China is seeing an unparalleled surge in the sales of electric vehicles (EVs).
The ongoing promotion of adopting EVs is the major factor.
The extension of state subsidies through 2022 is another vital factor.
China’s EV market is expected to be worth USD 0.52 trillion in 2024.
By 2029, it is likely to reach USD 1.12 trillion.
Hatchback vehicles dominated the market, owing to the introduction of several new models.
Top five companies hold 35.10% of the fragmented Chinese EV market.
The companies are – BYD Co, Chery Motors, Geely Motors, Changan Automobile and SAIC Motors.
The market is divided into two segments: Fuel Type and Body Type (Passenger Cars).
The government is also working to improve infrastructure for EVs.