China’s new energy vehicle (NEV) market has reached a remarkable milestone, with over 31.4 million NEVs in use by the end of 2024, according to the Ministry of Public Security.
This figure represents a staggering 260-fold increase over the past decade, driven by significant technological advancements in the NEV industry, enhanced charging infrastructure, and a growing eco-friendly consciousness among Chinese consumers.
In 2024, NEVs accounted for 8.9 percent of China’s total vehicle ownership, while the number of newly registered NEVs surged by 51.49 percent compared to 2023, reaching 11.25 million. The growth trajectory of NEVs in China has been impressive: from just 120,000 NEVs on the roads in 2014, the number surpassed 10 million by mid-2022, doubled to over 30 million by the end of 2023, and continued to climb past 31 million in 2024.
Official data highlights that Chinese NEVs constitute more than half of the global total. The National Development and Reform Commission reported that China boasts the world's largest NEV consumption market and one of the most expansive and open motor markets.
Experts note that the immense potential of domestic demand is set to further propel the NEV industry's growth. As NEVs play a crucial role during this year’s Spring Festival travel rush, China has established 33,100 charging stations across highway service areas. Currently, 97 percent of these areas are equipped with charging facilities, ensuring that NEV drivers have the support they need for their journeys home.
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Over 31 million new energy vehicles in use in China, ministry says
cgtn.com
