With the increasing number of companies entering the electric vehicle (EV) manufacturing space, expanding charging infrastructure, and supportive government policies, China is the world’s largest EV producer and market. While the country’s auto sales plunged in March due to an extended COVID-19 lockdown, plug-in electric car sales more than doubled in the month. Furthermore, the share of plug-in vehicles hit 26% of the total market share in China.
China’s rising environmental concerns and the country’s resolve to reduce emissions from vehicles are expected to help it electrify the industry completely by 2025. The Chinese EV market is expected to grow at a 30.1% CAGR to reach $799 by 2027.
