In China, the electric vehicle market is expected to grow significantly. The forecasts for electric vehicle growth in China are as follows:
- In 2021, China’s electric vehicle market volume was 2.5 units. The market size of Chinese electric vehicles is expected to grow at a CAGR of 17.1% over the period.
- In 2028, the Chinese electric vehicle market is expected to grow at a CAGR of 30.1%.
- The electric vehicle market in China is anticipated to record a CAGR of 30.21% during the forecast period, i.e., 2020–2028.
- In 2028, the revenue is expected to show an annual growth rate of 6.38% (CAGR 2023–2028), resulting in a projected market volume of US$398bn.
- EV sales increased in China by 12% in 2020 to 1.4 million units.
- In China, electric vehicles are in huge demand and are supported by multiple factors, such as national sales targets, favorable laws, and subsidies.
- Electric vehicle adoption is improved by growing government regulations, and the robust expansion adopted by OEMs and suppliers in the region to accommodate rising demand from the automotive industry in China is expected to create a positive outlook for market growth.
- In China, the tremendous adoption rate of hybrid and electric vehicles due to government norms is also a driving factor for the growth of electric cars.
The electric vehicle market in China is expected to grow significantly at a high CAGR, and the revenue is expected to show an annual growth rate.
The use of electric vehicles is promoted by the Chinese government through various policy measures, including subsidies, tax incentives, and infrastructure development. In China, the growth of the electric vehicle market is expected to be driven by the increasing demand for clean energy vehicles, the government’s support, and the growing awareness of environmental issues.