China focusses on promoting electric vehicle manufacturing industry in the country

China: China is set to promote the growth of electric vehicle and plans to see 5 million electric vehicles on roads by 2020. Presently, China is the largest producer of New Energy Vehicle (NEV) and has one of the largest domestic market for electric vehicles. In 2015, the sales of electric vehicles reached 188,700. The country offers high central and provincial subsidies and tax reliefs for the growth of electric vehicle manufacturing units. China plans to boost the production of electric vehicles by offering incentives to car manufacturers thereby resulting in investment in the electric vehicle industry.

TechSci Research depicts that China’s plans to increase the production of electric vehicles would result in increased deployment of electric vehicle infrastructure in the country. Since the country is one of the largest market for electric vehicles in the world, the decision to promote electric vehicles would result in setting up of commercial and residential charging units for electric vehicles across the country thereby giving a major push to electric vehicle infrastructure market in the region.

According to a recent released report of TechSci Research, “Global Electric Vehicle Infrastructure Market By Type, By Installed Location, By Region, Competition Forecast and Opportunities, 2011 - 2021”, the global market for electric vehicle infrastructure is forecast to grow at a CAGR of over 27% during 2016-2021, on account of favorable government policies that promote adoption of electric vehicles and growing concerns over harmful effects of air pollution. Additionally, grid integration of electric vehicles is projected to offer huge impetus to global electric vehicle infrastructure market in the coming years.