WHERE EV ADOPTION IS ACCELERATING: Data from International Energy Agency (IEA), shows more countries are accelerating their EV adoption. But some countries have done better than the rest. These are the top countries with the highest rates of EV adoption.
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NORWAY: Norway is the world leader on EVs, growing sales from less than 1 per cent to more than 80 per cent in 12 years. To meet climate targets, the world needs to scale up EVs sales roughly as fast as Norway. Norway has positioned itself as the global frontrunner in embracing electric vehicles. Fuelled by substantial government incentives, a remarkable 87 per cent of the nation's new car sales are now fully electric. Northerns Lights, also called Aurora Borealis, illuminate the night sky as cars park near a highway in Norway.
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ICELAND: In 2022, 41 per cent of all new cars bought in the country was electric. EV and plug-in hybrid sales hit 11,900 in 2023, according to Statista. Iceland is also a leader in renewable energy and one of the greenest countries in the world. Some charging stations in Iceland offer free charging, particularly at hotels and guesthouses. Photo shows a scene in the capital Reykjavik.
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SWEDEN: In August, CleanTechnica reported that plugin EVs took more than 60 per cent share of car sales in Sweden, significantly up from 46 per cent year on year. Full electrics alone took over 40 per cent. So far this year, the Tesla Model Y is the best-selling new car in Sweden, with more than 14,000 registrations through October, according to Mobility Sweden, an industry group. A NIO power station and 500kW ultra-fast charging station in Stockholm, Sweden launched in August.
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GERMANY: EV sales penetration rate in Germany hit 37 per cent versus a global average of 16 per cent this 2023. Free EV charging stations are still available in some places (in locations including hotels, shopping centres, autocentres, and IKEA), though the availability of free charging options is becoming rarer due to the rising cost of electricity. Local car brands like Audi, BMW, Mercedes Benz, Porsche tended to have a smaller share of electric cars in their sales volume. Tesla has sold 1.3 million vehicles in Germany as of end-2022, a 40 per cent growth vs 2021 (based on data provided by brands and KBA). This V4 charger, powered by solar energy, in Merklingen, Germany, has 40 stalls and is open to all EVs.
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THE NETHERLANDS: The country saw EVs taking 35 percent share of new vehicle sales in 2022, with more than 107,000 new passenger plug-in electric cars registered, 12 per cent more than in 2021 (over 95,000) and about 35 per cent of the total market (compared to 30 percent a year ago). In 2022, the total fleet of battery electric and plug-in hybrid electric passenger cars in the Netherlands amounted to approximately 703,000. In August 2023 alone, EV sales rose 58 per cent. The Dutch Government’s bold ambition is that by 2030, only zero emission passenger cars will be sold in the country. Dutch company Fastned is building a network of charging stations in the Netherlands and Germany. X | @bcmlubbers
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CHINA: China is by far the biggest player when it comes to EVs. Full battery electric vehicles (BEVs) alone accounted for 25 per cent of the country's auto sales. This kept the 2023 share at 36 per cent (24 Per cent BEVs), and considering the current growth rate, China's plugin vehicle market share could end close to 40 per cent by the end of 2023, according to CleanTechnica.
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UK: Electric cars accounted for around 16.6 per cent of all new cars sold in the UK in 2022. New EV registrations that year jumped 40 per cent higher than 2021, with 267,203 new EVs sold. In 2022, more than 365,000 plug-in hybrid and battery-electric cars were registered, showing a growth of 20 per cent over 2021. As of the end of November 2023, there were around 1,529,000 plug-in cars in the UK, with around 950,000 battery-electric vehicles and 570,000 PHEVs registered. London’s traditional street lamp posts charging a Tesla EVs.
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US: An estimate by industry publication Utility Drive, states that US consumers are increasingly considering EVs when purchasing new light-duty cars or trucks. In October 2023, EV sales grew 58 per cent exceeding 100,000 in a single month in the US. EV sales are en route to making up 9 per cent of total vehicles sales in 2023, according to data from EV Hub, a tracker run by Atlas Public Policy.
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INDIA: According to data from the International Energy Agency (IEA), India witnessed a remarkable acceleration in EV sales, soaring from 0.4% to 1.5% within just one year, spanning 2021 to 2022. This growth rate is approximately three times faster than the global average, which took three years to progress from 0.4 per cent EV sales in 2015 to 1.6 per cent in 2018.
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KEY DRIVERS: The surge in electric vehicle EV sales globally can be attributed to two key factors: the decreasing costs associated with EVs and continuous technological advancements. An analysis conducted by the World Resources Institute (WRI), utiliSing data from the International Energy Agency's EV Data Explorer, reveals that countries achieving a 1 per cent EV sales threshold over the past five years have experienced faster economic growth compared to those reaching the same milestone earlier. The Volvo C40 EV at the COP28 UAE in Dubai. Photo taken on December 6, 2023.
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WHAT THE DATA REVEAL: Analysis of data from the IEA shows that in every country, once EV sales reached 1 per cent, they accelerated. This acceleration happened faster in some places than others, but all are following an S-curve pattern. A Kia EV5 displayed during the company's EV Day in Yeoju, South Korea.
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