China electric vehicle battery market is projected to grow at a CAGR of more than 9.0% during the forecast period (2019-2025). China’s dominance in the electric vehicle landscape and the investment of private companies in electric vehicles in the country tend to drive the growth of the market.
In January 2020, the Ministry of Industry and Information Technology (MIIT) of the Chinese government announced its aim to have around 25% electric vehicle sales of the total vehicle sales by 2025. In addition, the Chinese electric vehicle battery industry has invested around $14.2 billion due to which the global new energy vehicle market is expected to grow to $567 billion by 2025.
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Furthermore, Chinese electric vehicle battery manufactures have started to partner with foreign companies for improving battery technology. For instance, CATL, Ningde based EV battery producer has invested $2 billion in a battery industry in Germany, that will start supplying batteries to BMW from 2021. Seeking a pollution-free country, the government is also offering incentives to increase the sales of electric vehicles. For instance, an $2,300 incentive by the government on a battery electric vehicle and $1,200 on plug-in a hybrid electric vehicle is available.
In addition, China is developing battery technology in partnership with foreign companies, hence that will grow the electric vehicle sales in the country. China aims to have an all- government support in China are increasing the adoption of the EV battery market in the region. electric vehicle by 2035. Thus, the increasing battery technology and rising
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China Electric Vehicle Battery Market Report Segment
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