Latest News- Electric Vehicle Market in China: Passenger vehicles is expected to lead the Type segment during 2025-2029

The Electric Vehicle Market in China is being driven by Growing demand for fuel-efficient and low-emission vehicles

The Electric Vehicle Market in China is expected to grow at a CAGR of 18.3% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 419 billion. In alignment with China's commitment to sustainable transportation, Electric Vehicles (EVs) are gaining traction in the automotive sector. With an increasing number of fleet operators electrifying their vehicles and consumers adopting EVs, the demand for electricity is poised to surge. Utility companies anticipate this trend and are exploring alternative electricity sources, such as renewable energy, to meet the rising electricity needs. This shift towards renewable energy will not only reduce carbon emissions from vehicles but also mitigate air and noise pollution. The cost-effective and practicality of renewable energy make it an attractive solution to meet the escalating electricity demands in the EV market. 

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Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Passenger vehicles
  • Commercial vehicles
• Technology
  • BEV
  • PHEV
• Vehicle Type
  • Front wheel drive
  • Rear wheel drive
  • All wheel drive
• Geography
  • China

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Growing demand for fuel-efficient and low-emission vehicles
• Increasing government initiatives in manufacturing electric vehicles
• Rise in technological advancements in electric vehicles

However, the market also witnesses some limitations, which are as follows:

• High cost of ownership for electric vehicles (EVs) as compared with internal combustion ignition (ICE) vehicles
• Limited exporting of electric vehicles to foreign markets
• Battery recycling issues of electric vehicles

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Market Scope in Electric Vehicle Market in China Research Report

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Research Analysis Overview

The EV market in China is witnessing significant growth with the adoption of various types of electric vehicles (EVs), including BEVs (Battery Electric Vehicles) and Fuel Cell Electric Vehicles (FCEVs). The Chinese government's subsidies and the expansion of EV charging stations are driving this trend. EVs come in different vehicle types, such as passenger vehicles and commercial vehicles, and propulsion types, including all-wheel drive, front-wheel drive, and rear-wheel drive. Key components include batteries, motor, brake, wheel & suspension, body & chassis, and low voltage battery components. The EV manufacturing industry and supply chain are experiencing high capital expenditure due to the increasing demand for EVs and the need to reduce vehicle emissions, transitioning towards BSVI vehicles.

Market Research Overview

The Electric Vehicle (EV) market in China, a key segment of the automobile industry, is experiencing significant growth, driven by the Chinese government's support through subsidies and the expansion of EV charging infrastructure. SAIC-GM-Wuling, a leading automobile manufacturer in China, is capitalizing on this trend by producing a range of Battery Electric Vehicles (BEVs) and Electric Vehicles (EVs). The inclusion of advanced technologies such as fuel cells and improved EV batteries in these vehicles aligns with consumer preferences for reduced vehicle emissions and increased vehicle type diversity. The global automobile manufacturers market, which encompasses the production of passenger vehicles, commercial vehicles, and all-terrain vehicles, is expected to grow due to the increasing demand for advanced features, including electronic fuel control for improved fuel efficiency, secured safety systems, autonomous capabilities, and emission standardization. Technavio's market analysis indicates that these factors will continue to attract customers and drive revenue growth in the automobile industry.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
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