he Chinese<\/strong> government has backed EV development for two decades, but the number of ICE cars on the roads will still be increasing in 2030\u00a0<\/p>\n\n <\/div>\n\n \n\n <\/div>\n \t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t By every measure, China is the world\u2019s most important car market \u2013 this year 29 million vehicles are expected to be sold in the country, compared with 21 million in the US and 20 million in the EU. China will further eclipse these two regions in the coming decade: by 2030, Berylls expects 38 million new vehicles to be registered annually in China, equivalent to 31% of the global market, compared with 20% and 18% market share in the EU and US respectively.<\/span><\/p> The country is also the world\u2019s biggest xEV market, with around 3 million of what the Chinese government calls \u2018new energy vehicles\u2019 (NEVs) sold in 2021. Will it retain this leading position over the next decade, as European and US carbon emissions commitments drive the xEV transition in those regions?<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t NEW ENERGY VEHICLES SOLD (in 2021)<\/p><\/h5>\n <\/div>\n\n <\/div>\n <\/div>\n At the UN Climate Change Conference (COP26) in Glasgow in 2021, China committed to the 2015 Paris Climate Agreement to limit global warming by 1.5 \u00b0C, and the country (the world\u2019s biggest greenhouse gas emitter) has set a goal of being carbon neutral by 2060. Around 10% of China\u2019s emissions come from the transport sector, and one of the key milestones en route to 2060 is the Chinese Communist Party (CCP)\u2019s target for NEVs to account for 40% of all new vehicle sales by 2030.\u00a0\u00a0<\/span><\/p> In this report, we will look at China\u2019s plans for decarbonizing road transport and how realistic its goal is, in light of the following market dynamics:<\/span><\/p>\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t Dr. Alexander Timmer<\/p>\n Partner<\/p>\n alexander.timmer@berylls.com<\/p>\n <\/div>\n Willy Wang<\/p>\n Principal & MD (CN)<\/p>\n willy.wang@berylls.com<\/p>\n <\/div>\n Dr. David Gutjahr<\/p>\n Senior Associate<\/p>\n david.gutjahr@berylls.com<\/p>\n <\/div>\n 3 MILLION<\/h5>\n
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