Riding the Electric Vehicle Boom in China
Snapshot of China’s New Energy Vehicle Market
With the explosive rise of environmental awareness among citizens, and renewed convictions by the government and car makers in reducing air pollution in cities, China’s demand for new energy vehicles – referring to full battery-powered electric vehicles [EVs] and plug-in hybrid vehicles PHEVs) – has been reaching new peaks year on year. As of 2016, China dominated with 40% global market share, surpassing the US as the largest manufacturer of EVs.
What are the Next Generation of Car Buyers Looking for?
Similar to fuel-powered cars, the EV category is split between premium and mass market pricing. Cheaper passenger EVs made by local manufacturer BYD Auto did especially well last year with 31% market share. Apart from price-sensitivity, a new survey by Asia Insight (China) reveals other considerations across all tiers.
When it comes to picking cars, Chinese consumers are most concerned with the ‘availability of charging facilities’, and ‘charging speed’.