BEIJING -- (Xinhua) -- China 's new energy vehicle market is expected to expand rapidly from 2022 to 2026, according to a report by International Data Corporation, a global market research firm.
The country's new energy vehicle market is expected to reach 15.98 million units in 2026, the report said, with a compound annual growth rate of 35.1 percent over the period.
The report also predicted that the compound annual growth rate of pure electric vehicles would be 37.5 percent, while the compound annual growth rate of plug-in hybrid electric vehicles would reach 20.5 percent.
The data showed that the penetration rate of new energy vehicles is likely to exceed 50 percent in the Chinese market in 2026.
Consumers believe that the existing public charging and replacement facilities for new energy vehicles can generally meet the demand for short-distance trips in urban areas, according to the results of a survey by the international data company.
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China's new energy vehicle market will expand rapidly during the period 2022-2026