China Leads Global New Energy Vehicle Market with Two-Thirds Sales Share

According to industry data, China’s new energy vehicle sales last year accounted for nearly two-thirds of the world’s total sales. The China Passenger Car Association(CPCA) announced that in 2023, China’s new energy vehicle sales accounted for two-thirds of the world’s total. In 2023, about 8.87 million units were sold in the Chinese market, a 37% increase from the previous year, accounting for 63.5% of the world’s total sales.

The penetration rate–which is the proportion of the total new car sales– of China’s new energy vehicles (NEVs) increased to almost 30% in 2023. Among new energy vehicles, 69% accounted for battery electric vehicles, and the remaining 31% were plug-in hybrid electric vehicles. Hybrid electric vehicles are not classified as new energy vehicles in China.

Chinese electric vehicles are popular in Southeast Asian and European markets, showing strong sales growth in both domestic and export markets. In 2023, China’s new energy vehicle exports reached 1.2 million units, an increase of 77.6% compared to the previous year.