Development Status and Trends of New Energy Vehicles in China

Home » Development Status and Trends of New Energy Vehicles in China

In recent years, China’s new energy vehicle industry has been making rapid progress and has achieved impressive results in both domestic and export markets.

According to data from the China Association of Automobile Manufacturers, China’s new energy vehicle sales increased from 767,800 units in 2017 to 6,872,300 units in 2022, with a compound growth rate of 55.01% in six years; China’s new energy vehicle ownership increased from 1.53 million in 2017 vehicles will grow to 13.1 million vehicles in 2022, with a compound growth rate of 53.64% in six years, and the entire new energy vehicle market is developing rapidly. According to the current policy goals and the automobile consumption market space, although there are some chip shortages and mismatch risks, overall, China’s new energy vehicle sales still have room for exponential growth, and the number of new energy vehicles will continue to increase.

electric car Charging pile-2

New charging modes and technologies have emerged as charging efficiency attracts consumers’ attention. According to different standards, charging piles can be classified differently. There are four common classification standards: classification according to charging method, installation location, installation method and charging interface. The most commonly used ones are classified according to charging method and installation location. Public charging piles generally use DC charging piles with high charging power and short charging time. Special-purpose and private piles generally use AC charging piles with mature technology and low installation costs.

China’s new energy vehicles have good development prospects and are believed to occupy a considerable part of the market share.

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