Global Electric Vehicle Component Market – Analysis and Forecast (2019-2024)
The global electric vehicle component market was valued at USD 22.5 billion in 2018. Government support for electric vehicle adoption, increasing need to reduce greenhouse gas emission, and reducing cost of components, propelling the growth of the market. Global electric vehicle component market has been driven by several key factors, including government support for electric vehicle adoption, increasing need to reduce greenhouse gas emission, and reducing cost of components. China has an aggressive target to reduce carbon emission and adopt electric vehicles. As reported by Forbes, the central and local government in China spent $ 7.7 billion on electric vehicles subsidiary in 2017. Similarly, in China electric vehicles are exempt from purchase taxes during 2014 u2013 2017, Chinese government has further extended it to 2020. The Chinese government at Centre offers consumers subsidy renews its plans in every two or three years. For battery electric vehicles, subsidies were around 40 to 60% of the vehicle cost. Also, in 2018, the country implemented dual-credit policy which targets automakers selling passenger vehicles based on their average fuel consumption credits and new energy vehicle credits. This applies to the manufacturers of 30,000 vehicles or more annually. All the above stated factors help in the growth of the electric vehicle component market.
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