China electric vehicle battery market is projected to grow at a CAGR of more than 9.0% during the forecast period (2019-2025). China’s dominance in the electric vehicle landscape and the investment of private companies in electric vehicles in the country tend to drive the growth of the market.
In January 2020, the Ministry of Industry and Information Technology (MIIT) of the Chinese government announced its aim to have around 25% electric vehicle sales of the total vehicle sales by 2025. In addition, the Chinese electric vehicle battery industry has invested around $14.2 billion due to which the global new energy vehicle market is expected to grow to $567 billion by 2025.
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Furthermore, Chinese electric vehicle battery manufactures have started to partner with foreign companies for improving battery technology. For instance, CATL, Ningde based EV battery producer has invested $2 billion in a battery industry in Germany that will start supplying batteries to BMW from 2021. Seeking a pollution-free country, the government is also offering incentives to increase the sales of electric vehicles. For instance, an $2,300 incentive by the government on a battery electric vehicle and $1,200 on plug-in a hybrid electric vehicle is available.
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In addition, China is developing battery technology in partnership with foreign companies, hence that will grow the electric vehicle sales in the country. China aims to have an all- government supports in China are increasing the adoption of the EV battery market in the region. electric vehicle by 2035. Thus, the increasing battery technology and rising
Market Coverage
- Market number available for – 2018-2025
- Base year- 2018
- Forecast period- 2019-2025
- Segment Covered- By Vehicle Type, By Battery Type, and By Propulsion Technology
- Region Covered-China
- Competitive Landscape- Shenzhen BAK Technology Co. Ltd, BYD Co. Ltd., Contemporary Amperex Technology Co., Ltd., and Hitachi, Ltd
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 Electric Vehicle Battery Market Report Segment
By Vehicle Type
- Commercial Vehicle
- Passenger Cars
- Two-Wheelers
By Propulsion Technology
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
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.)
