BUSINESS China's NEV market to boom in next five years: report

BUSINESS

China's NEV market to boom in next five years: report

Xinhua

09:54, December 06, 2020

Visitors walk past an Audi e-tron SUV at the 2020 Guangzhou auto show. (Photo: China Daily)

BEIJING -- China's new energy vehicle (NEV) market will see robust growth in the next five years driven by government policies and other factors, according to an industrial report.

The total sales of NEVs in the country will reach 1.16 million this year and further expand to around 5.42 million in 2025, according to the global market research firm International Data Corporation (IDC).

China's NEV market is expected to grow at a compound annual growth rate of 36.1 percent between 2020 and 2025, said the report.

The share of pure electric vehicles in the NEV market will soar to 90.9 percent in 2025, up from 80.3 percent this year, IDC data showed.

The IDC attributed the surging expansion of China's NEV market to government promotion, transformation and investment from vehicle manufacturers, advancements in battery technology, autonomous vehicle development and more open-minded consumers.

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