The electric vehicle market is on the rise, and China is becoming the leader. This is supported by the data for the first half of this year, when 9.54 million units were sold, of which 7.22 million were fully electric, or 76% of total sales.

According to the CPCA (China Passenger Car Association), in June the demand for electric vehicles increased by 43 percent compared to the same period last year. Total sales were 1.28 million cars. However, the majority of vehicles sold are passenger vehicles, and only 3 percent are commercial vehicles.

The Chinese market is huge and constantly growing, especially when it comes to electric vehicles. CPCA also reports that this year, 60 percent of total EVs were produced in China, which is expected in the future due to the country’s well-established industrial chain, but also the high demand of the domestic market.

As a reminder, the global market for new electric vehicles had slow growth between 2012 and 2015 (1.58 to 1.79 million units sold). However, the development of new EVs has grown rapidly since 2016, to 9.77 million electrified vehicles in 2020, of which 3.19 million were hybrids.

In the next two years, sales of electrified vehicles reached 14.11 million units, of which 26 percent were PHEVs. If we look at the first half of 2023, growth in numbers is inevitable, and this year could be a record year.

Source: CPCA