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Founder of Tesla, Elon Musk says Chinese rivals “work hardest, smartest” as he expects his company to “most likely come second in the electric vehicle market”.
This describes the influence that China is having on the world. They are quickly establishing themselves as an industry leader in the electric vehicle market. With forecasts indicating that the electric vehicle market will generate over £364.7 billion by the end of 2023, the industry promises benefits for both consumers and the planet as it continues to evolve.
In this blog, we will explore how the electric vehicle market has evolved since the introduction of the first electric car, and subsequently how China is ahead of the curve in the advancement of this future-proof sector.
The Home of the Largest EV Charging Network
While having the world’s second-largest economy, behind the USA, China is becoming known for being an EV technology industry leader; holding the largest charging network in the world. The demand in China justifies this, however, with 43% of all global EV sales happening there; increasing the need for more charging stations. Due to this, China now has over 300,000 public charging stations across the country.
Not only this, but they are also fuelling the electric revolution by leading the way in the development of private EV charging solutions. A development that plans to see smart home solutions that allow people to charge their vehicles while sitting at home or at work. While already ahead of the rest, the EV market is one of the most promising industries in China, with a forecast penetration rate of 60% by 2030. There are two key reasons for this:
- The Chinese Government is heavily investing in EV technology; their government strongly supports the development of the EV industry. This is why they extended monetary incentives and prolonged the purchase-tax exemptions of EVs throughout 2022; something which is set to continue this year to facilitate the increase in demand
- China holds a strong position in the battery industry – A key thing to know about EVs is their dependence on batteries; they account for 40% of the vehicle's total cost. China also has an abundance of rare earth materials for batteries, meaning they have become the world’s largest supplier of the battery industry; showcasing a market size of 324GWh; which is over 50% of the market
Will China Dominate the US EV Market?
With China emerging as a market leader, you’d be surprised to hear that they don’t need to sell a single vehicle in the home of the world’s largest economy to dominate the EV market there. The reason for this is due to the EV battery supply chain they have to rely on; a huge advantage for companies in the global EV market.
In fact, last year, around 27% of new car sales were electrified, which given the number of Chinese buyers, accounts for over two-thirds of the sector. It's an exciting time for the Chinese auto industry. For example, Firm BYD alone sold almost 1.8 million battery electric vehicles and plug-in hybrids in China last year; improving on Tesla’s figure of 1.3 million sales.
So, naturally, with China’s market influence, an international move into the US EV market should be imminent... But will they expand? If you’d like to find out, a sustainable and electric vehicle engineering degree could be a great career investment to help you stay on top of the latest industry developments.
Interested in learning more about an industry that will be key to how we live our lives? Studying the new BEng (Hons) Sustainable and Electric Vehicle Engineering course could be a great first step to earning your place in this innovative and lucrative industry. Let’s have a look at some of the core highlights you can expect from the University of Bolton:
- You will study at the UK’s only £13 million National Centre for Motorsport Engineering where you will enjoy one-on-one support from our passionate tutors who have decades of experience in the automotive, motorsport, aerospace, and electronics industries
- You will study alongside students and professionals from other engineering specialisms, benefiting from a wider range of knowledge and experience supporting your cross-disciplinary thinking
- You will have access to industry-standard computer-aided design and analysis software, fully equipped vehicle workshops, and composite, machining, fabrication, and additive manufacturing facilities
- We have strong links with the industry via our industry partnerships and our Industry Advisory Board, ensuring the course is always driven by employers’ current and future needs
- The course is designed to fully meet the academic requirements for professional registration to Incorporated Engineer and to partially meet the requirements for Chartered Engineer (CEng)
Our teaching and learning approach is always student-centred, with our students and their needs being at the heart of everything we do. We work with our students individually, providing tailored help and support throughout their studies. Our commitment to providing a supportive learning environment where we get to know them on a first-name basis is one of the reasons why they have voted us first for Student Satisfaction for the past five years*.
Want to find out more about the course? Click here to view the full course details. You can also explore our great facilities at one of our upcoming Open Days to find out what #UniAsItShouldBe is all about.
If you wish to speak to a faculty member for more information, please contact us at email@example.com or call on 01204 903903.
*Complete University Guide – Student Satisfaction – Northwest – 2023, 2022, 2021, 2020, 2019