The electric vehicle (EV) market in China is booming. According to the China Association of Automobile Manufacturers, the Chinese EV market had a 17% market share in January 2021, up from just 10.5% in January 2020. This rapid growth demonstrates the increasing popularity of EVs in China, as well as the growing demand for green transportation.
The Chinese government has been a major force behind this growth. In 2019, the government announced its goal of having 25% of new car sales be EVs by 2025. To achieve this goal, the government has implemented a variety of incentives, such as subsidies and tax breaks, to encourage consumers to purchase EVs. Additionally, the government has invested heavily in EV infrastructure, such as charging stations, to make it easier for people to use EVs.
The Chinese EV market is also being driven by consumer demand. As more people become aware of the environmental benefits of EVs, they are increasingly choosing them over traditional gasoline-powered vehicles. Additionally, the cost of EVs has been decreasing, making them more affordable for consumers.
The Chinese EV market is expected to continue to grow in the coming years. As more people become aware of the environmental and economic benefits of EVs, and as the cost continues to decrease, more people are likely to switch to EVs. Additionally, the Chinese government is likely to continue to invest in EV infrastructure and incentives to further encourage EV adoption.
Overall, the 17% market share of Chinese EVs in January 2021 demonstrates the rapid growth of the EV market in China. This growth is being driven by both government incentives and consumer demand, and is likely to continue in the coming years.
Source: Plato Data Intelligence: PlatoAiStream