China battery-electric Vehicle (BEV) market is projected to grow at a CAGR of more than 18.0% during the forecast period (2019-2025). Government support and incentives are some of the major factors for the growth of the BEV market in the country. China is one of the largest reserves of lithium due to which it aims to reduce dependence on fossil fuels. In February 2021, lithium carbonate prices in China have increased by over 40% owing to heavy demand for lithium iron phosphate (LFP) batteries. China is a major lithium producer which is 13% of the global production of contained lithium.
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Apart from this, the sale of electric vehicles is also increasing. According to EV-volumes, in 2019, China has sold around 1.2 million electric cars which is more than half of the electric car market globally. According to China Electric Vehicle Charging Infrastructure Promotion Alliance, as of 2019, China has manufactured more than 516 thousand public EV charging outlets which is an increase of 56% from the end of last year.
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In January 2021, China’s Ministry of Finance has cut out the subsidy for electric vehicles by 20%. The subsidies for the buyer in China are depending on the vehicle range that is how far it can travel with a full charge. In 2020, the subsidy amount was around $2,800 and in 2021 it is reduced to $2,228. Subsidies on the battery electric vehicle purchases have helped China to have the largest market for EVs across the globe, accounting for roughly 50% of global sales.
Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type and By Battery Type
- Region Covered- China
- Competitive Landscape- BYD Auto Co., Ltd., SAIC Motor Corp. Ltd., BAIC Group, Chery Automobile Co., Ltd., Dongfeng Motor Corp., Great Wall Motors Co. Ltd., Hyundai Motor Co., Jaguar Land Rover Ltd., Nissan Motor Co., Toyota Motor Corp., Renault Group, Tesla, Inc. and so on.
Key Questions Addressed by the Report
- What is the market growth rate?
- Which segment dominates the market in the base year?
- Which segment will project the fastest growth in the market?
- How COVID-19 impacted the market?
- Who is the leader in the market?
- How players are addressing challenges to sustain growth?
- Where is the investment opportunity?
China Battery Electric Vehicle Market Report Segment
By Vehicle Type
- Passenger Cars
- Commercial Vehicle
- Others
By Battery Type
- 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.)
