In an unprecedented surge, the Chinese mainland witnessed a record 4.397 million new energy vehicles (NEVs) registered in the first half of 2024. This monumental achievement brings the total number of NEVs on the road to 24.72 million by the end of June, according to recent data released by the police.
The new registrations mark a significant year-on-year increase of 39.41 percent. By comparison, the first half of 2023 saw 3.128 million NEVs registered, reflecting a 41.6-percent increase from the same period in 2022. The consistent growth underscores the accelerating shift towards sustainable transportation in the world’s largest automobile market.
Electric Vehicles Lead the Charge
All-electric cars are spearheading this green revolution, with 18.13 million electric vehicles (EVs) now in use across the country. These EVs constitute a remarkable 73.36 percent of the total NEV population, highlighting the nation’s commitment to reducing carbon emissions and promoting environmental sustainability.
By June 2024, the Chinese mainland had 440 million motor vehicles in operation, including 345 million cars. The dominance of EVs among NEVs signals a decisive move away from fossil fuels towards cleaner energy sources.
Rise in Licensed Drivers and Urban Vehicle Populations
The first half of 2024 also saw 13.97 million new drivers receiving their licenses, bringing the total number of licensed drivers to an impressive 532 million, with 496 million being car drivers. This growth reflects the increasing mobility and economic development within the country.
Urban centers across the Chinese mainland are experiencing a surge in vehicle populations. A total of 96 cities now boast over 1 million cars each, an increase of eight cities compared to the same period in 2023. Of these, 43 cities have over 2 million cars, while 26 cities exceed 3 million cars.
Notably, the cities of Chengdu, Beijing, and Chongqing each have car populations surpassing 6 million. Meanwhile, Shanghai, Suzhou, and Zhengzhou are each home to over 5 million cars, illustrating the rapid urbanization and economic vitality of these regions.
Implications for Business and Environment
The surge in NEV registrations presents significant opportunities for entrepreneurs, investors, and market analysts focusing on the Asian markets. The growth trends indicate a strong consumer shift towards sustainable mobility solutions, opening avenues for innovation and investment in the NEV sector.
For global readers, academics, and researchers, these developments offer insights into the Chinese mainland’s strategies in combating climate change and fostering sustainable economic growth. The increasing adoption of NEVs aligns with global efforts to reduce greenhouse gas emissions and transition to cleaner energy sources.
Reference(s):
China achieves record high NEV registrations in H1 with EV domination
cgtn.com
