China's NEV market is still set to grow by an impressive 20% in 2025

BrianTycangco鄭彥渊
01-10

China's NEV market is still set to grow by an impressive 20% in 2025, possibly achieving 60% to 65% penetration in the auto market.

That growth will start to slow in 2026 as the industry matures. I expect the ratio of NEV-to-ICE to plateau at around 80/20 by 2028/29.

But given the still relatively low car ownership rate in China, the overall market can still enjoy 4% to 5% annual growth for the next 10 years.

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