2025-05-24-Jefferies-中国充电生态系统-月度数据追踪_13页_930kb

报告摘要

China Charging Ecosystem Summary (April 2025)

Core Content Overview

The document provides an update on the development of China's charging infrastructure, including key metrics on total charging piles, public and private charging volumes, battery-swapping stations, and market share (M/S) distribution among major operators. It also compares China's progress with that of the US and EU.

Key Metrics in China

Total Charging Pile Population

As of the end of April 2025, the total number of charging piles in China reached 14.1 million units.
This represents a 46% YoY increase and is 10% above the level at the end of December 2024.

EV Population and Ratio

The EV population in China reached 35.9 million units by April 2025.
The EV-to-charging pile ratio improved to 2.6x by the end of April 2025, up from 2.5x at the end of December 2024.

Public Charging Piles

Public charging piles increased by ~413k units in April 2025, a 65% YoY rise.
Total public charging piles reached ~4.0 million units by end-April 2025, up 34% YoY and 12% above end-Dec 2024.
DC fast chargers accounted for 46% of the public charging pile population, unchanged from the end of 2024.

Private Charging Piles

Private charging piles reached ~10.1 million units by end-April 2025, up 52% YoY and 9% above end-2024.
New private installations in April 2025 amounted to 834k units, representing 19% of EV sales during the same period.

Public Charging Volume

Public charging volume in April 2025 grew 51% YoY to 23,520 GWh.
It accounted for 0.75% of China's electricity consumption, up from 0.57% in 2024.

Battery-Swapping Stations

The number of battery-swapping stations reached 4,758 by end-April 2025.
This is a 28% YoY increase and 7% above the end of 2024.
New additions in April 2025 were 315, a 113% YoY increase.

Market Share (M/S) Analysis

M/S in Terms of Charging Piles Owned

The combined M/S of the top 5 operators by number of charging piles grew 0.1ppt YoY to 63.2% by end-April 2025.
The top 10 operators saw their M/S increase 0.1ppt YoY to 78.4%.

M/S in Terms of Charging Volume

The combined M/S of the top 5 operators in terms of charging volume grew 0.3ppt YoY to 77.3% in April 2025.
The top 10 operators saw a 2.5ppt YoY decrease to 86.5%.

Top Operators by Charging Volume

TELD (TGOOD): Charging volume grew 14% MoM in April 2025.
Star Charge: Charging volume grew 12% MoM.
Xiaoju: Charging volume declined 2.4% MoM.
YKC: Charging volume increased 38-76% YoY.
Shenzhen Automotive Power Grid: Charging volume increased 26% YoY.

Utilization Rate

The average utilization rate of the top 10 operators in April 2025 ranged from 3.0% to 9.4%.
Xiaoju remained the top with a 9.4% utilization rate, down from 9.8% in April 2024.

Comparison with US and EU

US

Charging outlets reached >230k units by end-April 2025, up 22% YoY and 6% above end-Dec 2024.
Public charger outlets accounted for 90% of total charging outlets, flat compared to end-2024.
Public charger population grew 20% YoY and 7% above end-Dec 2024.
Private charger population increased 37% YoY but was 2% below end-Dec 2024.
EV sales to charging pile new installation in April 2025 was 41, up from 34 in April 2024.

EU

Public charging points reached >793k units by now, up 8% YoY.
DC charger population increased 12.5% YoY, representing 16% of total charging points.
EV sales to pile new installation YTD was 12.4, up from 12.1 in 2024.

Summary of Key Trends

China's charging infrastructure continues to expand rapidly, driven by both public and private investments.
The EV-to-charging pile ratio is improving, indicating better alignment between EV growth and charging availability.
Market concentration in charging volume is increasing, with the top 5 operators holding 77.3% M/S in April 2025.
Xiaoju remains a leading operator in terms of utilization rate, while TELD and Star Charge are growing in terms of charging volume.
The US and EU are also expanding their charging networks, though at a slower pace compared to China.

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