Electric vehicles find foothold in ChinaApril 21, 2015
Electric vehicle sales are on the rise throughout China
Electric vehicles are gaining more attention in China, according to a new report from RNR Market Research. The report notes that in 2014, many consumers opted to purchase an electric vehicle. This shift in the market away from conventional vehicles is due to numerous factors. Firstly, several city governments have imposed regulations that limit the sale of vehicles with internal combustion engines, while offering financial aid to those purchasing electric vehicles. This is meant to mitigate the production of harmful emissions which are causing a great deal of air pollution in large cities.
EV sales grow by 220% in 2014
According to the report, electric vehicle sales in China rose by 220% in 2014, which is 3.2 times higher than reported sales in 2013. This growth has placed China as one of the most prominent markets for electric vehicles in the world, comprising 23.5% of the global market. Chinese consumers appear to be very interested in electric vehicles because of their efficiency and relatively low cost. Because these vehicles do not consumer conventional fuels, they are somewhat less expensive to own and operate.
Hybrid vehicles are also gaining traction
Hybrid vehicles are also becoming more popular in China. These vehicles consume both electricity and fuel and generally have a higher operational range than pure battery electrics. In 2014, hybrid sales reached 17,500, a significant increase over the number of hybrid vehicles sold in China during 2013. Hybrid vehicles are often considered a good bridge between conventional vehicles and zero emissions vehicles. Hybrids give consumers a chance to become more comfortable with zero emissions vehicles while still having access to conventional fuels and infrastructure.
Electric vehicles will continue to grow in China
Electric vehicles are likely to continue gaining popularity throughout China. The Chinese government is supporting the adoption of these vehicles as part of its ongoing effort to reduce emissions produced in the country. China aims to become a prominent market for clean vehicles in the near future, serving as home to some of the latest electric vehicle models being produced by the auto industry.