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Company Expected to Grow at a CAGR of 27.2% and Surpass Chinese Domestic Sales Revenue of Approximately $145 Billion
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Companies in the global automotive industry are moving aggressively toward alternative fuel technologies. Some of these include bio-diesel, Compressed Natural Gas (CNG), Liquefied Petroleum Gas (LPG), hydrogen fuel cells, electric vehicles, and hybrid electric vehicles.The intention of this shift is to primarily to reduce harmful emissions from vehicles. In addition, companies also want to reduce their dependence on conventional fuels, as their cost is expected to keep rising, making it more expensive for car owners to drive. In this regard, electric vehicle technology and electric vehicles are being aggressively developed and sold and are expected to be the most popular form of alternative fuel transportation within the next 7 to 8 years.In terms of regional dynamics, China is pushing the electric vehicle agenda the most among other countries. It is already the world's largest producer of these vehicles and is pushing for international expertise to partner with local companies to encourage development and production of these vehicles. Several major global automakers have already committed to the Chinese electric vehicle market, including Volkswagen and Hyundai. There are also some homegrown electric vehicle companies that are actively pursuing a giant piece of the domestic and global market share.BYD is a specialist automotive manufacturing company based in China. Its core competencies are electric vehicle technology and vehicle manufacturing. As it is at the forefront of this development, Frost & Sullivan's profile of BYD will provide a comprehensive view of this company's activities, not only in China but around the world. The report will present an overall view of what BYD has been able to accomplish so far and what is in store for the company till 2025.Even though governments are actively incentivizing the development and sale of electric vehicles, there are still some significant challenges that remain for them to become popular in the market. They are still quite expensive compared to conventional fuel vehicles. The cost of the battery technology is currently restrictive for private car owners, unless incentives are provided for buyers. In order for consumers to buy more electric vehicles, companies have to ensure that there are sufficient charging stations for people to travel stress free. Furthermore, electricity generation is also critical; long-term supply of electric power to charge these vehicles needs to be ensured so that new electric cars can be continuously sold.
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