China’s new energy vehicle (NEV) ownership in China has reached a significant milestone, surpassing 30 million units and accounting for 8.9 percent of the total vehicle ownership in the country. This data was recently released by the Ministry of Public Security (MPS) and highlights the rapid growth of NEVs in China.
As of December, the total NEV ownership in China stood at 31.4 million units, with battery electric vehicles (BEVs) leading the way at 22.09 million vehicles, making up 70.34 percent of the total NEV ownership. This surge in NEV ownership is a clear indication of the growing popularity and acceptance of electric vehicles in China.
In 2024 alone, there were 11.25 million newly registered NEVs, representing a 51.49 percent increase from the previous year. These new registrations accounted for 41.83 percent of all new vehicle registrations in China, further emphasizing the shift towards electric vehicles in the country.
China’s NEV ownership surpassed 10 million units in June 2022, crossed the 20 million mark in 2023, and has now exceeded 30 million units by the end of 2024. This exponential growth is a testament to the government’s push for clean energy transportation and the increasing awareness among consumers about the benefits of electric vehicles.
In addition to NEV ownership, China also saw a significant increase in overall vehicle registrations in 2024, with 26.9 million new vehicles hitting the roads. This brings the total number of motor vehicle drivers in China to 542 million, with 506 million being automobile drivers, accounting for 93.46 percent of all drivers in the country.
The data from MPS also revealed that 96 Chinese cities have more than 1 million vehicles, with 45 cities having over 2 million vehicles and 26 cities surpassing the 3 million mark. Six major cities, including Chengdu, Beijing, Chongqing, Suzhou, Shanghai, and Zhengzhou, have more than 5 million vehicles each, highlighting the concentration of vehicles in urban centers.
Looking ahead, the Chinese government’s decision to renew car trade-in subsidies is expected to further boost the adoption of NEVs, with analysts predicting that lower-priced NEV makers will benefit the most from these incentives. This move aligns with China’s commitment to reducing carbon emissions and promoting sustainable transportation solutions.
Overall, China’s NEV ownership surpassing 30 million units is a significant milestone that underscores the country’s leadership in the electric vehicle market. With the government’s support and increasing consumer demand, the future looks bright for the continued growth of NEVs in China.
