Market Fact

Main issues:

​​​​​​​The top 5 countries with the highest share of EV sales are Norway (all-electric vehicles made up 80% of passenger vehicle sales in 2022), Iceland (41%), Sweden (32%), the Netherlands (24%) and China (22%), according to our analysis. China’s place on this list is especially significant considering it is the biggest car market in the world. The other two biggest car markets have lower EV sales but are growing quickly: the European Union (12%) and the United States (6%).

Location: Global

Main facts & key stats:

  1. Exponential Growth in EV Sales: EV sales have seen exponential growth due to decreasing costs, advancing technology, and government support. In 2022, 10% of global passenger vehicle sales were electric, a tenfold increase from five years earlier.

  2. Environmental Benefits of EVs: EVs produce fewer greenhouse gas emissions compared to traditional internal combustion engine vehicles. When the electric grid becomes zero-carbon, emissions from EVs will further decrease.

  3. Key Countries in EV Adoption: Several countries are rapidly adopting EVs. The top five countries with the highest share of EV sales in 2022 are Norway (80%), Iceland (41%), Sweden (32%), the Netherlands (24%), and China (22%). China's position is particularly significant due to its status as the world's largest car market.

  4. Global Target for EV Adoption: To align with international climate goals and limit global warming to 1.5 degrees Celsius, EVs should comprise 75% to 95% of passenger vehicle sales by 2030, according to Climate Action Tracker. Recent growth rates in EV sales indicate this target is achievable.

  5. S-Curve Growth Pattern: EV sales in different countries follow a similar S-curve growth pattern, typical for the adoption of innovative technologies. This pattern involves initial acceleration, followed by a slowdown as the technology nears saturation. However, no countries have reached the saturation phase yet.

​​​​​​​Original link / Source of Information / Date of Updates:

https://www.wri.org/insights/countries-adopting-electric-vehicles-fastest, World Resources Institute, 14 September 2023