NEW YORK, March 31, 2020 /PRNewswire/ -- In 2018, Chinese electric passenger vehicle sales increased by 78.3% year-on-year and achieved total sales of 1,181,920 units. Going forward, the electric passenger vehicle market is forecasted to experience rapid growth at a compound annual growth rate (CAGR) of 29.9% during 2018–2025.China's electric passenger vehicle market is greatly boosted by the Chinese government's incentives to purchase electric vehicles, such as offering free license plates to new EV owners. However, the central government is likely to lessen the incentive amount in 2020, while regional governments are likely to withdraw their purchase incentives in 2019. The new energy vehicle (NEV) credit policy will have a major impact on the production and sales of electric vehicle OEMs. Manufacturers have to ensure that they earn at least 10% of NEV credits in 2019 and 12% in 2020. NEV credits are issued based on the driving range and the rated power of the fuel cell system in use.Battery electric vehicles (BEVs) are highly popular in China, accounting for 76.8% of the market share, followed by plug-in hybrid electric vehicles (PHEVs). The purchase incentives for BEVs are higher, which is the main factor contributing to the growth of this sector. Comparatively, fuel cell electric vehicles (FCEVs) will increase their market visibility towards 2025.BYD Co., Ltd., Beijing New Energy Automobile Co., Ltd. (BJEV), Shanghai Automotive Industry Corporation (SAIC) Motor Co., Ltd., Zhejiang Geely Holding Group Co., Ltd, and Chery Automobile Co., Ltd., are the top 5 market leaders in the electric passenger vehicle market. BYD will continue its dominance with its advanced battery technology and strong product offerings. More joint ventures and start-ups are expected in China in the long term.
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