China held a 68% share of the global new energy vehicle market in Dec. 2023

Automotive Author: EqualOcean News, Jiahui Liao Editor: Yiru Qian Feb 04, 2024 02:16 PM (GMT+8)

China leads the global new energy vehicle market.

New energy vehicles

According to the lastest data from China Passenger Car Association (CPCA), the global trend for new energy vehicles in 2023 remained stable. 

The world's total vehicle sales in 2023 reached 89.18 million units, with new energy vehicle sales accounting for 14.28 million units, showing a relative decrease in the proportion of fuel vehicle sales. In December, vehicle sales reached 8.2 million units, with new energy vehicle sales reaching 1.64 million units.

Cui Dongshu, the Secretary General of CPCA mentioned that due to the impact of a high base number and the withdrawal of subsidy policies in various countries, the new energy passenger vehicle market had a weak start in 2023, with Europe and the United States gradually gaining strength. In December, China's new energy vehicles, with low initial figures and high growth, further stabilized the global growth rate. From January to December 2023, China's new energy passenger vehicles accounted for 63.5% of the global new energy vehicle market, with China's share reaching 68% in December, showing strong performance. China's export of new energy vehicles in 2023 was outstanding, particularly in Southeast Asia and the European market, showcasing the robustness of the Chinese industrial chain and the dual growth of the domestic market and exports.

Since China first introduced the development plan for the new energy vehicle industry in 2008, China's new energy vehicles have embarked on a path of high-quality development in just over a decade.

Statistics show that over 70 support measures have been successively introduced by various departments in recent years. From implementing industrial technology innovation projects to establishing national manufacturing innovation centers such as power battery centers, a series of measures have made the direction of industrial development clearer and more steadfast.

With the continuous innovative development of enterprises such as CATL, China has established a relatively complete research and development industrial system and industrial chain system in various fields of new energy vehicles, providing a continuous driving force for the high-quality development of the new energy industry.

As one of China's "three new growth drivers", Chinese new energy vehicles are reshaping the global automotive industry competition landscape and continually attracting leading global car companies to accelerate their layout in the Chinese market. In the wave of global electrification and intelligence transformation, Chinese new energy vehicles are rapidly moving towards the center stage of the world, presenting a historic opportunity for local brands and bringing new development opportunities to the global automotive industry.