China Electric Vehicle Market Size, Share, and Growth Analysis

China Electric Vehicle Market By Component, By Propulsion Type (Battery, Hybrid), By Drive Type (All Wheel Drive, Front Wheel Drive), By Range, By Vehicle Type - Industry Forecast 2025-2032


Report ID: SQMIC25C2155 | Region: Country | Published Date: November, 2024
Pages: 186 |Tables: 0 |Figures: 0

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China Electric Vehicle Market Insights

China Electric Vehicle Market size was valued at USD 252.67 Billion in 2023 and is poised to grow from USD 299.16 Billion in 2024 to USD 1180.12 Billion by 2032, growing at a CAGR of 18.4% during the forecast period (2025-2032).

The Chinese government has substantially increased the production and sale of electric vehicles within the country. Consequently, the nation has witnessed a huge rise in these cars within its automotive sector, and this trend will continue during the forecast period. In terms of market share of electric vehicles, the nation is at the top. This growth is contributed by as many as 500 EV production enterprises that exist in the world's largest vehicle market. Due to increasing environmental concerns and an alarming rise of exhaust emissions, the nation is focusing on sustainable transportation. China has vowed to reduce vehicle emissions and launched several initiatives to generate more revenue from the sales of electric cars. To boost the growth of the China electric vehicle market, the country is going to reduce its imported oil. China takes the biggest share in the global sales of battery electric vehicles because it has a significant number of major carmakers operating within its borders. While the OEMs are indeed working on improving the battery-electric cars, they are also striving for massive system improvements across the vehicle, such as in powertrains. This expansion will continue to drive market growth during the period under forecast. For instance, in May 2022, Nidec Corporation reported that it will establish a flagship plant in Pinghu, Zhejiang Province, China, to manufacture E-Axle traction motor technology. The company stated that this new factory will be the company's fifth production facility for traction motors.

Market snapshot - 2025-2032

Global Market Size

USD 252.67 Billion

Largest Segment

Passenger Car

Fastest Growth

Commercial Vehicle

Growth Rate

18.4% CAGR

China Electric Vehicle Market ($ Bn)
Country Share for East China (%)

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China Electric Vehicle Market Segments Analysis

China Electric Vehicle Market is segmented by Component, Propulsion Type, Drive Type, Range, Vehicle Type and region. Based on Component, the market is segmented into Battery Pack & High Voltage Component, Motor, Brake, and Wheel & Suspension. Based on Propulsion Type, the market is segmented into Battery Electric Vehicle, Hybrid Electric Vehicle. Based on Drive Type, the market is segmented into All Wheel Drive, Front Wheel Drive, and Rear Wheel Drive. Based on Range, the market is segmented into Up to 150 Miles, 151-300 Miles, above 300 Miles. Based on Vehicle Type, the market is segmented into Passenger Car, Commercial Vehicle.

Analysis by Vehicle Type

The passenger car segment is marked by strong demand growth, and this trend is predicted to be sustained in the near term because this is where the market is led. The world population is increasing, which increases electric vehicle (EV) demand, and this is the main driver behind this growth. EVs are gaining more popularity as people seek greener transport options and become more cognizant of environmental issues. Strong pollution regulations by the government are predicted to be the largest sales driver for electric vehicles. For instance, Tesla Inc announced that it would reduce the prices of electric vehicle batteries and increase production. The most affordable variant of Tesla was available to a wider audience at 36,500 USD in 2021.

Though there are more buyers for passenger cars, the commercial vehicles segment is expected to grow the fastest. There are many factors such as increased urbanization, growth of logistics and e-commerce firms, and other infrastructure developments in regions that prove the rapid growth. Companies continue to spend increasing amounts of money on upgrading fleets to boost productivity and cut costs, which often creates an element of the need for the most modern commercial vehicles. What is more, the search for less polluting solutions is pushing producers into developing electric commercial vehicles that can quite easily be in line with environmental objectives. This is expected to be a very innovative market, hence setting up for future years of huge growth.

