China battery electric vehicle market is estimated to grow at a CAGR of more than 18.0% during the forecast period. The country is the largest automobile and electric vehicle market globally. More than 50% of the electric vehicle stock is in China until 2019. Government support and incentives are some of the major factors for the growth of BEV in the country. However, a downfall was recorded in 2019, when the government removed financial subsidies on electric cars. The country has one of the largest reserves of Lithium due to which it aims to reduce its dependence on fossil fuel. High air pollution and the need to reduce carbon footprints are some of the other factors due to which the government promoted electric vehicles in the country. Government regulations to demotivate the fossil fuel vehicle is expected to further drive the market in the country.
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The market is segmented on the basis of vehicle type and battery type. Based on vehicle type, the market is further classified into commercial vehicles, passenger cars, and others. During the forecast period, the passenger vehicle market is forecast to hold the largest market share in the country. Based on the battery type, the market is sub-segmented into NiMH, Li-Ion, and others. Li-ion BEVs segment is projected to cover a major market share during the forecast period.
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China Battery Electric Vehicle Market Segmentation
By Vehicle Type
· Passenger Car
· Commercial Vehicle
· Others
By Battery Type
· NiMH
· Li-Ion
· Others
(This release has been published on OMR Industry Journal. OMR Industry Journal is not responsible for any content included in this release.)
