Guide
· With the influx of many emerging brands into the new energy vehicle market, the market has entered a golden period of rapid development, and policy support, technological progress and the diversification of consumer demand have jointly promoted the continuous expansion of the market.
· The emergence of emerging brands has also intensified market competition, especially in the context of the rapid development of digital and intelligent technology, and the entry of Internet technology and other types of companies has injected new vitality into the market.
· CTR Media Intelligence released the report "Analysis of the Development and Marketing Strategy of the New Energy Vehicle Industry" through special research, public opinion platform, advertising monitoring and other analysis tools.
· Starting from the background of the industry's development, the report provides in-depth analysis of the current market environment and marketing strategy trends of China's new energy vehicles, providing differentiated competition ideas for the fierce brand competition and helping the sustainable development of the new energy vehicle industry.
Reporting and interpretation
01 China's new energy vehicle market is soaring, and market competition has become fierce
· From a global perspective, vehicle electrification has become an irreversible trend, and China's new energy vehicle market has played a pivotal role in this wave.
· According to the data of the China Passenger Car Association, China's new energy vehicle sales accounted for 63.5% of the world's new energy vehicles in 2023, a figure that not only highlights the huge potential of the Chinese market, but also highlights the government's determination and effectiveness in promoting the development of the new energy market.
· A series of favorable policies, from purchase tax reductions and exemptions, subsidies and incentives to increasing infrastructure construction, have provided a strong guarantee for the vigorous development of the new energy vehicle industry.
Data source: The market share, sales volume and growth rate of new energy vehicles are from the China Association of Automobile Manufacturers, and the data of the world's share of China's new energy vehicle sales are from the China Passenger Association
· However, with the rapid expansion of the market, the competition is also becoming increasingly fierce. The gradual maturity of the whole industry chain of new energy vehicles provides broad opportunities for all parties to enter the market, but it also brings fierce market competition.
· Judging from the sales list of new energy vehicle brands in 2023, leading brands such as BYD, Tesla, GAC Aion, Wuling and Li occupy a dominant position in the market, but there are still a large number of brands competing for the remaining market share. This competitive landscape requires new energy vehicle companies to continuously improve their own strength and find the key to breaking the situation.
· In 2024, the competition of new energy vehicle companies with different positioning will intensify, and car companies in the low-price market need to win by controlling costs, make full use of price advantages, and seize market increments; the mid-to-high-end market is the core position of new energy, and the market needs to focus on improving product power and creating differentiation in terms of products, prices, brands, services, etc.; while in the luxury market, the market potential is huge, and brand power and service power are the main competitive areas.
· In the face of more fierce market competition, in addition to improving their own advantages, new energy vehicle companies should also fully understand the needs of target users, strengthen product research and development, enhance brand building, and adjust marketing strategies to maintain an advantage in the competition.
02 The demand for new energy markets is strong and differentiated, and the opportunities to influence consumption decisions are increasing
· In terms of market demand, new energy vehicles have shown strong and differentiated characteristics. Compared with traditional fuel vehicles, there are significant differences between consumers of new energy vehicles in terms of age, car purchase preferences, and decision-making paths.
· Young people are the main force in the new energy vehicle market, and they pay more attention to technological performance and appearance. Therefore, NEV companies need to formulate accurate communication strategies based on the needs and catalyst preferences of this group to establish good communication channels.
Data source: CTR Media Intelligence Independent research, public information collation
· In addition, the sinking market is also an important growth point for the new energy vehicle market. Consumers in the sinking market are mainly looking for family cars, and most of them are in the stages of marriage and love, parenting, and maternity, and have a high degree of concern about the performance, battery life, safety and space of new energy vehicles.
· Therefore, NEV companies need to have an in-depth understanding of consumer needs in the sinking market and formulate product and service strategies that meet the characteristics of the market.
Data source: CTR Media Intelligence Independent research, public information collation
· In terms of consumer decision-making paths, the new energy vehicle market has also shown new characteristics. Consumers have a more frequent and in-depth understanding of the brand at each stage, such as "broad interest", "multi-party experience" and "purchase communication".
· In the initial stage of consumers' understanding of products, emerging channels such as short videos and social media provide them with a wide range of product information, evaluations and other content, and the brand's official website and exhibition hall provide users with in-depth experience services.
· Before purchasing, users have easily contacted the marketing touchpoints of the introduction and experience of multiple products, and in the purchase stage, the price of small programs and other methods is transparent, direct, and easy to compare, and in the use and after-sales stage, all kinds of membership activities have established a good foundation for the brand to form a good reputation.
