According to a market report, published by Sheer Analytics and Insights, The China electric vehicle market was valued at $129.2 billion in 2021 and it is expected to reach $1800.9 billion at a CAGR of 25.2% between 2022 and 2032. Due to its electricity-based energy source, electric vehicles have several advantages over conventional fuel-based vehicles, including cheap operating costs, zero carbon emissions, and others. Due to consumers' altered attitudes toward electric vehicles and their increased concern for environmental pollution, the industry is growing more quickly. The growth of the market is being driven by an increase in both Chinese vehicle manufacturing and investment in the Indian auto sector. Growing funding for programs to advance battery technology and concern over environmental contamination will help fuel the industry. For instance, China issued "China V" Emission Standards that must be followed starting in January 2020 by all new cars, buses, and other heavy-duty diesel vehicles. Therefore, all these major factors are driving the China electric vehicle market over the past few years.
The city announced plans to forbid the introduction of fossil fuel-powered taxis five years ago. Today, thousands of autos instead use batteries. This electric vehicle (EV) driver also doesn't have to worry about spending time at charging facilities. A large number of electric taxis in Beijing and dozens of other Chinese cities simply drive to a battery-swapping station, where a machine quickly removes the dead battery and replaces it with a fresh one. This is just one aspect of China's rapidly expanding and diverse market for electric vehicles. Additionally, the general population is purchasing EVs in previously unheard-of quantities.
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Moreover, China has surpassed both Europe and the US in the adoption of electric and plug-in hybrid vehicles, accounting for close to 25% of all newly registered automobiles. China is home to half of all EV sales worldwide. According to Mr. Hsieh, government mandates and incentives are a major factor in this. The Chinese government has been providing subsidies for EV purchases for more than ten years. There are still many reasons to acquire an electric car, even if the value of these subsidies has decreased over time and they are set to stop by 2023. These major factors are estimated to accelerate market growth during the forecast period from 2022 to 2032.
Additionally, the utilization of rapidly evolving technology in the most recent models, as opposed to older versions, maybe one explanation. Another issue would be the lack of essential infrastructures, such as charging stations. However, the other hand, COVID-19 harmed the market in 2020. Lockdowns and decreased income of the population in China hampered market expansion. The supply chain was disrupted; there was a stop to sales and manufacturing, and these factors limited market expansion in 2020.
According to the study, key players dominating the China electric vehicle market are BMW Group (Germany), BYD (China), Groupe Relaunt (Japan), Geely (China), Honda (Japan), Jiangsu Euramy (China), Porsche SE (Germany), Qingdao Sincerely (China), Shandong Gaia (China), SAIC MOTOR (China), The Hero Group (India), Tata Group (India), Tesla Inc (U.S), Yamaha (Japan), among others.
The China Electric Vehicle Market – by Product Type:
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