According to the International Energy Agency, emissions from automobiles accounted for 48 percent of global transport carbon dioxide emissions in 2022. NEVs are a major step forward in the aim to get to a zero-carbon transport sector. It also predicted that the global demand for NEVs will be four-fold from 2022 to 2030, surging to 45 million units.
In April 2024, the market share of NEVs in China surpassed 50 percent for the first time, indicating that one out of every two cars sold in China is a NEV. It is predicted that the NEV market share in China will reach 41 percent in 2024 (up from 31 percent and 30 million NEVs sold in 2023).
The Hong Kong SAR Government announced the Hong Kong Roadmap on Popularisation of NEV in March 2021, setting the target to cease new registration of fuel-propelled and hybrid private cars in 2035 or earlier. As at the end of December 2023, there are 7,415 NEV chargers for public use with a ratio of 1:10 for NEV chargers to NEV cars. This demonstrates a significant market demand and growth opportunity for increasing the number of public and private parking spaces with charging infrastructure to reach the goal of about 200,000 by mid-2027 and largely reduce the NEV chargers to NEV cars ratio.