2021
The electric vehicle market in China is booming. In January 2021, the market share of electric vehicles (EVs) in China rose to 17%, a new record high. This is a significant increase from the 11% market share EVs held in January 2020.
The growth of China’s EV market is being driven by a number of factors. Firstly, the Chinese government has been actively promoting the adoption of EVs. The government has implemented a number of policies to encourage the purchase and use of EVs, including subsidies, tax incentives, and infrastructure investment. Secondly, Chinese consumers are increasingly aware of the environmental benefits of EVs, and are more likely to choose an EV over a traditional gasoline-powered vehicle. Thirdly, the Chinese auto industry is investing heavily in EV technology, resulting in more affordable and reliable vehicles.
The growth of China’s EV market has been accompanied by a surge in EV sales. In January 2021, EV sales in China reached 1.3 million units, a year-on-year increase of over 80%. This growth was driven by strong demand for new energy vehicles (NEVs), which include both battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). BEVs accounted for the majority of EV sales in January 2021, with a market share of 11%.
The growth of China’s EV market is having a positive impact on the global EV market. China is now the world’s largest EV market, and its success is inspiring other countries to follow suit. For example, the United States has recently announced plans to invest heavily in EV infrastructure and incentives to encourage the adoption of EVs.
China’s success in the EV market is likely to continue in the coming years. With the government’s continued support and investment in EV technology, as well as increasing consumer awareness of the environmental benefits of EVs, it is likely that China’s EV market share will continue to grow. This will have a positive impact on the global EV market, as other countries look to China for inspiration and guidance on how to successfully transition to electric vehicles.
Source: Plato Data Intelligence: PlatoAiStream