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China, Nov 14, 2011 (ACN) - Various national-level initiatives and programs such as subsidies for EV purchasers, R&D support, tax incentives, and public education programs are underway across the Asia-Pacific region to promote the awareness and adoption of electric vehicles (EVs). In certain markets, particularly Japan, these efforts have already borne fruit. However, market players in Japan and Korea are concerned about new challengers, mainly driven by competition in China, which has critically important implications for global market participants. According to a report by Pike Research, China will be the leading market for EVs in Asia Pacific by 2015, representing almost half of the region's total sales by 2015.
Pike Research noted that China has about 55 vendors developing EVs or launching EV development programs. This is expected to create and lead an entirely new category around clean transportation. In fact, the country is set to become one of the biggest consumer markets for EVs, and global industry players are seen to enter this market to tap the related opportunities, according to the market research firm.
Driven by rising prices for imported oil and a determination to reduce emissions of greenhouse gases, China is making a major push to develop "new energy vehicles," propelled by electricity, hydrogen, and clean diesel fuel. The country has one of the most extensive automobile industries in the world, with over 150 finished auto manufacturers. In contrast to Japan, where plug-in hybrid electric vehicles (PHEVs) will continue to be the largest category of EVs, China's central government has placed a strong emphasis on battery electric vehicles.
Considering that the market for hybrid EVs is already led by Japanese manufacturers, China's focus on "pure" EVs could help drive that segment of the overall market. There is plenty of room for growth: while Japan's relatively mature EV market will grow at a compound annual growth rate (CAGR) of less than 10% between 2010 and 2015, the Chinese market will display a CAGR of more than 40% over that period.
Topic: Press release summary
Sectors: Automotive General
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From the Asia Corporate News Network
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