There’s a growing global trend toward ambitious electric vehicle (EV) adoption targets, with various countries setting different benchmarks based on their unique goals and circumstances.
Globally, the electric cars sales have been skyrocketing due to several factors, including declining costs, advancements in technology, and strong government backing. According to a report, in 2023, one out of every five cars sold was electric. This indicates a shift in consumer behaviour with more preference for greener options.
While the global outlook on the adoption of EVs remains largely positive, the sales of four wheeler electric cars remain restricted to a handful of countries. In fact, approximately 95% of all electric vehicles sold in 2023 were in China, Europe, and the United States.
The dominance of China, Europe, and the US in the EV sector underscores the need for a broader push to make EVs accessible to a wider audience across the globe. While many nations are gradually hopping onto the EV ride, it becomes interesting to look at some of the countries who are the market leaders in terms of electric vehicle usage and sales.
China: The Global Powerhouse of Electric Cars
China, the world’s largest car market, also leads the electric vehicle (EV) race by a substantial margin. China accounted for around 60% of the global registrations of nearly 14 million new electric cars in 2023. The country’s strong support for EVs has driven down battery costs, making electric vehicles more affordable not only domestically but globally.
China’s electric vehicle (EV) sales share is currently double the global average. Over the past decade, China’s EV market has expanded dramatically. Its EV stock now dominates the global market, outpacing growth in both Europe and the United States. In 2023 alone, new electric car registrations in China reached 8.1 million, reflecting a 35% increase compared to 2022. This surge in sales has been propelled by financial incentives such as subsidies and tax breaks for both EV manufacturers and consumers
The United States
The United States is also making inroads into electric vehicle adoption. In 2023, the US witnessed 1.4 million new electric car registrations, representing a 40% increase compared to 2022. While the US EV market lags slightly behind the global average, with a 6.2% market share in 2022 (matching the global share from 2021), it is quickly catching up.
The US government has set ambitious goals, aiming for 50% of all vehicle sales to be electric by 2030, and 67% by 2032. These targets, combined with the ongoing expansion of charging infrastructure, position the US as a growing leader in the EV sector.
Europe’s Electric Vehicle Boom
Europe has consistently outpaced the global EV sales average. In 2023, 3.2 million new electric cars were registered across the continent, a 20% increase from the previous year. The European Union contributed 2.4 million of these sales, with several member countries showing similar growth rates.
Germany reached a key milestone in 2023, becoming the third country after China and the US to record 500,000 new battery electric vehicle (BEV) registrations in a single year. This growth underscores Europe’s strong commitment to the EV transition, supported by favourable policies and expanding charging networks.
Emerging EV Markets
Several countries are emerging as leaders in terms of EV market share. Norway continues to lead the world, with 80% of all passenger vehicle sales in 2022 being electric. Other frontrunners include Iceland (41%), Sweden (32%), and the Netherlands (24%). China, despite its vast car market, also boasts a 22% share of EV sales.
The European Union and the United States, while at lower levels, are experiencing rapid growth, with 12% of car sales in the EU and 6% in the US being electric. The U.K. has also made significant progress, with 19% of all car sales in 2023 being electric, and it aims for 100% electric vehicle sales by 2035. India, a major emerging market, has set a goal for 30% of all vehicle sales to be electric by 2030.
These. numbers highlight the different strategies and levels of ambition in the global effort to reduce carbon emissions and transition to electric mobility. While the US may be cautious, other countries are pushing the envelope, showcasing various pathways and speeds for the global shift toward sustainable transportation.
The Future of Electric Vehicles
The global electric vehicle market continues to expand rapidly. In 2023, electric cars accounted for 18% of all vehicle sales, up from 14% in 2022 and a significant leap from just 2% in 2018. However, to meet global net-zero emissions targets, these numbers will need to rise significantly.
Making EVs more accessible worldwide is critical to achieving these goals. Governments should focus on incentivizing automakers to produce affordable electric vehicles. Subsidies, especially those aimed at low-income households, can help drive mass EV adoption more effectively, ensuring that the shift to cleaner transportation benefits a broader range of people globally.
