Last year, new energy vehicles accounted for 41.83% of the number of newly registered cars in China. Now, the growth of the NEV sector is having a noticeable impact on the overall makeup of China’s car fleet.
Statistics show that at the end of 2024, there were 353 million cars on the road in China. Of these 31.4 million were NEVS.
In China the term NEV applies to both fully electric and also PHEV or EREV vehicles. However, the statistics show that fully electric make up by far the largest share.
These currently number 22.09 million, which accounts for 70.34% of the total number of NEVs.
China has experienced a huge growth in sales of NEVs. In 2019, sales were 1.2 million, but in 2024, they were 11.25 Million. This is nearly an increase of 10 times over the course of six years.
2025 will likely see even higher numbers. Sales of NEVs should account for more than half of car sales this year. Already in the second half of last year monthly sales figures in certain months exceeded this level.
Various subsidies and incentives have helped with the switch to NEVs. Further helping has been lower running costs and the gradual improvement in charging facilities.
Interestingly, another statistic just published by the Ministry of Public Security shows that the number of people with passenger car driving licenses is now 506 million.
With 353 million cars on the road this means there are 150 million more people with driver’s licenses than cars. As China becomes wealthier, this should lead to further demand for cars.
2024 saw the issuing of 22.26 million new driving licenses in China.
Source: Fast Technology
