China’s electric vehicle (EV) market continues its unprecedented growth, with a record 4.397 million new energy vehicles (NEVs) registered in the first half of 2024, according to data released by the police. This surge represents a significant 39.41 percent increase compared to the same period last year, highlighting the nation’s accelerating shift towards sustainable transportation.
The total number of NEVs on Chinese roads has now reached an impressive 24.72 million by the end of June. All-electric cars, in particular, dominate this landscape, accounting for 18.13 million vehicles, or 73.36 percent of the total NEV population. This dominance underscores China’s commitment to reducing emissions and leading the global transition to clean energy vehicles.
The exponential growth is not limited to vehicle registrations. In the first half of 2024 alone, 13.97 million new drivers obtained their licenses, bringing the total number of licensed drivers in China to a staggering 532 million. Of these, 496 million are licensed to drive cars, reflecting the nation’s expanding automotive culture.
China’s urban centers are experiencing significant increases in car ownership. Currently, 96 cities boast over 1 million cars each—eight more cities than in the same period in 2023. Among these, 43 cities have surpassed the 2 million mark, and 26 cities have over 3 million cars on their roads. Particularly noteworthy are Chengdu, Beijing, and Chongqing, each with car populations exceeding 6 million. Meanwhile, Shanghai, Suzhou, and Zhengzhou each have more than 5 million cars.
This remarkable growth in NEVs and overall vehicle ownership reflects both economic development and a nationwide push towards greener technologies. The Chinese government’s supportive policies, coupled with technological advancements and increased consumer awareness, have positioned China as a global leader in the electric vehicle industry.
As the world’s largest automotive market, China’s trends have significant implications for global economic and environmental landscapes. Investors, market analysts, and industry professionals are closely monitoring these developments, anticipating continued growth and opportunities within the Asian markets.
The surge in NEV registrations also aligns with China’s ambitious goals to combat climate change and reduce carbon emissions. By fostering the adoption of electric vehicles, China is not only transforming its own transportation sector but is also influencing global efforts towards sustainability.
With the momentum showing no signs of slowing, the second half of 2024 is poised to continue this trajectory, potentially setting new records and further solidifying China’s pivotal role in the global shift towards new energy vehicles.
Reference(s):
China achieves record high NEV registrations in H1 with EV domination
cgtn.com
