Press Release

China Electric Vehicle Market to be Dominated by the Two-Wheelers through 2028

Supportive government regulations and incentives, availability, and affordability of models, improving charging infrastructure, and rising climatic concerns are driving the electric vehicle market in China during the forecast period.

According to TechSci Research report, “China Electric Vehicle Market – By Region, Competition, Forecast and Opportunities, 2028,” the China electric vehicle market is expected to surge substantially during the forecast period due to favorable policies and incentives framed by the government to buy an electric vehicles in the country, rising awareness regarding the harmful effects of emissions from fossil fuels, advancement in technologies related to electric vehicles, and improving charging infrastructure.

The electric vehicle market in China has been growing from the past few years and one of the reasons is persistent efforts by the country’s government in this regard. Government measures play a huge role in any development or transition involving whole nation. Some of the examples of government policies are the New Energy Vehicle Industry Development Plan (2021-2035) in which investments were made to boost the technological developments in vehicle battery, drive motors, and vehicle operating systems. This policy has helped in increasing sales of electric vehicles and simultaneously reduced the average consumption of electricity in vehicles. Another policy which helped in promoting the adoption of electric vehicles is the lithium-ion battery industry specification conditions (2021 version) in which the government set the standards for the expansion of the plants. According to this policy, the expansion of battery plants is only allowed if the actual production exceeds 50% of production capacity. All these policies have helped in expansion of the electric vehicle market in the country. 

The China government have also made policies to increase the charging infrastructure in the country. Examples of policies include guidance on accelerating the development of new energy storage (2021), Implementation Plan for the Development of New Energy Storage in the 14th Five-Year Plan (2022), and Green Transportation 14th Five-Year Plan (2022). All these policies are helping in the construction and installation of charging facilities in the commercial areas, residential sector, and highways. They are also helping in encouraging the charging enterprises to operate, maintain, and improve the safety management level of the charging facilities.

The China electric vehicle market is segmented based on the vehicle type which comprises two-wheeler, three-wheeler, passenger car, light commercial vehicle, and medium & heavy commercial vehicle. Two-wheeler culture has always been popular in China, and it is considered a convenient mode of transportation in the country. The two-wheelers have cost benefits as compared to other types of vehicles. Moreover, in the densely populated areas of China, they have become a convenient mode of transportation along the with better maneuverability, which makes them a popular for personal transportation. Furthermore, electric car sales are higher than the commercial vehicles in China. This is because most of the favoring policies and incentive made by the government are majorly focused on the passenger cars. Additionally, the charging infrastructure is primarily designed in urban areas and particularly for passenger cars only. Another reason for the higher sales of passenger cars compared to commercial vehicles is the technological limitation that are linked with the latter. These factors result in the difference between the sales figures of different vehicle types.

Another segmentation of the electric vehicle market is the type of propulsion, which includes BEV, PiHEV, and FCEV. Most of the electric vehicle’s sales in the country are of the BEVs, and this is because all the infrastructure, facilities, research, and developments has been made based on pure electric vehicles as the primary mode of transport in future. However, due to the challenges involved in the compete transition to electric vehicles, PiHEVs have also gained significant portion of market share. Lastly, FCEVs are in the developing stage, therefore, they constitute lesser sales as compared to others. However, the government is taking initiatives to improve FCEVs because they have some benefits over other types of electric vehicles, such as refuel infrastructure is easy to develop in case of FCEVs and some executives have also made statements that FCEVs are better than BEVs in the long-range driving scenarios.


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Key market players in the China electric vehicle market include:

  • Transactree Technologies Private Limited (Lendbox)
  • Fairassets Technologies Private Limited (Faircent)
  • RNVP Technology Private Limited (i2ifunding)
  • Bridge Fintech Solutions Private Limited (Finzy)
  • Innofin Solutions Private Limited
  • Lendingkart Technologies Private Limited
  • Fintelligence Data Science Private Limited (RupeeCircle)
  • Fair Vinimay Services Private Limited
  • Etyacol Technologies Pvt. Ltd (Cashkumar)
  • NDX P2P Private Limited (LiquiLoans)

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The electric vehicle (EV) market in China is projected to experience a surge in demand during the forecast period, driven by the cost competitiveness among the market players, declining prices of batteries, the improvement of EV charging infrastructure, and increasing environmental worries. Additionally, the supportive government policies and incentives are helping tremendously the growth and development of the electric vehicle sector and its auxiliary industriessaid Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.

“China Electric Vehicle Market By Vehicle Type (Two-Wheeler, Three-Wheeler, Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle), By Propulsion Type (BEV, PiHEV, FCEV), By Range (0-50 Miles, 51-150 Miles, 151-200 Miles, 201-400 Miles, and Above 400 Miles), By Battery Capacity (Less Than 50KWh, 51KWh to 100KWh, 101KWh-200KWh, 201KWh-300KWh, and Above 300KWh), By Region, Competition, Forecast and Opportunities, 2028” has assessed the China electric vehicle market’s future development potential and provides data and information on market size, structure, and projected market growth. The report's goal is to give current market knowledge and assist decision makers in making informed investment decisions. Furthermore, the study identifies and analyses emerging trends, as well as key drivers, constraints, and opportunities in the China electric vehicle market.


Mr. Ken Mathews

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