China electric car market is estimated to show a growth of around 20.0% during the forecast period. The country is the largest electric vehicle market globally with covering around 50% of the global electric sales. High air pollution increases the needs to reduce carbon footprints due to which the government promoted electric vehicles in the country. However, in 2019, the government removed a significant number of subsidies on electric cars which resulted in a downfall in the second half of the year. In 2019, a downfall of 22% in the electric car sales had been registered in the country as compared to 2018. Government policies to demotivate the fossil fuel vehicles, rebates on taxes, decrease in the cost of electric cars, development of charging infrastructure, are some of the major factors for the growth of the market in the near future.
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China electric car market is segmented on the basis of vehicle type, propulsion technology, and battery type. By vehicle type, the market is further analyzed into hatchback, sedan, and SUV. Some of the most common electric cars sold in the country include SAIC Baojun E-Series EV, BAIC EU-Series, BAIC EX-Series, BYD Yuan, BMW 530Le, and BAIC EC-Series. By propulsion technology, the market is further segmented into battery-electric cars and plug-in hybrid electric cars. Battery-electric cars are expected to show lucrative growth in the country. By battery type, the market is further sub-segmented into NiMH, Li-Ion, and others. Li-ion batteries vehicle is expected to cover a major market share in the upcoming period.
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Some of the major automakers contributing to the China electric car market include SAIC Motor Corp. Ltd., BYD Co. Ltd., Great Wall Motors Co. Ltd., BAIC Group, BMW AG, Chang'an Automobile Co., Ltd., Chery Automobile Co., Ltd. and so on. The market players are considerably contributing to the market growth by adopting various growth strategies including new product launch, merger and acquisition, collaborations with government, and technological advancements to stay competitive in the market.
China Electric Car Market Segmentation
By Vehicle Type
By Propulsion Technology
• Battery Electric Car
• Plug-in Hybrid Electric Car
By Battery Type
• Anhui Jianghuai Automobile Co., Ltd.
• BAIC Group
• BMW AG
• BYD Co. Ltd.
• Chang'an Automobile Co., Ltd.
• Chery Automobile Co., Ltd.
• General Motors Co.
• Great Wall Motors Co. Ltd.
• Honda Motor Co., Ltd.
• Hyundai Motor Co.
• Nio Ltd.
• Nissan Motor Co.
• SAIC Motor Corp. Ltd.
• Tesla Inc.
• Volkswagen AG
• WM Motor Technology Co Ltd.
• Xiaopeng Motors
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