Electric & hybrid cars market in China to grow at 33.64% till 2024

ANG MO KIO, Singapore - July 4, 2019 - PRLog -- The report on "Electric & hybrid cars market in China" by type (Electric Vehicle. New Energy Vehicle - battery electric vehicles, plug-in hybrids) forecast to 2024

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As of 2018, China accounted about 50% of the global electric car sales and sold near about 1.1 million electric cars. The electric car craze in China is driven by government policy rather than market economics. Thus, electric vehicles have become a huge part of the people's daily lives in China which hasn't yet happened in countries such as US. The better place in China to explain this is Shenzhen, one of the China's tech hubs in the southern side of the country.

In 2018, pure electrics accounted for 3.3% of new passenger-car sales in China in up from 0.7% in 2015. Whereas another segment, together, pure electrics and plug-in hybrids accounted for 4.5% of China's market in the same period.

In 2018, nearly 1.3 million new energy vehicles (plug-in electric vehicles and plug-in hybrids) were sold which was 62% increase since 2017. Overall 32.5% of the market is ruled by China as there were only 4 million EVs sold across the world. While NEV's accounted for just over 4% i.e. 1.1 million sales in China in 2018 which is higher than that in US (2%) and Europe (3%) respectively.

The global market is growing exponentially; much of the growth is being fuelled by China. Since 2015, Chinese sales of electric vehicles overtook those in the US. In 2018, the sales were three times higher than that of US and the gap is likely to get wider only in 2019 and beyond.

As the environmental concerns were growing in China, led by the rise in exhaust emissions, the country has been focusing on working toward the development of sustainable transportation which has led to electrification of the transport system.The growing demand of electric vehicles in China is supported by multiple factors such as national sales targets, favorable laws and subsidies, air-quality targets among others.

In 2018, the Chinese manufacturers sold about 1.25 million NEV's mostly electric cars which is 62% more than 2017. In addition, the China has a targeted goal to sell 2 million NEV's by 2020. As of currently, China accounts 50% of the global electric car sales in the world.

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