New Energy Vehicle Market in China - Forecasts and Analysis by Technavio

LONDON--()--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.

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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Technavio’s automotive research analysts categorize the new energy vehicle market in China into the following segments by propulsion type. They are:

  • Pure EVs
  • PHEVs
  • FCVs

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Pure EVs

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 controllers.

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

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.

FCVs

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 report are:

  • BYD
  • Geely Automobile Holdings
  • Yutong
  • Zotye Auto

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Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 361 1100
UK: +44 203 893 3200
www.technavio.com

Release Summary

According to the market study released by Technavio, the new energy vehicle market in China is expected to grow at a CAGR of over 36% until 2021.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 361 1100
UK: +44 203 893 3200
www.technavio.com