Favorable government programs and incentives, increasing consumer inclination towards clean fuel automobiles and growing charging infrastructure to drive China electric vehicle market through 2024
According to TechSci Research report, “China Electric Vehicle Market By Vehicle Type, By Drivetrain Technology, By Charging Infrastructure, Competition, Forecast & Opportunities, 2014 – 2024”, China electric vehicle market is projected to grow at a CAGR of over 28% during 2019 - 2024. The primary factor expected to drive the market is the favorable government policy, which targets electric vehicle sales constituting 10% of the conventional passenger vehicle market by 2019 and 12% by 2020. Rising air pollution levels, expanding charging infrastructure and increasing consumer preference towards electric vehicles are some of the other major factors expected to boost sales of electric vehicles in China during the forecast period.
China electric vehicle market can be segregate based on vehicle type, by drivetrain technology, by charging infrastructure, by region and by company. By vehicle type, market is segmented into two-wheeler, three-wheeler, passenger car, commercial vehicle. Passenger car is expected to witness fastest incremental growth during the forecast period. Technological advancements for higher battery life and performance are likely to fuel the China electric vehicle market growth. Surge in the prices of petrol and diesel is also expected to aid the market growth.
Browse 56 market data Figures and Tables spread through 84 Pages and an in-depth TOC on "China Electric Vehicle Market"
Some of the major companies operating in China electric vehicle market are Yadea Group Holdings Ltd., AIMA Technology Group Co., Ltd, Zhejiang Luyuan Electric Vehicle, Jiangsu Xinri E-Vehicle Co., Ltd, Dongguan Tailing Electric Vehicle Co., Ltd., Shandong Incalcu Electric Vehicle Co., Ltd, BYD Company Limited, Tesla Inc., BAIC International Corporation and Geely Automobile Holdings Ltd.
Growing presence of various companies such as Yadea Group Holdings Ltd., AIMA Technology Co. Ltd, Zhejiang Luyuan Electric Vehicle and BYD Company, in addition to their rising focus on research & development efforts to manufacture technologically advanced as well as more affordable electric vehicles, is anticipated to positively influence the country’s electric vehicle market in the coming years. Electric two-wheeler segment accounted for three-fourth of the market share in 2017, and the segment is expected to maintain its market dominance during the forecast period, backed by economical pricing, ease of availability, and faster charging time as compared to other electric vehicle types. North China is the largest demand generating region for electric vehicles in China, owing to huge population, rapid urbanization, and presence of major electric vehicle manufacturers and their strong dealer and distribution network across the region.
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“Favorable government policies such as subsidies and tax exemptions aimed at encouraging the use of electric vehicles coupled with rising disposable income is boosting sales of electric vehicles in China. Moreover, air pollution levels are growing at an alarming rate in the country, owing to which consumer preference is gradually shifting towards electric vehicles. These factors are anticipated to have a positive impact on China electric vehicle market over the course of next five years.”, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“China Electric Vehicle Market By Vehicle Type, By Drivetrain Technology, By Charging Infrastructure, Competition, Forecast & Opportunities, 2014 – 2024” has analyzed the potential of electric vehicle market across China, and provides statistics and information on market size, shares and trends. The report will suffice in providing the intending clients with cutting-edge market intelligence and help them in taking sound investment decisions. Besides, the report also identifies and analyzes emerging trends along with essential drivers and key challenges faced by the industry.