The Chinese government expects PEV sales to reach 500,000 units annually by 2015.
China, the world’s largest auto market, currently focuses on the plug-in electric vehicle, offering many national and local incentives to expand its auto market both locally and internationally. But a new report from Pike Research shows that the PEV market in the country will grow at a compound annual growth rate of 60% in the following 5 years, surpassing 152,000 vehicles sold each year by 2017.
“The Chinese government initially overestimated consumer demand for electric vehicles, and has made adjustments to its incentive policies,” says research director John Gartner. “Many members of the emerging middle and upper classes prefer imported vehicles with nameplates from the United States or Germany – especially larger sedans in which owners can sit comfortably while their drivers navigate China’s often congested roads.”
The “Electric Vehicles in China” report analyses the market challenges and opportunities for PEVs and BEVs in China and offers an examination of EV charging infrastructure and battery trends in the country. Although China tries to focus more on hybrids and plug-in hybrids, this will be a real challenge due to country’s fragmented regional governments.