China’s New Energy Vehicle Market Will Expand Rapidly in 2022-2020 – News

The country’s NEV market size is expected to reach 15.98 million units in 2026, growing at a compound annual growth rate of 35.1 percent during the period, according to International Data Corporation.



International Data Corporation predicted that the compound annual growth rate of pure electric vehicles will be 37.5%. — Stock photo

By app

Published: Sun 21 August 2022, 15:37

China’s New Energy Vehicle (NEV) market is expected to grow rapidly over the period 2022-2026, according to a report by global market research firm International Data Corporation (IDC).

The country’s NEV market size is expected to reach 15.98 million units in 2026, growing at a compound annual growth rate of 35.1 percent during the period, according to the report.

He predicted that the compound annual growth rate of pure electric vehicles would be 37.5%, while that of plug-in hybrid electric vehicles would reach 20.5%.

The penetration rate of new NEVs could exceed 50% in the Chinese market in 2026, according to the data.

Consumers believe that current public NEV charging and replacement facilities could generally meet the demand for short-distance urban trips, according to a survey conducted by the IDC. – APPLICATION

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