Analysis by Drive Type

Since front-wheel drive remains at the top of the automobile industry, FWD systems retain their position due to the widespread use of front-wheel drive in passenger cars. Other advantages of the FWD system include better grip in bad weather conditions, more weight, and greater fuel economy. Since most sedans and small cars go out with front-wheel drive, makers who wish to attract mainstream drivers have grown accustomed to this layout. Compared to the other drive types, the layout offers more interior space and a lower production cost. FWD is still the favorite of car users, so this market will still stay at the top of the selection list, given that consumer preference is moving into efficiency and practicality.

The All-Wheel Drive (AWD) is the automobile market segment that grows the fastest because the customers keep demanding safer and better vehicles. AWD systems that distribute the power to all four wheels have delivered improved traction, stability over a variety of terrains, and in cases of inclement weather. This has been responsive to the needs of the drivers who nowadays demand variability in their vehicles. It is most tempting for regions that are regularly susceptible to snow, rain, or off-road conditions. Moreover, technological advancements have made AWD systems more efficient, yet accessible, thereby making it even more alluring. SUV and crossover models will record high growth over the next few years, largely because of a very unprecedented surge in the popularity of these vehicles. Most of them are sold with all-wheel drives as standard.

China Electric Vehicle Market By Vehicle Type

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China Electric Vehicle Market Regional Insights

East China dominates the country's electric vehicle market, with cities such as Shanghai and Beijing falling under that category. However, East China enjoys other forms of heavy infrastructure, in terms of large networks of charging stations and government subsidies that promote the use of EVs. East China's booming economy, densely populated areas, and progressive environmental regulations have greatly surged the demand for electric cars. This is how not only major established manufacturers such as NIO and Tesla have made huge investments locally, but this region has also taken over the leadership in electric car sales. Efforts toward the reduction of air pollution and a switch to greener modes of transport have therefore further sealed the position of East China in the country's electric car market hub.

The electric vehicle market is growing at the fastest pace in Southern China due to growing urbanization and the government's favorable schemes for green transportation. Rapid growth is being witnessed in the infrastructure of the urban cities such as Chengdu and Chongqing for the charging of electric vehicles, besides incentives are also being provided to people to shift to electric vehicles. Interestingly, the increasing middle class within the region has grown to become more interested in economical yet environmentally friendly means of transport. This is mainly one of the reasons why electric vehicles sales increase. The local governments have also been enacting laws that will help facilitate the development of the supply chain for electric vehicles such as battery production and recycling. The electric vehicles market is predicted to boom in Southwest China in the next coming years as environmental considerations and technological advancement begin to gain further acceptance.

China Electric Vehicle Market By Geography
  • Largest
  • Fastest

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China Electric Vehicle Market Dynamics

Drivers

Governmental Incentives for Electric Vehicles

  • To boost the users of electric vehicles, the Chinese government has provided a variety of incentives in the market, which involve tax reduction, favored licensing policies, and some kinds of subsidy. As a result of such advantages, overall, it is cheaper to possess an EV, which enhances the attractiveness of customers. Moreover, local governments support the development of charging infrastructure, so this improvement prompts people to move towards electric vehicles and further enhance the size of the China Electric Vehicle Market.

Growing Concerns for the Environment

  • Growing demand in China for electric vehicle is coming from increasing awareness of air pollution and changes in climate. Homeowners are seeking alternative, clean solutions to conventional gasoline-powered automobiles as cities reach stratospheric levels of pollution. It is well in line with the change in consumer preferences-people and companies opting for more environmental-friendly modes of transportation, which is encouraging the growth of the electric vehicle industry.

