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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Market Data Figures spread through XX Pages and an in-depth TOC on "China Electric Vehicle Market"
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 industries” said
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.
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