China's electric vehicle (NEV) market is charging ahead at lightning speed! By the end of 2024, there will be a staggering 31.4 million NEVs on the roads, according to the Ministry of Public Security. This marks an incredible 260-fold increase over the past decade.
The explosive growth is fueled by technological advancements, enhanced charging infrastructure, and a rising eco-friendly consciousness among Chinese consumers. In 2024 alone, NEVs make up 8.9% of all vehicles in China, with 11.25 million new NEVs registered— a 51.49% jump from 2023.
Looking back, the journey has been remarkable. From just 120,000 NEVs in 2014, the number surged to over 10 million by mid-2022, doubled to more than 30 million by the end of 2023, and now rockets past 31 million in 2024.
China isn't just leading domestically; it accounts for over half of the world's NEVs. The National Development and Reform Commission highlights that China boasts the largest NEV consumption market globally, backed by one of the most open motor markets worldwide.
Experts believe that the vast domestic demand will continue to propel the NEV industry to new heights. As the Spring Festival travel rush kicks off, NEVs are set to be a key mode of transportation. To support drivers, 33,100 charging stations have been installed along highway service areas, with 97% now equipped with charging facilities.
With such robust growth and infrastructure, China's NEV market is not only transforming transportation but also paving the way for a greener future.
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By the end of 2024, there will be a staggering 31.4 million NEVs on the roads, according to the Ministry of Public Security. This marks an incredible 260-fold increase over the past decade.