· This series of contacts not only makes it easier for consumers to fully understand and use the product, but also lays multiple contact opportunities for brand marketing.
Data source: CTR Media Intelligence Analysis and collation
· In this new purchase path model, with the change of user behavior path, the communication strategy of new energy vehicles needs to be adjusted, and strive to achieve in-depth communication with users at each touchpoint to promote purchase and post-purchase word-of-mouth maintenance.
03 From brand voice to brand power precipitation, the new energy industry has made efforts in the whole link of marketing communication
The brand competition has developed from the product itself to the marketing war
· From the perspective of brand communication, the new energy vehicle market is gradually transitioning from product competition to brand promotion competition.
· According to the data of CTR Media Intelligence News, the number of new energy vehicles has increased year by year, and a total of 203 new energy brands will be launched in 2023, an increase of 22% year-on-year. This fully shows that brand promotion has become an important means for new energy vehicle companies to compete for market share.
· With the increase in entrants, the competition in the market segment is becoming more and more fierce. In this context, domestic cars occupy a dominant position in the market by virtue of their communication advantages, accounting for as much as 70% of the market.
· In terms of model promotion, SUV models have become the mainstream choice. In order to strengthen the construction of brand power, many car companies have especially increased the promotion of their corporate image in 2023.
· Combined with the sales volume, those brands with high volume investment also showed more significant business growth.
Source: CTR Ad Cube Ad Database, 2021-2023
Do a good job in marketing mix: brand exposure + product efficiency synergy + user operation
· For new energy vehicle companies, marketing mix is an important strategy for the future game. In the cognitive stage, through hard and wide exposure, new energy vehicle companies can establish basic cognition with users at the front end of sales.
· By using a combination of online and offline coverage such as outdoor and online media, as well as endorsement by central media, brands can deepen users' awareness of them.
· In addition, online vertical media, social media, long video content and other media communication methods have created sufficient exposure conditions for auto brands to build brand voice and enhance brand power.
Data source: CTR Media Intelligence Ad Cube Advertising Database, CTR CCTV TV program implantation (excluding film and television drama implantation), Massive Engine
· On the basis of establishing awareness, new energy vehicle companies also need to strengthen the stickiness of communication with users through content marketing. By making full use of the content ecology of short video platforms and building brand content positions, new energy vehicle companies can achieve closed-loop marketing of content, interaction and conversion.
· According to data from CTR Media Intelligence, the TV implantation time of new energy vehicles will increase by 36% year-on-year in 2023.
· In terms of social platforms, taking Douyin as an example, the number of new energy vehicle video releases in the first quarter of 2023 increased by 129% year-on-year. This fully illustrates the increasing importance of content marketing in the marketing of new energy vehicles. Content ecosystems such as short videos and social platforms help brands build content positions, achieve closed-loop marketing of content + interaction + conversion, stimulate user interest and resonance, and deeply interact with consumers.
· In terms of back-link, through the operation of retained users, new energy vehicle companies build private domain content and communication positions. By focusing on the in-depth operation of the car owner membership system, the brand can exert the word-of-mouth effect and further enhance the brand influence. This set of combinations, including the front, middle and back processes, provides a positive strategy for new energy vehicle companies from building brand voice to enhancing brand power.
There are differences in the brand communication strategies of new energy vehicles in different cycles
· For NEV companies at different stages of development, different marketing mixes should be used according to the stage of brand development. Based on the leadership of sales and communication efforts, the leading brands need to support national awareness with high volume in marketing communication. Reach and segment users through multicultural content, strengthen in-depth communication, and achieve refined marketing with the help of cooperative media resources, data, operations and other capabilities.
Data source: CTR Media Intelligence Case Collation
· For brands that are on the rise, they can establish consumer awareness for the brand through official media endorsement, and use high-traffic and high-fit spokespersons to shape the brand image.
· By bundling key cities to carry out urban marketing, gradually cover more regions, and use the interest circles with high preferences of young people to efficiently interact with potential groups. The implementation of these strategies will help new energy vehicle companies to achieve the precipitation and improvement of brand power in the market.
Data source: CTR Media Intelligence Case Collation
03 Summary
· The current trend of the new energy vehicle industry and media communication shows the characteristics of diversification, differentiation and intensified competition. In the face of these challenges and opportunities, NEVs need to keep up with market trends, gain a deep understanding of consumer needs, formulate appropriate communication strategies, and maintain their competitive advantages and achieve sustainable development by enhancing brand power, optimizing products, and strengthening user communication.
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