New Energy Vehicle Market Size & Share by Application, Type and Region - Global Forecast to 2021

Research analysis on the new energy vehicle market in china identifies that increasing investments in NEV infrastructural developments the will be one of the major factors that will have a positive impact on the growth of the market. the increasing focus from government in developing the charging infrastructure, which would aid in the mass adoption of electric cars and public transport vehicles. Chinese government is planning to develop charging units in every 60km distance which is expected to fuel the market growth. Technavio’s market research analysts predict that in terms of units, this market will grow at a CAGR of more than 36% by 2021.

The increasing use of Ultra-capacitors in EV energy storage system will be one of the latest trends that will gain traction in the new energy vehicle market in china during the next four years. The ultra-capacitor is an energy storage device which conducts electricity through an electric field, and has ability to store higher charge quantity. The implementation of such technology in hybrid buses will increase the range and efficiency and lower the cost of the total vehicle, such innovations will boost them market growth.

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Competitive landscape and key vendors

Characterized by the presence of many foreign as well as domestic vendors, this market appears to be highly fragmented. The increase in R&D investments and the growth of the automotive industry will offer significant growth opportunities to the vendors. One of the major vendors BYD has a wide range of electric vehicles and mainly focuses on the design, development, manufacturing, and distribution of passenger cars and buses.

The leading vendors in the market are -

BYD

Geely Automobile Holdings

Yutong

Zotye Auto

The other prominent vendors in the market are BAIC Motor Corporation, Changan Automobile Company, Chery, Daimler, Dongfeng Motor Corporation, FAW Group Corporation, GAC MOTOR, SAIC Motor, Volvo, Shenzhen Wuzhoulong Motors, and Zhongtong Bus Holding.

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Segmentation by vehicle type and analysis of the new energy vehicle market in China

Passenger vehicle

Commercial vehicle

During 2016, the passenger vehicles accounted for the major shares of this market. The region has wide product portfolios and low-cost vehicle options to increase the sales of the vehicles. The support from government and manufacturers by introducing a wide range has led to the growth factor in the region

Segmentation by propulsion type and analysis of the new energy vehicle market in China

Pure EVs

PHEVs

FCVs

The pure EVs segment will account for the major shares of the new energy vehicle market throughout the next four years. These vehicles are powered by the electricity stored in battery packs and which do not require ICE or any other fuel source. The support from government to curb the carbon and GHG emissions will be a major factor propeling the market’s growth prospects in this region.

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