China Electric Vehicles Market To Witness the Highest Growth Globally in Coming Years 2020-2025

By: X herald

The China Electric Vehicles Market Research Report 2020 to 2025 presents an in-depth assessment of the Station China Electric Vehicles It provides the industry overview with market growth analysis with a historical & futuristic perspective considering the following parameters; cost, revenue, demands, and supply data (as applicable). The bottom-up approach was used to estimate the global market size of Station China Electric Vehicles based on end-use applications in the various regions, in terms of USD million. The report covers the historic growth of the market, the impact of the COVID-19, and also forecasts its recovery post-COVID-19. The report also presents forecasts for China Electric Vehicles investments from 2020 to 2025.

Top Companies in the Global China Electric Vehicles Market:
BAIC Motors, SAIC Motors, Honda Motor Company, Geely Motors, and BYD Co. 

The China Electric Vehicles market is anticipated to register a CAGR of over 25% during the forecast period (2020 – 2025).

Market Overview
With the growing environmental concerns and rise in exhaust emissions, the country has been focusing on and working toward the development of sustainable transportation. This, in turn, has resulted in the electrification of its transport sector. During the forecast period, the country may also witness growth in the adoption of electric buses, as more than 30 Chinese cities have made plans to achieve 100% electrified public transit by 2020, including Guangzhou, Zhuhai, Dongguan, Foshan, and Zhongshan in the Pearl River Delta, along with Nanjing, Hangzhou, Shaanxi, and Shandong.

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Market Insights
Increasing Adoption of Electric and Hybrid Vehicles, due to Government Norms
With rapid urbanization and an increase in vehicle sales, China is determined to reduce exhaust emissions from vehicles. Meanwhile, the country also intends to reduce its dependence on oil imports, in turn, driving the demand for and sales of electric vehicles in the country.
Additionally, some major cities and provinces are imposing more stringent restrictions. For instance, Beijing only issues 10,000 permits for the registration of combustion-engine vehicles per month, in order to encourage its inhabitants to switch to electric vehicles.
Also, the government of China had lifted taxes or has given a considerable amount of tax exemption on the purchase of EVs. These initiatives by the government have attracted a lot of customers to purchase EVs in this country For instance,
– In April 2020, the China government has introduced a 10% service tax waiver for electric vehicles to boost the demand of the market due to the Covid-19 impact.
Currently, vehicle manufacturers such as Toyota and Honda have been dominating the hybrid vehicle segment in China, with their models such as Toyota Corolla Hybrid and Honda Accord Hybrid.
– In the first three quarters of 2019, Corolla Hybrid sold 38,540 units in China, which has accounted for nearly a 20% increase in total hybrid deliveries during the period.

Passenger Cars Segment Experience Highest Market Share
Currently, the passenger car segment is experiencing more demand than commercial vehicles, and it is projected to continue its dominance during the forecast period. The growth is attributed to the increasing population which is catering to the growth in EVs and stringent government emission norms. For instance, The Chinese government is implementing China 6 norms for pollution control in the region which are stricter than previous China 5 norms and are based on EURO 6 norms, from July 2020, which results in supporting the demand for micro-hybrid vehicles in this region.
Also, the demand for EVs and plug-in hybrids are expected to decrease widely, as the subsidies for them are reducing. Electric vehicle manufacturers have been signing contracts or deals with China battery manufacturers. For instance,

Regions Are covered By China Electric Vehicles Market Report 2020 To 2025.

North America, Europe, China, Japan, Southeast Asia, India.
North America (USA, Canada, and Mexico).
Europe (Germany, France, UK, Russia, and Italy).
Asia-Pacific (China, Japan, Korea, India, and Southeast Asia).

The report has 150 tables and figures browse the report description and TOC
https://www.marketinsightsreports.com/reports/10192354062/china-electric-vehicles-market-growth-trends-and-forecasts-2020-2025?Mode=46

Significant Features that are under Offering and Key Highlights of the Reports:

-Detailed overview of China Electric Vehicles Market
-Changing the China Electric Vehicles market dynamics of the industry
-In-depth market segmentation by Type, Application, etc.
-Historical, current and projected China Electric Vehicles market size in terms of volume and value
Recent industry trends and developments
-Competitive landscape of China Electric Vehicles Market
-Strategies of key players and product offerings
-Potential and niche segments/regions exhibiting promising growth.

Frequently Asked Questions about China Electric Vehicles market:

– What are the recent developments and government policies?
– Why might we forecast a downturn in a particular economy next year?
– Why do we say the currency is set to appreciate?
– What countries and sectors offer the highest potential?
– Where are the greatest dangers?

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All the reports that we list have been tracking the impact of COVID-19 on the market. Both upstream and downstream of the entire supply chain has been accounted for while doing this. Also, where possible, we will provide an additional COVID-19 update supplement/report to the report in Q3, please check with the sales team.

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