Based on category, the Chinese automotive vehicles industry's principal categories include Electric Vehicle (EV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Mild Hybrid Electric Vehicle (MHEV), Natural Gas Vehicle (NGV), Fuel Cell Electric Vehicle (FCEV), Diesel Vehicle, and Petrol Vehicle. With accelerated urbanization and an increase in vehicle sales, China is planning to reduce exhaust emissions from vehicles. Meanwhile, the country also plans to reduce its dependence on oil imports, promoting electric vehicles.
According to Renub Research report tittled “China Automobile Market, Size, Forecast 2021-2030, Industry Trends, Growth, Impact of COVID-19, Opportunity Company Analysis” finds that the China Automobile Market was 27.71 Million Units in 2021. China is the largest automobile industry worldwide, both in demand and supply. The automobile sector is at a crossroads owing to changing customer behavior and direction. It is one of China’s most important economic sectors by revenue. China’s automobile industry has attracted many well-established foreign brands to invest in automobile production. Owning to technical development and lower production costs, various indigenous brands of China’s leading automobile manufacturers have gained popularity in the automobile market. The rapid growth of the Chinese domestic market has also further accelerated the automobile industry in China.