Restraints

Unavailability of Infrastructure for Charging

  • It remains that the charging infrastructure for electric vehicles in China has yet to keep up with demand, which would be more than sufficient based on the huge expansion of the market. Many customers are still unwilling to buy electric vehicles or EVs in fear of lack of access and availability of charging stations, especially in rural environments. This is a factor critical to be taken into consideration about the charging infrastructure build out, since this limitation is strong enough to scare potential buyers off as well as frustrate overall industry-wide growth in EVs.

Exorbitant Battery Prices

  • The cost of batteries remains the major lagging factor for electric vehicles in China. Although they have fallen in price significantly over the recent past, they constitute a big fraction of the overall cost of EVs. The high upfront cost required for switching to electric vehicles may be discouraging to both the operators of fleets and customers. Significant further breakthroughs in battery science and production techniques are thus required to bring in the much-needed price reductions and make EVs competitive with conventional cars.

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China Electric Vehicle Market Competitive Landscape

A few firms dominate the China electric vehicle market include BAIC Motors, SAIC Motors, Honda Motor Company, Geely Motors, and BYD Co. BYD currently dominates the China electric vehicle market as it sells more of its electric buses and passenger cars due to growing local and global demands. SAIC will rank second in revenue after Geely Motors and BAIC Motors. A lot of money is spent on R&D to make cutting-edge goods and technology.

Top Players in China Electric Vehicle Market

  • BYD 
  • NIO 
  • XPeng 
  • Geely Auto Group 
  • Chery Automobile 
  • Great Wall Motors 
  • Li Auto (Li Xiang) 
  • WM Motor (Weltmeister) 
  • Leapmotor 
  • Hozon Auto (Neta) 
  • Human Horizons (HiPhi) 
  • GAC Group (Aion brand) 
  • JAC Motors 
  • Changan Automobile 
  • Seres (Sokon Group) 
  • Voyah (Dongfeng Motor) 
  • Aiways 
  • Zeekr (Geely brand) 
  • ENOVATE Motors 
  • Evergrande NEV (Evergrande Auto) 

Recent Developments

  • In September 2022, as part of its Yaoguang 2025 initiative, Chery Automobile has invested CNY 100 billion, or USD 14.2 billion, in China over the next five years for the improvement in infrastructure for smart electric vehicles.
  • In November 2021, Xpeng announced that it will launch a new smart electric SUV car into the market as part of an endeavor to compete with a peer Chinese EV manufacturer, and Tesla, in the country's EV market.
  • In April 2021, A new battery-electric P5 sedan has emerged from Xpeng Motors, as unveiled. Carrying Lidar-light detection and ranging technology as the brand's first product, NIO introduced this technology. The car has new features for autonomous driving.

China Electric Vehicle Key Market Trends

China Electric Vehicle Market SkyQuest Analysis

SkyQuest's ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyses the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.

As per SkyQuest analysis, advances in battery technology, environmental sensitivities and government incentives may make the China electric vehicle market to grow substantially. However, one of the biggest challenges so far has been battery-related costs and the lack of necessary charging infrastructure; in either case, government and business largesse in building a thriving EV ecosystem point to better times ahead for the sector. China has become the world's undisputed leader in electric mobility due to new innovative companies emerging and innovation in car technologies. The China electric vehicle market is going to play a very crucial role in determining the course of a cleaner and more sustainable future because of customers increasingly opting for greener alternatives for transportation.

Report Metric Details
Market size value in 2023 USD 252.67 Billion
Market size value in 2032 USD 1180.12 Billion
Growth Rate 18.4%
Base year 2024
Forecast period 2025-2032
Forecast Unit (Value) USD Billion
Segments covered
  • Component
    • Battery Pack & High Voltage Component, Motor, Brake, Wheel & Suspension
  • Propulsion Type
    • Battery Electric Vehicle, Hybrid Electric Vehicle
  • Drive Type
    • All Wheel Drive, Front Wheel Drive, Rear Wheel Drive
  • Range
    • Up to 150 Miles, 151-300 Miles, Above 300 Miles
  • Vehicle Type
    • Passenger Car, Commercial Vehicle
Regions covered North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)
Companies covered
  • BYD 
  • NIO 
  • XPeng 
  • Geely Auto Group 
  • Chery Automobile 
  • Great Wall Motors 
  • Li Auto (Li Xiang) 
  • WM Motor (Weltmeister) 
  • Leapmotor 
  • Hozon Auto (Neta) 
  • Human Horizons (HiPhi) 
  • GAC Group (Aion brand) 
  • JAC Motors 
  • Changan Automobile 
  • Seres (Sokon Group) 
  • Voyah (Dongfeng Motor) 
  • Aiways 
  • Zeekr (Geely brand) 
  • ENOVATE Motors 
  • Evergrande NEV (Evergrande Auto) 
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Table Of Content

