China battery-electric Vehicle (BEV) market is projected to grow at a CAGR of more than 18.0% during the forecast period (2019-2025). Government support and incentives are some of the major factors for the growth of the BEV market in the country. China is one of the largest reserves of lithium due to which it aims to reduce dependence on fossil fuels. In February 2021, lithium carbonate prices in China have increased by over 40% owing to heavy demand for lithium iron phosphate (LFP) batteries. China is a major lithium producer which is 13% of the global production of contained lithium.
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Apart from this, the sale of electric vehicles is also increasing. According to EV-volumes, in 2019, China has sold around 1.2 million electric cars which is more than half of the electric car market globally. According to China Electric Vehicle Charging Infrastructure Promotion Alliance, as of 2019, China has manufactured more than 516 thousand public EV charging outlets which is an increase of 56% from the end of last year.
In January 2021, China’s Ministry of Finance has cut out the subsidy for electric vehicles by 20%. The subsidies for the buyer in China are depending on the vehicle range that is how far it can travel with a full charge. In 2020, the subsidy amount was around $2,800 and in 2021 it is reduced to $2,228. Subsidies on the battery electric vehicle purchases have helped China to have the largest market for EVs across the globe, accounting for roughly 50% of global sales.
Market Coverage
Key Questions Addressed by the Report
China Battery Electric Vehicle Market Report Segment
By Vehicle Type
By Battery Type
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