China’s electric vehicle industry is on track to hit 60 million annual sales by 2030 after delivering record-breaking results in 2023, GIZMOCHINA reports, citing industry experts.
2030 EV sales forecast
China produced and sold more than 30 million vehicles for the first time in 2023. Of that total, new energy vehicles (NEVs) accounted for more than 9.49 million units,
This significant achievement encouraged industry experts to project a 60% electric vehicle share of the global market by the end of the decade.
This rate equates to an estimated annual sales of 60 million units in the same period. As per the report, the experts’ ambitious forecast is based on various factors.
The International Energy Agency (IEA) also indicated in its Global Electric Vehicle Outlook 2024 that EVs will account for one in every three cars in China in 2030, Reuters reported.
China already controls 32% of the global automotive market and more than 60% of electric vehicles. Moreover, the EV uptake offers a huge opportunity for the country to “overtake on a curve,” where traditional automakers led with their ICE-powered cars. Now, China has dominated the global EV supply chain with significant advancements in key components like batteries, electric motors, etc.
Government support
China’s rapid adoption of electric vehicles and technological headways are primarily due to the government’s substantial support for the industry.
The Chinese government offered significant incentives to boost the electric vehicle industry in the form of subsidies. It also helped the industry in developing the necessary charging infrastructures.
All that said, China has a strong potential to ultimately capitalize on the global shift to electric vehicles and maintain its unbeatable dominance in the coming years.
