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China’s NEV market to boom in next five years: report

Abstract : China's new energy vehicle (NEV) market will see robust growth in the next five years driven by government policies and other factors, according to an industrial report.

BEIJING, Dec. 6 (Xinhua) — China’s new energy vehicle (NEV) market will see robust growth in the next five years driven by government policies and other factors, according to an industrial report.

The total sales of NEVs in the country will reach 1.16 million this year and further expand to around 5.42 million in 2025, according to the global market research firm International Data Corporation (IDC).

China’s NEV market is expected to grow at a compound annual growth rate of 36.1 percent between 2020 and 2025, said the report.

The share of pure electric vehicles in the NEV market will soar to 90.9 percent in 2025, up from 80.3 percent this year, IDC data showed.

The IDC attributed the surging expansion of China’s NEV market to government promotion, transformation and investment from vehicle manufacturers, advancements in battery technology, autonomous vehicle development and more open-minded consumers. Enditem

About Xinhua Silk Road

Xinhua Silk Road (en.imsilkroad.com) is the Belt and Road Initiative (BRI) portal. China’s silk road economic belt and the 21st century maritime silk road website, include BRI Policy, BRI Trade, BRI Investment, Belt and Road weekly, Know Belt and Road, and the integrated information services for the Belt and Road Initiative (BRI).

Source: China’s NEV market to boom in next five years: report

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