China continues to be the largest electric vehicles market in terms of fleet size and annual sales as of 2020. The country is expected to maintain its dominant position during the 2021–2030 period as well, deploying more than 50 million electric vehicles in the next ten years, says GlobalData, a leading data and analytics company.
Growth in the Chinese electric vehicles market is attributed to strong policy support from the government and the presence of various local and international electric vehicle players in the country. Major electric vehicle players in the country include Tesla, BYD, and SAIC.
Moreover, China has a robust electric vehicle ecosystem with battery manufacturers having their factories in the country. With more startups such as NIO, XPeng, and Li Auto entering the electric vehicles space and well-established companies experiencing strong demand locally, the electric vehicles market in China is poised for growth in the coming years.
The annual sale of battery electric cars is expected to increase from one million in 2020 to reach eight million in 2030. Also, the annual sale of battery electric commercial vehicles is expected to grow from 0.12 million units in 2020 to 1.61 million in 2030.