China has zoomed ahead of other nations not only in the electric-vehicle market but also in building the infrastructure needed to support those vehicles, selling more units last year than all other countries combined. Solidifying its leadership position in electric vehicle market sales, last year the China market expanded by 72% over the previous year in 2017. Resultant, when compared to the combined market of Europe and the United States, the country now has a larger Electric Vehicle market, especially in Battery Electric Vehicles (BEVs). Moreover, enduring air pollution, diminishing fossil fuel resources and growing awareness about the negative impact that climate change has have persuaded the government to bring in a set of widespread policies to support the adoption of electric vehicles across China.
Verified Market Research View Point:
According to Verified Market Research, the Global Electric Vehicle Market was valued at USD 144.09 Billion in 2018 and is expected to witness a growth of 21.6% from 2019-2026 and reach USD 687.67 Billion by 2026 at a CAGR of 30.79%.
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