Han Media: Unshakable, China Dominates the Electric Vehicle Market Absolutely!
On December 31, the South Korean media "Herald Economic" published an article stating that it is expected that two-thirds of the global electric vehicle market will be sold in China this year.
In South Korea, the domestic electric vehicle sales, which had negative growth for the past two years, turned positive this year, but the growth rate is expected to slow down next year.
According to the report "2025 Automotive Industry Assessment and 2026 Outlook" released by the Korea Automobile Manufacturers Association, global electric vehicle sales from January to October this year reached 15.63 million units, an increase of 22.7% compared to the previous year.
During this period, due to the end of U.S. tax incentive policies after the inauguration of Trump's second administration, China's domestic demand stimulation policies, increased European regulation, and the expansion of Chinese brands in emerging markets, pure electric vehicle sales increased by 28.8% to 10.5 million units.
Plug-in hybrid electric vehicle sales increased by 12.0% to 5.14 million units, with a slower growth rate.
This year, the global electric vehicle market is expected to grow by 25%, reaching 22 million units, accounting for 21.9% of the global new car market.
By country, China is expected to account for 67% of global electric vehicle sales, Europe 17%, and the United States 7%.
With increasingly fierce competition among electric vehicle manufacturers, China is leading the global electric vehicle sales growth. At the same time, Europe is also expected to see a growth of about 20% in electric vehicle sales due to strengthened environmental regulations. However, due to the Trump administration relaxing automobile fuel efficiency regulations and canceling the $7,500 tax credit, U.S. electric vehicle sales are expected to stagnate.
At the same time, as electric vehicles become more popular in China, emerging markets such as Australia, Thailand, Brazil, and Turkey, which are open to Chinese electric vehicle manufacturers, have also seen a rapid increase in electric vehicle sales.
After experiencing two consecutive years of negative growth in electric vehicle sales in 2023 and 2024, South Korea is expected to continue its recovery this year. Subsidies and tax incentives will continue to be implemented next year, but the growth rate is expected to slow down.
In general, due to continued demand for hybrid vehicles, increased electric vehicle subsidies, the ongoing popularity of Tesla, and the expansion of Chinese electric vehicle brands like BYD and Zeekr into the South Korean market, the South Korean eco-friendly car market is expected to continue to grow.
Original: toutiao.com/article/1853024764162251/
Statement: This article represents the views of the author himself.