China's NEV market to see rapid expansion in 2022-2026: report

BEIJING -- China's new-energy vehicle (NEV) market is expected to expand rapidly during the 2022-2026 period, a report from the global market research firm International Data Corporation (IDC) showed.

The country's NEV market size is forecast to reach 15.98 million units in 2026, with a compound annual growth rate of 35.1 percent during the period, said the report.

It predicted the compound annual growth rate for pure electric vehicles to stand at 37.5 percent, while that for plug-in hybrid electric vehicles to hit 20.5 percent.

The penetration rate of new NEVs may surpass 50 percent in the Chinese market in 2026, the data showed.

Consumers believe that the current public charging and replacement facilities for NEVs could generally meet the demand for short-distance urban trips, according to a survey conducted by the IDC.