3 Apr 24

All-electric passenger cars passed the 'adaption threshold' in 31 countries

All-electric passenger cars passed the 'adaption threshold' in 31 countries

The world is on the verge of becoming electric, and a recent study shows that 31 countries on four continents have surpassed a critical threshold in 2023 by making 5% of their new passenger car sales purely electric. 

According to the Bloomberg Green analysis, the mass adoption of battery electric vehicles (BEVs) started worldwide in 2023. Despite high inflation and investment setbacks, all-electric vehicles became the hot trend among consumers worldwide, thanks to countless models introduced in a competitive price range. 

The figures show a significant change in one year, as 19 countries exceeded 5% in new car sales in 2022. Surprisingly, Eastern European and Southeast Asian countries were the fastest-growing markets for all-electric vehicles for the first time.

Some of the countries that made a substantial jump in 2023 are Thailand and Turkey. The former surpassed the 5% threshold in Q1 2023 and reached 13% in BEVs in new car sales by Q4 2023. 

While fighting hyperinflation, Turkey crossed the 5% threshold in Q3 2023. The boom was triggered by the launch of the domestic all-electric TOGG, boosted by Tesla and BYD, entering the Turkish passenger car market last year. 

The fastest-growing top 10 EV adaptors in the world, according to Bloomberg, are:

  EV sales in Q4 2023 Latest EV market share First quarter at 5% tipping point
Norway 25,028 79,6% Q3 2013
Iceland 3,507 58,4% Q1 2019
Denmark 21,890 44,9% Q3 2020
Sweden 31,780 39,8% Q1 2020
Finland 6,686 35,3% Q4 2020
Netherlands 29,199 35,1% Q4 2018
Ireland 1,164 33,9% Q4 2019
Belgium 25,752 25,3% Q3 2021
Portugal 11,265 24,3% Q4 2020
Switzerland 16,581 23,9% Q1 2020

China is 11th, which surpassed the 5% threshold in Q4 2020 and saw over 1,8 million EV sales in the last quarter of 2023, with the EV market share reaching 23.8%. 

The US still has to catch up

The US passed the 5% tipping point in Q4 2021 but is still underperforming globally, with EV sales slightly over 300,000 in the last quarter of 2023 and an EV market share of 8.1%. According to Bloomberg, if the US market caught the trend of continuous growth after hitting the threshold, 25% of new cars sold in 2026 could be electric. 

Investment setbacks and prolonging issues such as charging infrastructure are still significant obstacles in many countries. The US and South Korea need to catch up, and many other major countries, including Germany and the UK, need to hasten up following solid figures. Germany, the UK, and the US are listed as the 16th, 17th, and 25th on the Bloomberg list. 

According to research organisation BloombergNEF, sales of BEVs and plug-in hybrid vehicles (PHEVs) are expected to increase 22% this year, forecasting steady growth globally. 

The main photo is courtesy of Shutterstock, 515877400.

Authored by: Mufit Yilmaz Gokmen