(Reuters) -Chinese automakers are rapidly pulling ahead in the global zero-emission vehicle (ZEV) market, according to research firm International Council on Clean Transportation (ICCT).

WHY IT'S IMPORTANT

The global EV market is currently experiencing intense competition among its key players.

China has a crucial role in the global EV transition, as it now accounts for over 11 million electric vehicles sold annually, which corresponds to more than half of global EV sales, ICCT said in a report.

Electric vehicle sales in China surpassed over one million units in a single month for the first time this year, driven by strong domestic demand and targeted export efforts from Chinese manufacturers, Rho Motion said earlier.

BY THE NUMBERS

China-based automakers took the 5 top positions in ZEV class coverage, and 5 of 6 top positions for EV sales share, with companies like Geely and SAIC already reaching 50% EV sales share achieving their 2025 goals a year sooner than planned, ICCT data showed.

BYD exceeded Tesla in global battery electric vehicle (BEV) sales for the first time in 2024, with a 25% increase in BEV sales and 47% increase in combined BEV and plug-in hybrid electric vehicle (PHEV) sales compared to 2023, the research firm said, adding both companies are in the "Leaders" category of the rating.

KEY QUOTES

"As China-based automakers expand globally, other leading global manufacturers face urgent pressure to accelerate their own transitions or risk losing competitive ground," said Drew Kodjak, president and CEO of the ICCT.

"For the wider global auto industry, this is no longer just about meeting future goals - it's about remaining competitive today in a market that's charging up," he added.