China Electric Vehicle Market size was volume at 1.48 Mn. Units. In 2020 and the total revenue is expected to grow at 17.1 % through 2021 to 2027, China Electric Vehicle Market is reaching nearly 4.47 Mn. Units by 2027.
China Electric Vehicle Market Overview:
Maximize Market Research provides a brief description of Global China Electric Vehicle Market, provides the latest snapshots of the market, and best understands its features. The report provides an overview of the market with standard topics highlighted with data adjusted as needed. This overview will help you decide how to approach the market and understand the situation in the industry. This research methodology has been applied to examine the Global China Electric Vehicle Market and these findings have been logically mentioned in this report.
China has the largest automobile market in the world. COVID caused a 1.9 percent drop in automobile sales in 2020, to 25.3 million vehicles. This was the third year in a row that growth was negative year over year. Electric car sales, on the other hand, climbed by 10.9 percent year over year to 1.4 million units, demonstrating that demand is expanding. Subsidies were extended for another two years, with a 10% reduction each year. Subsidies were the primary driver of growing electric vehicle sales in China. In contrast to the 972,000 battery electric vehicles sold in 2019 and the 232,000 sales in 2020, the market only saw 100,000 battery electric vehicle sales in 2020. As of 2020, China has established the world's largest electric car market, industry, and most notable electric vehicle city markets in terms of overall performance. This was accomplished in less than a decade, with electric vehicles accounting for 47 percent of total vehicle sales in the recent decade.
Market Scope:
The China Electric Vehicle market report thoroughly covers analysed insights of key players in terms of market, applications, and geographies to help you identify competition both domestic and globally. The research also includes available micro market investment options for investors, as well as a full analysis of the competitive landscape and significant product offered by companies.
China Electric Vehicle Report provides in-depth knowledge and comprehension of trends, dynamics, and other topics. The research identifies the most important trends that will have an impact on the business. It aids in the identification of the information included in the research determining the competitive landscape of key companies, factors affecting the market, and other aspects that can help you determine whether your present marketing plans are on track and how to enhance them.
China Electric Vehicle Market Dynamics:
The report covers comprehensive data on market drivers, restraints, emerging trends, and growth opportunities that can change the market dynamics of the end use industry. It provides an in-depth analysis of the China Electric Vehicle Market segments which include products, applications, and competitor analysis.
In the first half of 2020, China lost ground to Europe in terms of electric vehicle market penetration. Electric vehicle market share in Europe has climbed significantly, from an annual average of 3% in 2019 to almost 8% in the first half of 2020, and it continues to rise. Germany's electric vehicle market share reached 17.5 percent in October 2020.
The market has not embraced Chinese electric car brands in terms of brand competitiveness. In the light-duty vehicle class, China's electric car strategy has been focused on serving the domestic market, with little emphasis on exporting. In 2019, China exported fewer than 1% of its electric vehicle production to international countries.
A key impediment to the rapid commercialization of electric vehicles in China is the construction of a low-cost, easily accessible charging infrastructure to accommodate the growing number of electric vehicles. The government has committed to installing 7,400 fast-charging (60-100KW) stations and 2.5 million charging units in parking lots, apartment buildings, and office complexes in Beijing, Tianjin, Hebei, Shanghai, and Guangdong provinces, with smaller numbers in second-tier regions and western provinces. Provincial governments are subsidising over 30% of the charging costs by keeping electricity tariffs low.
After spending $3 billion on subsidies in 2018, China has raised the technical requirements for the same. An EV purchased by a commercial fleet user, for example, would be eligible for subsidies only if its annual driving range exceeded 20,000 kilometres. In addition, automakers must implement systems for monitoring the operational status of sold vehicles and connect them to a national regulatory platform that was established in 2018.
When the EV market dropped in H2-2019 due to subsidy reduction, EV startups were the hardest hit, resulting in lower full-year-2019 EV sales. WEY, for example, had a sales goal of 100,000 electric vehicles but only sold 17% of them.
PESTEL Analysis:
Report provided by Maximize Market Research gives PESTEL Analysis which helps you in designing the business strategies. Political factors like tax policy, environmental regulations, tariffs etc. helps you determine the extent to which a government may influence the China Electric Vehicle market. Economic factors like interest, exchange, inflation and wage rates, minimum wage, etc. helps in analysing determinants to economy’s performance that impacts China Electric Vehicle market.
