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Which Countries Are Leading EV Market Adoption?

Electric vehicles are gaining widespread acceptance among drivers worldwide, as demonstrated by their increasing market share across the world. Currently, Electric Vehicles represent over 20% of new car sales in 15 countries, surpassing 10% in 22 countries, and exceeding 5% in 31 countries globally.

Countries Ranked By EV's Penetration of New Car Sales

Source: Blomberg

While, here is the ranking of the largest auto markets in the world.

Source: Motor1

Countries Leading The EV Transition

All five countries leading in EV market-share of new car sales are in Northern Europe:

  1. Norway: 80%

  2. Iceland: 58%

  3. Denmark: 45%

  4. Sweden: 40%

  5. Finland: 35%

China, now the largest car market globally, ranks 11th in electric vehicle penetration, with EVs accounting for 24% of new car sales. While, Germany, the fifth-largest car market, ranks 16th, with EVs representing 20% of new car sales. The United States, ranked 25th, with EVs having 8% penetration of new car sales.

Interestingly, Japan, the world's fourth-largest auto market and a powerhouse in auto manufacturing, has not seen electric vehicles gain the same level of traction as in other regions

The US EV Market

While EV Sales continue to increase in the United States, there is a degree of two-steps forward and one step backward. This is to be somewhat expected, since while EVs have attracted innovators (first 2.5% of market) and is attracting early adopters (next 11.5% of market), most people don't chase technology innovations, and it takes time, smart marketing and advertising to win over mainstream buyers.

Long Term Adoption Trends: Global BEV and PHEV Sales

Global EV growth rates have slowed, with annual sales growth decreasing from 109% in 2021 to 35% in 2023. Nevertheless, the widespread adoption of EVs is anticipated to accelerate due to tangible benefits, particularly the declining costs of EV ownership over time. As EV battery costs decrease, driving range improves, and charging infrastructure expands, early adopters are likely to embrace electric vehicles more rapidly.

Source: EV-Volumes


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