LONDON–(Business Wire)–According to the latest market study released by Technavio,
the new energy vehicle market in China is expected to grow at a CAGR of
more than 36% during the forecast period.
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Technavio has published a new report on the new energy vehicle market in China from 2017-2021. (Graphic: Business Wire)
This research report titled ‘New
Energy Vehicle Market in China 2017-2021’ provides an in-depth
analysis of the market in terms of revenue and emerging market trends.
This market research report also includes up to date analysis and
forecasts for various market segments and all geographical regions.
China is the leading market for automobile and its components globally.
It overtook automobiles sales of the US in 2009, and since then it has
successfully maintained its position with the strong influx of domestic
and foreign automakers and their large product portfolios. The Chinese
government adopted the strategy of supporting the automotive industry as
it cut down the taxes on the purchase of small cars, which eventually
fueled the sales of passenger cars. Along with growing sales of vehicles
in China, NEV penetration is also increasing, especially in the
passenger car segment, with a mix of domestic and foreign automakers.
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research analysts categorize the new
energy vehicle market in China into the following segments by
propulsion type. They are:
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Vehicles in the pure EVs segment are powered solely by the electricity
stored in battery packs and therefore, do not require ICE or any other
fuel source. The on-board battery used in these vehicles is of three
types: Ni-MH, lead-acid, and Li-ion, out of which Li-ion is the most
commonly used one. The chemical energy stored in rechargeable battery
packs installed in pure EVs propels the electric motors and motor
According to Amey Vikram, a lead automotive
manufacturing research analyst from Technavio, “EVs vehicles
mainly include cars and buses. Pure electric trucks are very limited in
the current market. The pure EVs segment is expected to grow
significantly in the coming years owing to the government’s efforts to
curb the carbon and GHG emissions.”
PHEVs are full hybrid vehicles with a high power rated battery pack as
in pure EVs, thereby, propelling the vehicle either through ICE or
battery. Hence, these vehicles have a longer range and can use 100%
electricity for propulsion. They are widely used in longer range and
heavy-duty applications. Since the batteries of PHEVs can be recharged
through a plug-in to external supply, they fall under the NEV segment.
“The engine automatically turns off when idle and restarts on
acceleration. This automatic start-stop mechanism reduces emissions and
prevents fuel wastage, thus ensuring better fuel economy. These vehicles
are designed to capture energy from the automobile braking system and
support higher loads such as active chassis technologies and air
conditioning. The installed battery in these vehicles is also charged by
the ICE and regenerative braking,” adds Amey.
A fuel cell is a relatively new technology with a future potential
market in automobile applications, such as passenger vehicles,
commercial vehicles, and forklifts. Owing to the zero emission of GHG,
major OEMs have shifted their focus toward the development of HFCVs.
Therefore, this technology is expected to become commercially viable
during the forecast period.
Toyota Mirai, Hyundai Tucson ix35, and Honda Clarity are the currently
available passenger car HFCVs, with OEMs still under testing and trials
phase of fuel cell buses. The high cost and safety concerns of HFCV have
limited their number. Also, the lack of supporting infrastructure in
terms of charging stations and the aftersales network is a major factor
hindering the acceptance of these vehicles.
The top vendors highlighted by Technavio’s research analysts in this
- Geely Automobile Holdings
- Zotye Auto
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