DUBLIN, March 29, 2016 /PRNewswire/ --
Domestic sales for Chinese car-and-battery manufacturer BYD Co's electric vehicles could triple this year thanks to government incentives and consumer concerns about the effect fossil fuel powered vehicles have on the environment. The forecast growth has caught the attention of rival Tesla Motors Inc, who is reportedly stepping up expansion in the Chinese market. The global battery electric vehicles market is expected to grow at a CAGR of 59.42%, according to a report available from Research and Markets, but this impressive growth could be even higher if BYD's sales predictions are correct.
China has invested heavily into its electric vehicle charging infrastructure and implemented incentives to encourage consumers to make the switch to electric vehicles. The Chinese government plans to have 5 million electric vehicles on its roads by the end of 2020, with automakers like BYD greatly benefiting from the countrywide initiatives. BYD delivered 58,000 new-energy vehicles in 2015, and expects to sell up to 150,000 vehicles this year.
The strong growth of this market will have a positive influence on other related markets. The global electric vehicle charger market is set to grow at a CAGR of 29.38% by 2020, as forecast in a recent report, but will likely be higher to due to the increasing demand for new-energy vehicles.
The global li-ion battery market for electric vehicles is set to grow at a CAGR of 31.1% by 2019, as noted by an industry report, but this forecast could be undervalued and instead higher thanks to China's commitment to replacing traditional fossil fuel vehicles with environmentally friendly electric vehicles.
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SOURCE Research and Markets