the singles car market.However,these competing brands and models have not placed emphasis on the singles opportunity and are still offering typical family p

79、roducts that lack distinctiveness.Thats benefiting Xiaomi.Source:YRIYouth:35 years old;middle-aged:35-54;elderly:55&above;Working class:annual income RMB500K0%20%40%60%80%100%Singles Car MarketIntended Xiaomi Buyers0%20%40%60%80%100%Singles Car MarketIntended Xiaomi BuyersSingles Car Market2023 and

80、Intended Xiaomi Buyers March2024 by GenderSingles Car Market2023 and IntendedXiaomi Buyers March2024 by IncomeSingles Car Market2023 and IntendedXiaomi Buyers March2024 by Age Group0%20%40%60%80%100%Singles Car MarketIntended Xiaomi Buyers0%20%40%60%80%100%Singles Car MarketIntended Xiaomi Buyers0%2

81、0%40%60%80%100%Singles Car MarketIntended Xiaomi BuyersFemaleMale55&Above50-5445-4940-4435-3930-3425-2924&Below500K&Above450K-499.9K400K-449.9K350K-3999K300K-349.9K250K-299.9K200K-249.9K150K-199.9K100K-149.9K50K-99.9K50KSingles Car Market 2023 andIntended Xiaomi Buyers March2024 by Education LevelSi

82、ngles Car Market 2023 andIntended Xiaomi Buyers March2024 by City TierMasterBachelorJunior CollegeHigh School/PolytechnicMiddle School&BelowTier 1New Tier 1Tier 2Tier 3Tier 4Tier 5Brands like Tesla and Porsche that Lei Jun has referenced so much as well as models that directly compete with the SU7 l

83、ike the SealModel 3 and Xpeng P7 all rank atop the singles car buyer penetrationleaderboardDuring the Xiaomi SU7 launch event on March 28,Tesla and Porsche,and specifically the Model 3 that Lei Jun talked so much about all have attracted lots of singles car buyers.In 2023,the singles car buyer penet

84、ration of Tesla and Porsche were 32.04%and 36.22%,respectively,atop the rankings of brands with the highest singles car buyer penetration.The singles car buyer penetration of the Model 3 at 38.42%was also high atop the rankings of models with the highest singles car buyer penetration.Same goes for b

85、rands that compete directly with Xiaomi such as ZEEKR and Xpeng,as well as models that compete directly with SU7 such as the BYD Seal,Xpeng P7 and BMW i3.Xiaomis ability to proactively attract singles car buyers not only will help drive growth but also effectively counter core competitors,and vice v

86、ersa;A day before the Xiaomi SU7 launch,Tesla CEO Elon Musk tweeted:“the right way to grade any technology is not comparing it to competitors(too easy),but comparing it to the limit of physics,”seemingly a shot across to Xiaomi;Xiaomi and Tesla are both companies that Chinese singles car buyers love

87、.Going forward,its not really about comparing features or the limit of physics,but really who can better serve the needs of their potential customers.Top 20 Mainstream Models in Singles Car Buyer Penetration2023 vs.Singles Car Buyer Penetration of Buyers Intending toPurchase Xiaomi SU7 March 202458.

88、78%52.51%41.50%40.66%39.85%38.95%38.42%38.26%37.58%37.44%37.28%36.74%36.47%36.45%36.06%35.92%35.77%35.31%35.28%34.05%33.84%Top 20 Mainstream Brands in Singles Car Buyer Penetration2023 vs.Singles Car Buyer Penetration of Buyers Intendingto Purchase Xiaomi March 202443.41%39.23%38.02%37.28%36.22%34.8

89、6%32.04%31.92%29.20%28.27%27.86%27.57%27.40%26.93%26.85%26.31%25.14%24.97%24.59%23.58%23.49%DeepalMGLYNK&COXiaomiPorscheTANKTeslaMazdasmartORAAudiBaojunBMWBeijingZEEKRMercedesHondaXpengGeelyLand RoverLexusSource:YRIMainstream model denotes those with sales of more than 30,000 in China in 2023;the de

90、nominator of the penetration rate is the model itselfwhile the numerator is the actual value of variable,this better reflects the conditions of the said modelso we are not going to do horizontal comparisonSource:YRIMainstream brand denotes those with sales of more than 30,000 in China in 2023;the de