Social factors like cultural norms and expectations, health consciousness, population growth rates etc. helps in planning marketing analytics and strategies. Technological factors like innovations and developments in technologies can impact market growth. Legal factors like changes to legislation impacting employment, access to materials, etc. can help you understand the impact on market in a region or country. Legal factors helps in understanding effect of the surrounding environment and the influence of ecological aspects for China Electric Vehicle market.
Competitive Landscape and China Electric Vehicle Market Share Analysis:
The competitive landscape for the China Electric Vehicle market gives statistics and data on the various competitors. The study provides a detailed analysis and reliable revenue information for the player from 2018 to 2021. It also includes a detailed analysis based on accurate revenue (global and regional) information for the period 2018-2021. Company description, principal business, total revenue and sales, revenue earned in the China Electric Vehicle business, date of entry into the China Electric Vehicle market, China Electric Vehicle product introduction, recent advancements, and other details are given.
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Segmentation:
The market is divided into two categories: two-wheelers, and passenger and commercial vehicles. Passenger cars are currently in higher demand than commercial vehicles, and this trend is likely to continue over the forecast period. The rise is due to the country's rising population, which is fueling demand for electric cars (EVs) and the government's stringent pollution regulations. For example, beginning in July 2020, the Chinese government will implement China 6 pollution control requirements in the region, which are more stringent than previous China 5 standards and are based on EURO 6 standards, resulting in increased demand for micro-hybrid vehicles. The battery-electric car market in China has accelerated due to the presence of several competitors and the government's strong support.
The subsidies for purchasing new energy vehicles (NEVs) in China have been extended until 2022. Non-automotive companies, such as Alibaba, are also investing in the country's rapidly growing electric vehicle market. For example, Alibaba Group teamed with SAIC Motor in January 2021 to launch two electric automobiles in China under the IM label (Intelligence in Motion). The battery cells for these vehicles are supplied by CATL.
Key Players:
• Tesla
• BMW Group
• Nissan Motor Corporation
• Toyota Motor Corporation
• Volkswagen AG
• General Motors
• Daimler AG
• Energica Motor Company S.p.A.
• BYD Company Motors
• Ford Motor Company.
• SAIC-GM Wuling
• NIO
• Xpeng
• Li Auto
• WM Motors
• Geely
• Byton
• Zhiji
• Xiaomi
• Dongfeng Motors
• Chang’an Automobile
• Guangzhou Automobile
The competitive landscape is an important component of China Electric Vehicle market that every crucial player should be aware of. The research report covers the competitive landscape of the worldwide China Electric Vehicle market, allowing readers to understand competitiveness at both the domestic and global levels. Areas of operation, production, and product portfolio are all important considerations. The report also focuses on BCG matrix, competitive benchmarking, and SWOT analysis in addition to China Electric Vehicle Market Share analysis of companies, detailed profiling of products and business overview.
Regional Analysis:
Our reports' Regional insights ensure that you are well-informed on the China Electric Vehicle market on a regional level. Understanding local energy, economic, political, and geographic variables is critical for any meaningful assessment of viable policy options in response to global market change. Our report enables you to understand regional insights ensuring the effects on China Electric Vehicle market and local growth opportunities, restraints domestic area wise as well.
COVID-19 Impact Analysis on China Electric Vehicle Market:
COVID-19 has a thorough impact on the China Electric Vehicle market in North America, Asia Pacific, the Middle East, Europe, and South America, according to the report offered by Maximize Market Research. During this crisis, our report presents a comprehensive examination of alternatives, challenging conditions, and difficult situations in the China Electric Vehicle market. The study briefly discusses the benefits as well as the challenges of the COVID-19 in terms of funding and market expansion. The updated study provides insights, analysis, estimates, and forecasts that take into account the impact of COVID 19 on the China Electric Vehicle market.
Key Questions answered in the China Electric Vehicle Market Report are:
- Which product segment grabbed the largest share in the China Electric Vehicle market?
- How is the competitive scenario of the China Electric Vehicle market?
- Which are the key factors aiding the China Electric Vehicle market growth?
- Which region holds the maximum share in the China Electric Vehicle market?
- What will be the CAGR of the China Electric Vehicle market during the forecast period?
- Which application segment emerged as the leading segment in the China Electric Vehicle market?
- Which are the prominent players in the China Electric Vehicle market?
- What key trends are likely to emerge in the China Electric Vehicle market in the coming years?
- What will be the China Electric Vehicle market size by 2027?
- Which company held the largest share in the China Electric Vehicle market?
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