Research Nester has released a report titled “China Electric Vehicle Market – Regional Demand Analysis & Opportunity Outlook 2028” which delivers detailed overview of the China electric vehicle market in terms of market segmentation by vehicle type, by drivetrain technology and by charging technology.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
The China electric vehicle market is segmented by vehicle type into passenger, commercial and other vehicles. Electric car segment, which is a sub-segment of passenger cars, is anticipated to hold the largest market share owing to passenger cars contributing to the largest share of vehicular fleet in the region, along with increasing focus of the government to limit the use of combustion-engine vehicles. Additionally, several advancements observed in the development of batteries for passenger electric cars, along with the existing growth rate observed in the sales of electric cars in the region, are some of the factors anticipated to promote the growth of the segment in the China electric vehicle market. In the statistical report “Global EV Outlook 2019”, of the International Energy Agency, China constituted to a share of around 45% of the world’s total electric car fleet in the year 2018. Moreover, electric car stock in the region grew at a doubling speed to reach to 2.3 million in the year 2018.
The China electric vehicle market is anticipated to record a CAGR of around 30.21% during the forecast period, i.e. 2020-2028. Increasing concern for rising number of deaths arising due to the increasing air pollution in the region, along with government’s increased focus to curb the problem and follow its 2030 development agenda as a part of its commitment under Goal 13 of sustainable development goals (SDGs) of the UNDP, are some of the factors that are helping to contribute towards the growth of the China electric vehicle market.
Increasing Demand For Electric Vehicles In The Region
In the statistical report “Global EV Outlook 2019”, of the International Energy Agency, in the year 2018, almost 1.1 million electric cars were sold in China, making it the world’s largest electric car market with a share of almost 55%. Moreover, sales of electric cars increased from nearly 600,000 numbers in the year 2017. Furthermore, the region produced 26 million two-wheeler electric vehicles in the year 2018, along with an estimate of 250 million units in circulation. Additionally, the region also observed sales of 54,000 electric LCVs in the same year.
Stringent norms of the government in the region to curb the severe issue of air pollution has helped overall in the growth of the electric vehicle market in China. Increasing need of the government to reduce its dependence on oil imports, along with several other supportive factors, such as limiting issuance of registration permits for combustion-engine vehicles, along with development of new policies, such as the New Energy Vehicle (NEV) mandate policy illustrated by the Ministry of Industry and Information Technology (MIIT) of China, such factors together are anticipated to drive the growth of the China electric vehicle market.
However, increasing concern regarding lowering of subsidies for the manufacturers of electric vehicles is anticipated to limit the growth of the China electric vehicle market.
This report also provides the existing competitive scenario of some of the key players of the China electric vehicle market, which includes company profiling of SAIC Motor Corporation Limited (SHA: 600104), BYD Company Ltd. (SHE: 002594), BAIC Motor Corporation., Ltd. (HKG: 1958), Zhejiang Geely Holding Group, Chery Automobile Co., Ltd., Jiangling Motors Co. Ltd. (SHE: 000550), Jianghuai Automobile Group Corp. Ltd. (SHA: 600418), Changan Automobile Company Ltd. (SHE: 000625), Great Wall Motor Company Limited (SHA: 601633), and NIO Inc. (NYSE: NIO). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the China electric vehicle market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.