China’s EV boom has caught Japan, South Korea and Germany asleep at the wheel!

Dec 29, 2023
Electric cars charging at the charger station in front of the solar panels and wind turbines. City building skyline in the blue background. Eco green city illustration.

China will need Australian iron ore and coking coal for its booming EV industry.

In 2023, the projected revenue in China’s Electric Vehicles market is expected to reach a staggering US$292.1bn.

This forecast indicates a promising future for the industry.

Furthermore, it is anticipated that the market will experience a steady annual growth rate of 6.38% from 2023 to 2028, resulting in a projected market volume of US$398.0bn by the end of that period.

The increasing demand for Electric Vehicles will contribute to this expansion.

Looking specifically at unit sales, it is estimated that the number of Electric Vehicles sold in China will reach a significant milestone of 8.77m vehicles units by 2028.

This demonstrates the growing popularity and acceptance of Electric Vehicles among consumers.

Moreover, the volume weighted average price of Electric Vehicles in China is predicted to amount to US$46.9k in 2023.

This figure reflects the average price at which Electric Vehicles are expected to be sold in the market.

It is worth noting that, on an international scale, China is projected to generate the highest revenue in the Electric Vehicles market in 2023, with a staggering US$292.1bn.

This highlights China’s dominant position in the global Electric Vehicles market and industry.

China’s electric vehicle market is booming, with government subsidies and a strong infrastructure driving rapid adoption.

 

Source: Statista.com

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