Open Access

Lihong Wang

• China has firmly established itself as the world's largest EV market. In 2024, the market is expected to reach $521 billion and continue growing at a compound annual growth rate (CAGR) of 16.29%, reaching $1.29 trillion by 2030. If we look at the graph below: according to the International Energy Agency (IEA), more than 50% of the world’s electric cars are sold in China in 2023. Compared to other countries and regions, such as Europe, United States and the rest of the world, China is growing at an unprecedented speed. This remarkable growth is driven by strong government incentives and support, increasing consumer demand, and significant investments in infrastructure. The government has set aggressive targets for EV adaptions, in order to target environmental concerns, reduce reliance on fossil fuels and dominate the new technologies. Amongst 130 brands of EV manufacturers, BYD (short for Build Your Dreams) and Tesla dominate the market, with BYD holding nearly 33% market share and Tesla over 8%. The market is characterized by a wide variety of EV models, from compact city cars to luxury sedans, catering to diverse consumer preferences.