A KPMG survey of automotive industry execs suggests that they envisage steady share growth for electrified vehicles in China over the next ten years.
The survey said that electrified vehicles are expected to account for at least 11% of all new vehicles sold in China in the next decade on the back of growing environmental awareness and stricter regulations.
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The survey showed that a majority of the Chinese respondents (68 percent) expect e-vehicle sales-hybrid, battery cell and fuel cell units-to account for between 11% and 15% of markets in the next ten years.
“The Chinese government and automotive industry have high hopes that e-vehicles usher a new era in the world’s fastest-growing car market. Not content with catching up with more established players in traditional combustion engine technology, China is looking to leapfrog rivals to become the premier market for e-mobility,” said Danny Le, partner and head of automotive at KPMG China.
Rising air pollution in China, higher fuel costs, strict emission standards and rapid urbanization will ensure that the huge potential for electric cars is eventually realised, although this will require further innovation and disruption across the automotive ecosystem, and help from regulations and tax incentives, the KPMG report said.
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