91、nominator of the penetration rate is the brand itself while the numerator is the actual value of variable,this better reflects the conditions of the said brand so we are not going to do horizontal comparisonLYNK&CO 03Deepal SL03SealBinyueBMW X1Deepal S7Model 3Mercedes A-ClassAudi Q3Mazda 3Xiaomi SU7

92、Xpeng P7TANK 300BinruiGolfCivicAudi A3EMPOWLYNK&CO 06VW CCBMW i3The locally-produced Model Q could become a new favoriteamong singles car buyers in 2025 to help Tesla counter XiaomiIn the smart phone arena,Apple was still the king of the hill as of early 2024,a position that seems insurmountable for

93、 Xiaomi.Now that it has moved into the automobile business,Tesla is going to be another insurmountable peak for Xiaomi.The Xiaomi SU7 retails between RMB215,900 and RMB299,900,once and if Tesla decides to lower prices by RMB20K-30K,dropping the starting price to RMB210,000,the SU7 will be in trouble

94、.Tesla theoretically can still cut prices but whether it wants to or not is another issue.It all depends on the impact and success of the SU7;In addition to all kinds of promotions and incentives that have been put into place,Tesla still has a few more cards to play.One of them is the rumored Model

95、Q compact crossover that are expected to be produced in China in 2025.Though the Model Q is a completely different animal compared with the Xiaomi SU7 in terms of positioning and styling,they may very well share similar customers:namely family mobility enabling users represented primarily by females

96、 and singles primarily represented by young buyers.In 2023,the shares of female car buyers and singles car buyers for Tesla were all very high,and we believe the locally-produced Model Q will be able to effectively cater to the desires of Tesla users.Since Tesla and Xiaomi have a similar customer ba

97、se,if Model Q prices move into the RMB150K-200K range,and with Teslas huge brand power and Xiaomis tactical miscues,a swath of singles car buyers could turn to Tesla,and severely dent Xiaomis prospects.Source:XiaomiTesla Buyers byGender 2023Tesla Buyers byMarital Status 2023Female52.82%Male47.18%Sin

98、gle32.04%Married67.96%Source:YRITimeline of Product Localization inChinaTesla vs.XiaomiModel Y20103040Model 3202020212025202420232022Xiaomi SU7RMB10KModel QFrom 2024 to 2030,singles car buyers are expected to accountfor a third of the car market,driving growth for individualisticconsumption and beco

99、ming the“garden of Eden”cultivatingblockbuster brands and modelsIn the past,factors like extreme imbalance of higher education vs.vocational education,people putting in the so-called“996”high intensity work,universally condemned high housing prices and steep cost of tutoring fees have either directl

100、y or indirectly driven the rise of the singles population in China.In the future,unless these issues are effectively improved,more people will stay single longer,and the share of singles car buyers in Chinas car market is only going to grow higher.From 2024 to 2030,that share,conservatively speaking

101、,is expected to top 35%.Basically,singles car buyers are expected to account for a third of Chinas car market,driving the individualized consumption wave and becoming the“garden of eden”for cultivating blockbuster brands and models;Singles car buyers are a major contributor to the incredible volume

102、of orders Xiaomi has received for the SU7 in such a short period of time,and those that are intending to purchase the SU7 represent the typical singles population and singles car buyer.If Xiaomi continues to launch distinctive models with streamlined&sporty styling for its second,third and future pr

103、oducts,it should elevate that“capitalizing on the singles opportunity”into a higher strategic threshold to counter similar measures from Tesla.Over the next 10-20 years,the singles opportunity in China may not propel Xiaomi to become one of the top 5 global carmakers,but it will at least help give i

104、t a chance to get there.The current“human car home”positioning of Xiaomi EV is relatively mainstream and obviously reflects its long-term strategic thinking.But in the near-term,we suggest Xiaomi proactively push the distinctive nature of its EV products and target the strategic weakness of core com

105、petitors like Audi,Mercedes and BMW,thereby firmly establish a strategic high ground;Over the past three years,many mainstream carmakers like BYD,Geely,Great Wall Motor and Chery not only have launched a new round of multi-brand strategy but also launched distinctive EV models like the Xpeng P7,Seal