Executive Summary

Market overview

  • Exhibit: Executive Summary – Chart on Market Overview
  • Exhibit: Executive Summary – Data Table on Market Overview
  • Exhibit: Executive Summary – Chart on China Electric Vehicle Market Characteristics
  • Exhibit: Executive Summary – Chart on Market by Geography
  • Exhibit: Executive Summary – Chart on Market Segmentation
  • Exhibit: Executive Summary – Chart on Incremental Growth
  • Exhibit: Executive Summary – Data Table on Incremental Growth
  • Exhibit: Executive Summary – Chart on Vendor Market Positioning

Parent Market Analysis

Market overview

Market size

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • SWOT Analysis

KEY MARKET INSIGHTS

  • Technology Analysis
    • (Exhibit: Data Table: Name of technology and details)
  • Pricing Analysis
    • (Exhibit: Data Table: Name of technology and pricing details)
  • Supply Chain Analysis
    • (Exhibit: Detailed Supply Chain Presentation)
  • Value Chain Analysis
    • (Exhibit: Detailed Value Chain Presentation)
  • Ecosystem Of the Market
    • Exhibit: Parent Market Ecosystem Market Analysis
    • Exhibit: Market Characteristics of Parent Market
  • IP Analysis
    • (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
  • Trade Analysis
    • (Exhibit: Data Table: Import and Export data details)
  • Startup Analysis
    • (Exhibit: Data Table: Emerging startups details)
  • Raw Material Analysis
    • (Exhibit: Data Table: Mapping of key raw materials)
  • Innovation Matrix
    • (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
  • Pipeline product Analysis
    • (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
  • Macroeconomic Indicators

COVID IMPACT

  • Introduction
  • Impact On Economy—scenario Assessment
    • Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
  • Revised Market Size
    • Exhibit: Data Table on China Electric Vehicle Market size and forecast 2021-2027 ($ million)
  • Impact Of COVID On Key Segments
    • Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
  • COVID Strategies By Company
    • Exhibit: Analysis on key strategies adopted by companies

MARKET DYNAMICS & OUTLOOK

  • Market Dynamics
    • Exhibit: Impact analysis of DROC, 2021
      • Drivers
      • Opportunities
      • Restraints
      • Challenges
  • Regulatory Landscape
    • Exhibit: Data Table on regulation from different region
  • SWOT Analysis
  • Porters Analysis
    • Competitive rivalry
      • Exhibit: Competitive rivalry Impact of key factors, 2021
    • Threat of substitute products
      • Exhibit: Threat of Substitute Products Impact of key factors, 2021
    • Bargaining power of buyers
      • Exhibit: buyers bargaining power Impact of key factors, 2021
    • Threat of new entrants
      • Exhibit: Threat of new entrants Impact of key factors, 2021
    • Bargaining power of suppliers
      • Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
  • Skyquest special insights on future disruptions
    • Political Impact
    • Economic impact
    • Social Impact
    • Technical Impact
    • Environmental Impact
    • Legal Impact

