Approximately one in four vehicles sold in China in 2022 is projected to be an electric vehicle (EV). According to a recent analysis by the International Energy Agency (IEA), China is projected to account for half of the global electric car market in the next two years.
The IEA has stated that the main drivers of this surge in EV sales are the increasingly strict emissions standards adopted by the Chinese government, as well as the availability of generous subsidies for buyers of electric cars. By 2022, IEA estimates that the number of electric cars on the road in China will reach 7 million, up from 1.3 million in 2017.
The Chinese government is investing heavily in the electric vehicle market, with a range of measures aimed at encouraging the adoption of electric cars. These include the phasing out of subsidies for gasoline and diesel vehicles, as well as the introduction of new incentives for the purchase of electric cars.
The Chinese government is also investing heavily in the development of the necessary infrastructure to support the growth of the electric vehicle market. This includes the construction of new charging stations and the development of a nationwide network of charging points.
The IEA has stated that the growth of the electric car market in China is likely to be a major factor in reducing global emissions. By 2022, the IEA estimates that electric cars will account for almost 8% of total global vehicle sales, up from just 1% in 2017.
The IEA has also highlighted the potential for the growth of the electric car market in other countries, pointing to the increasing availability of subsidies, the development of new charging infrastructure, and the increasing pressure from governments to reduce emissions as key factors.
China’s success in the electric car market is expected to have a considerable impact on global emissions, with the IEA projecting that electric cars will be responsible for reducing global emissions by 1.5 gigatonnes by 2022.
The IEA’s projections are in line with the Chinese government’s targets for electric cars, with the government aiming to have 1 million electric cars on the roads by 2020, and 5 million by 2025.
The increasing availability of electric cars in China is likely to have a positive impact on the global environment. With one in four cars sold in China projected to be electric by 2022, it is clear that the country is making significant progress towards reducing global emissions.