China's new energy vehicle (NEV) sales are expected to grow more than 40 percent each year in the next five years, a senior official at the China Association of Automobile Manufacturers (CAAM) said. It was the first time that the industry association's annual report showed a growth rate of more than 30 percent.
The growth could translate into a massive surge in demand for batteries. Currently, demand in China is around 150,000 units per year, with about 120,000 being NEVs and 30,000 being plug-in hybrids (PHEV). A 40 percent growth rate by 2015 would take NEV sales to nearly 220,000 units per year and a 60 percent jump by 2020 will take them to more than 360,000. By comparison, global NEV sales are less than 150,000 per year, according to the International Energy Agency.
China's new energy vehicle market has been growing rapidly since its first launch in 2008, but the industry's growth rate was expected to slow slightly this year. But the industry's sales are expected to grow 22 percent to 1.65 million in the first half of 2013, according to a Reuters report.
This increase is due to the growth of China’s NEV market, with the number of road NEVs rising to 1.28 million at the end of 2012 from 565,000 units a year earlier. Sales of China NEVs are expected to reach 2.25 million by the end of this year, more than double what is being produced in the US. The fact that the country is increasing its tax credit for NEV sales is also driving growth.
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