BEV VIO in Greater China: market size outlook for 2030

IHS Markit’s forecast shows the number of BEVs in operation on Greater China’s roads to grow nearly eight times in the decade to 2030

Mainland China is the world’s largest market for battery electric vehicles (BEVs) and is expected to remain for the foreseeable future. The continued push toward new energy vehicle (NEV) adoption both for corporates and private Chinese buyers along with heavy subsidies by the central government have, to a large extent, driven this quick transition to electrified vehicles. In the Chinese context, NEVs refer to BEVs, plug-in hybrid electric vehicles (PHEVs), and fuel-cell electric vehicles (FCEVs).