3 Drivers of China’s Booming Electric Vehicle Market

More than half of the electric vehicles (EVs) on roads worldwide are found in China. In 2022, new EV sales in China grew by 82%, and the country provided 35% of global EV exports. While the U.S., Norway, and other Scandinavian nations were early adopters of EVs, and Germany and Japan have long been automotive powerhouses, their EV markets have lagged in mass market adoption compared to China. How did China get to this point? What can companies looking to scale up their innovations learn from their approach? This article outlines three key reasons for the growth of China’s EV sector: experimenting in adjacent industries, encouraging operational solutions, and doubling down on core technology.