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Market Volume of Electric Vehicles (EV) Production in China (2018 – 2021)

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Market Volume of Electric Vehicles (EV) Production in China (2018 – 2021)

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Over the past 20 years, the focus of environmental targets in the automotive industry has shifted from exhaust pollutants NOX, particulates, and hydrocarbons, to reducing greenhouse gases (GHGs), with the most significant being CO2. The shift precipitated in 1997 when the Kyoto Protocol Climate Change Agreement was signed obliging developed and industrialized countries to reduce CO2 emissions by an average of 5.2% by 2012. The European Union countries pledged to cut emissions by 8%, while North American countries such as the US and Canada promised to reduce their emissions by 7% and 6%, respectively, by 2012.

An electric vehicle (EV) is a vehicle that is powered by an electric motor rather than a combustion engine. There are three main types of vehicles powered by electric motors: Battery electric vehicles (BEVs), Hybrid and Plug-in hybrid electric vehicles (HEVs, PHEVs), and Fuel cell electric vehicles (FCEVs).

 In 2015, 3.2 million electrified vehicles – hybrids as well as cars with plugs – were produced worldwide, according to GlobalData figures. By 2020, this number rose dramatically to 8.3 million units. Dozens of new EVs (electric vehicles) and hybrids are expected to go on sale as legacy automakers ramp up their electrification strategies, with overall electrified vehicle production hitting 27.3 million units in 2025 and 54.5 million units by 2035.

Globally, in 2021, China emerged as one of the leading producers of EVs. Europe, Asia-Pacific, and the Middle East and Africa are the other leading regions in the EV production market. North America’s EV production volume grew double-digit in 2021 to reach 2 million units. The region posted a double-digit compound annual growth rate (CAGR) during 2018–21.

China has emerged as the dominant country in the EV landscape. It sells the most electric vehicles, makes the most electric vehicles, and has access to the majority of raw materials needed for the batteries to build them. China moved faster than other nations to secure EV raw material supplies and production capacity. This is driven by the Chinese government policies. However, this domination has been gradually eroded as the appetite for EVs in other regional markets has increased and the need to build out more regional production arises.

A crucial barrier that needs to be tackled for wider acceptance of EVs is improving the state of charging networks. No EV charging network churns out profit today, and both capital and operating costs are substantial as all rush to establish wide footprints and boost the usage as EVs become more common on the roads.

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