China electric vehicle (EV) market is estimated to grow at a CAGR of more than 17.0% during the forecast period. The rising need to address future energy requirements is one of the major factors to drive the growth of the market. Moreover, the cohesive government programs and initiatives to fuel the growth of the EV market in China. China is one of the members of the EV30@30 Campaign that aims to accelerate the deployment of EVs. Further, China is actively participating in EV pilot project programs. In 2018, the country had set a target that electric cars and plug-in hybrids vehicles to account for at least 20% of its total vehicle sales by 2025. In 2019, the country has reduced the subsidies on the electric vehicle as it is a developing economy and is unable to spend a huge amount of subsidies. The growing investment by major market players in the Chinese market is anticipated to offer ample growth opportunities for the electric vehicle market in China.
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The market is segmented on the basis of vehicle type, propulsion technology, and battery Type. Based on vehicle type, the market is sub-segmented into commercial vehicles, passenger cars, and two-wheeler. Based on propulsion technology the market is sub-segmented into battery electric vehicles, and plug-in hybrid electric vehicles. Based on the propulsion type, plug-in hybrid vehicles are anticipated to have considerable market growth during the forecast period. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others.
Some of the major companies which are contributing to the growth of China electric vehicle market include BMW AG, BYD Co. Ltd., Chery Automobile Co., Ltd., General Motors Co., Honda Motor Co., Ltd., Lucid Motors, Inc., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including collaborations with government, new product innovations, funding to the start-ups and technological advancements to stay competitive in the market
China Electric Vehicle Market Segmentation
By Vehicle Type
- Commercial Vehicles
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicles
- Plug-in Hybrid Electric Vehicle
By Battery Type
- NiMH
- Li-Ion
- Others
A full report of China Electric Vehicle Market available @ https://www.omrglobal.com/industry-reports/china-electric-vehicle-market
Company Profiles
- BMW AG
- BYD Co. Ltd.
- Chery Automobile Co., Ltd.
- General Motors Co.
- Honda Motor Co., Ltd.
- Lucid Motors, Inc.
- Nio Ltd.
- Nissan Motor Co.
- Quiantu Motor
- WM Motor Technology Co Ltd,
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