In China, the term NEV applies to both fully electric vehicles and PHEVs or EREVs. However, statistics show that fully electric vehicles make up the largest proportion.
Last year, new energy vehicles accounted for 41.83% of new car registrations in China. The development of NEVs is now having a significant impact on the country’s overall automotive fleet.
Electric vehicles make up nearly 9% of China’s total car fleet
As of the end of 2024, statistics show that there are 353 million cars on the roads in China. Of these, 31.4 million are NEVs. Currently, this number stands at 22.09 million, representing 70.34% of the total NEVs.
China has experienced strong growth in NEV sales. In 2019, sales were 1.2 million, but by 2024, this number had grown to 11.25 million. This is almost a tenfold increase in just six years.
Even higher numbers are expected in 2025. NEV sales will account for more than half of all car sales this year. In the second half of last year alone, monthly sales in certain months exceeded this level.
The transition to NEVs has been facilitated by numerous grants and incentives, along with lower operating costs and gradually improving charging infrastructure.
Interestingly, another set of statistics recently released by the Ministry of Public Security shows that there are currently 506 million licensed passenger car drivers in China.
With 353 million cars on the road, this means there are an additional 150 million licensed drivers compared to the number of cars. As China continues to prosper, this will lead to an increased demand for automobiles. In 2024, China issued 22.26 million new driver’s licenses.
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