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The global EV market is on the rise, and its rising at a rate which is already surpassing predictions made 10 years ago. Since this is now a global trend, and China is a huge player on the global car market (largest market), it is safe to assume that EV sales in the country will rise considerably, as the years pile on.
According to businesswire.com, the Chinese government is using EVs as an integral part of its sustainable growth plan, offering incentives for the purchase of such vehicles, despite the fact that the 500,000 per year production goals by 2015. However, the plug-in EV market in China is set to grow at a compound annual growth rate (CAGR) of 60% for the next 5 years, surpassing 152,000 sold per year by 2017. While it may seem like a large number, it represents less than 1% of the total market of the country.
“The Chinese government initially overestimated consumer demand for electric vehicles, and has made adjustments to its incentive policies [. . .] 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,” says John Gartner, Resarch Director at Pike Research.
“The Chinese government initially overestimated consumer demand for electric vehicles, and has made adjustments to its incentive policies [. . .] 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,” says John Gartner, Resarch Director at Pike Research.
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