China Electric Car Market by Type, Technology, Voltage, Development, Growth and Demand Forecast, 2013-2025
The Chinese government subsidised the purchase of electric vehicles in 2009, however, this subsidy was mostly restricted to public vehicles. In 2013, the subsidy programs were extended to the electric cars considerably benefiting its sales. The 2013-2016 period can be considered as the booming period for the China electric car market when the sales saw a significant growth.
Over the next few years, the government has plans to gradually remove the subsidy making electric vehicles as a self-sustained market. Sub-standard products and lack of charging stations are the main challenges of the China electric car market.
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The Chinese electric car industry is benefited by strong drivers such as government support and rising income levels. Rising per capita income is encouraging people to own private vehicles driving the electric car market in the country. Increasing aspirations among the people to own cars can be met in a sustainable way by electric cars. Moreover, the government has plans to support electric cars to reduce its dependence on the imported fossil fuel.
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The China electric car market is highly protected with considerable trade restrictions for the foreign players. Hence, domestic players account for majority of electric car sales in the country, with most foreign players restricted to selling premium hybrid cars. Many of the domestic players are based in south China.
The key players in the market include Beijing Auto BAIC Motor Corporation, Dongfen, Changan, SAIC Motor Corporation and FAW Group Corporation.