China is set to emerge as a popular electric vehicle market in the coming years, acknowledges RNCOS.
Noida, UP -- (SBWIRE) -- 11/14/2013 -- China has been reeling under the ill-effects of massive air pollution, with major cities like Beijing struggling under crippling air pollution. Further, China which is importing oil, has been witnessing an increase in the energy demand over the past few years. Thus, the government in the country is encouraging car buyers to opt for more energy efficient vehicles to reduce oil consumption. The Chinese government is targeting to build at least 500,000 electric or "new energy" vehicles a year by 2015. Both the central and local governments have also unveiled a list of enticing incentives, and have started providing subsidies to the car buyers. In the light of these efforts, China is set to emerge as a popular electric vehicle market in the coming years, says RNCOS in its report “Booming Automobile Sector in China”.
In lieu of the support being provided by the government to boost electric vehicle sales in the country, many manufacturers are also ramping up their production. For instance, General Motors (GM) had announced that it will accelerate the development of electric cars in China. Similarly, Detroit Electric has teamed up with China-based Geely Automobile Group to develop electric vehicles & related motors and drive trains for the Chinese market. Further, US automakers are also stepping up their efforts to provide electric vehicles in the Chinese market. With government and automobile manufacturers making efforts to establish base of green vehicle market in China, their demand to expected to rise in future. Further, the increasing demand will push the overall automobile sales of the country, which is expected to grow at more than 8% during 2013-2017, according to RNCOS.
Our report provides production and sales forecast of overall industry, its segments and sub-segments till 2017. It also provides a brief overview of the trends prevailing in the industry, such as increasing demand of SUV and luxury vehicles and companies’ joint ventures. We have also included business overview, recent developments, financial overview and strength & weakness analysis of the prominent industry players to provide a balanced research outlook of the industry. Overall, the report is designed to facilitate our clients towards devising the rightful strategies, and make sound investment decisions.
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