106、 EV,ZEEKR 001/007,Denza N7,NIO ET5,Geely Galaxy E8 and Xiaomi SU7.If these companies can proactively address the singles car market where buyers desire more distinctive products,it may help improve their multi-brand strategy and better tap market potential of distinctive EVs;distinctive NEV brands l

107、ike Deepal,IM,ZEEKR and Xpeng must also make the necessary moves early on;From a global perspective,only China has the breeding ground to cultivate all kinds of sub-segments.In a market with annual sales of more than 20 million passenger vehicles,a sub-segment can easily have sales of millions of ve

108、hicles.As long as carmakers stick to their focus and serve a specific set of customers well,they all have a chance to become mainstream carmakers in China and specialty carmakers globally.Share of Singles Car Buyers inChinas PV Market 2014-2030(High tutoring fees have become major household expense)

109、SinglesChain(High housing prices and rent)(High wedding gift expense,late marriage,or no marriage at all)(Late having kids or not having kids at all)(Extreme imbalance between higher education and vocational education)(996,unemployment worsens)Family PlanningMarriageBasic EducationHigherEducationWor

110、kLife0%5%10%15%20%25%30%35%40%20142015201620172018201920202021202220232024E2025E2026E2027E2028E2029E2030ESource:YRIThis report is produced by Yiche Research Institute.All text,pictures andtables are protected by relevant trademark and copyright laws.Some textand data are collected from public inform

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113、ta;Everyone has different views,therefore we welcome comments and feedback onour own views.Lets agree to disagree.YRI positioning:non-commercial digital car market think tankYRI mission:help Yiche customers better understand Chinascar marketCommunications(Media,etc.)Extract（Survey/Consulting/Associa

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115、owledge&OpportunitiesGain Trust&CustomersGain Trust&CustomersShare Knowledge&OpportunitiesNew Species(non-commercial digital think tank)Pro:WideAudienceCon:Limitedin DepthNature:TrafficConversionEffect:BoostSalesPro:Complementary;Con:Cooperation LimitedNature:Communication of Views;Effect:Elevate In

116、fluenceThe media&thepress arestrengthening dataanalysis andindustry authority,as well as elevatingcooperation withOEMs.Case inpoint:Yicheforming YRI.Entities likeconsulting firmsarestrengtheningdata miningcapabilities andindustryauthority,andimprovingindustrycredibility andcustomerinfluence,likethe

117、McKinseyQuarterlyValue：Guidance for the massmedia:realize long-term interaction;Cooperation forcommercial extraction:facilitate long-termcollaboration;Trust for customers:build long-termcooperationTraits:CommunicationsConsciousness,ExtractionCapability,Audience BaseAuto Industry Dialogue Tour Insigh

118、ts Clear as Blazing FireCore Topic:Analyzing Chinese Car Buyer Characteristics&TrendsTime:May-July 2024Target:primarily Yiche customers including OEMs,one on one discussionSignup at WeChat:yicheresearch please provide name,position,company and cell phone#)-a New Book from Yiche Research Institutes I

119、ndustry Analysis Series gives a deeper look atChinese car buyer characteristics and consumption potential centered on the customer journey from purchase to use,covering key metrics such as traffic,net promoter score,use case,mileage used,family vehicle ownership data and parking to help carmakers re

120、fine their strategies timely so that they can better put into practice their”customer is at the center of everything we do”corporate philosophy.How to get your book:OEMs,dealers and Yiche customers should contact their Yiche service personnel:Non-Yiche customers please contact YRI directly(WeChat:yi

121、cheresearch)From May to July 2024,YRI will kick off its 8 round of“Insights Clear as Blazing Fire”Auto Industry Trends&Analysis Dialogue Tour,covering the core topic of“analyzingChinese car buyer characteristics and trends”to help carmakers capitalize newopportunities presented by these new trends.thDemystifying Chinas Auto MarketDemystifying Chinas Auto Market(2024 Edition,Part I)Contact UsFollow UsWeChatJuns Market TalkYing Gao，Industry AnalystMobile：188 0118 7009Mail：WeChat：yicheresearch