Market Size by Region

  • Chart on Market share by geography 2021-2027 (%)
  • Data Table on Market share by geography 2021-2027(%)
  • North America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • USA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Canada
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Europe
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Germany
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Spain
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • France
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • UK
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Europe
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Asia Pacific
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • China
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • India
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Japan
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Korea
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of Asia Pacific
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Latin America
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • Brazil
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of South America
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
  • Middle East & Africa (MEA)
    • Chart on Market share by country 2021-2027 (%)
    • Data Table on Market share by country 2021-2027(%)
    • GCC Countries
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • South Africa
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)
    • Rest of MEA
      • Exhibit: Chart on Market share 2021-2027 (%)
      • Exhibit: Market size and forecast 2021-2027 ($ million)

KEY COMPANY PROFILES

  • Competitive Landscape
    • Total number of companies covered
      • Exhibit: companies covered in the report, 2021
    • Top companies market positioning
      • Exhibit: company positioning matrix, 2021
    • Top companies market Share
      • Exhibit: Pie chart analysis on company market share, 2021(%)

Methodology

For the China Electric Vehicle Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:

1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.

2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the China Electric Vehicle Market.

3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.

4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.

Analyst Support

Customization Options

With the given market data, our dedicated team of analysts can offer you the following customization options are available for the China Electric Vehicle Market:

Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.

Regional Analysis: Further analysis of the China Electric Vehicle Market for additional countries.

Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.

Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.

Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.

Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.

Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.

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FAQs

China Electric Vehicle Market size was valued at USD 252.67 Billion in 2023 and is poised to grow from USD 299.16 Billion in 2024 to USD 1180.12 Billion by 2032, growing at a CAGR of 18.4% during the forecast period (2025-2032).

A few firms dominate the China electric vehicle market include BAIC Motors, SAIC Motors, Honda Motor Company, Geely Motors, and BYD Co. BYD currently dominates the China electric vehicle market as it sells more of its electric buses and passenger cars due to growing local and global demands. SAIC will rank second in revenue after Geely Motors and BAIC Motors. A lot of money is spent on R&D to make cutting-edge goods and technology. 'BYD ', 'NIO ', 'XPeng ', 'Geely Auto Group ', 'Chery Automobile ', 'Great Wall Motors ', 'Li Auto (Li Xiang) ', 'WM Motor (Weltmeister) ', 'Leapmotor ', 'Hozon Auto (Neta) ', 'Human Horizons (HiPhi) ', 'GAC Group (Aion brand) ', 'JAC Motors ', 'Changan Automobile ', 'Seres (Sokon Group) ', 'Voyah (Dongfeng Motor) ', 'Aiways ', 'Zeekr (Geely brand) ', 'ENOVATE Motors ', 'Evergrande NEV (Evergrande Auto) '

To boost the users of electric vehicles, the Chinese government has provided a variety of incentives in the market, which involve tax reduction, favored licensing policies, and some kinds of subsidy. As a result of such advantages, overall, it is cheaper to possess an EV, which enhances the attractiveness of customers. Moreover, local governments support the development of charging infrastructure, so this improvement prompts people to move towards electric vehicles and further enhance the size of the China Electric Vehicle Market.

Advances in Battery Technology: Radical innovations in battery technology by China are transforming the electric vehicle landscape. Solid-state batteries and higher energy density innovation make electric vehicles safer, more efficient, and with a longer range. As the company spends on R&D in bringing about improvements in battery life and efficiency, that would enhance customer confidence and accelerate mass adoption of electric vehicles across the nation.

East China dominates the country's electric vehicle market, with cities such as Shanghai and Beijing falling under that category. However, East China enjoys other forms of heavy infrastructure, in terms of large networks of charging stations and government subsidies that promote the use of EVs. East China's booming economy, densely populated areas, and progressive environmental regulations have greatly surged the demand for electric cars. This is how not only major established manufacturers such as NIO and Tesla have made huge investments locally, but this region has also taken over the leadership in electric car sales. Efforts toward the reduction of air pollution and a switch to greener modes of transport have therefore further sealed the position of East China in the country's electric car market hub.

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China Electric Vehicle Market

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