EV Sales Exceeded 5% of New Car Sales Sales of BEVs

In 31 Countries, EV Sales Exceeded 5% of New Car Sales Sales of BEVs in the US reached 5% of the total in Q4 2021 and increased to 8.1% in the last quarter of 2023.

Worldwide EV sales of battery electric vehicles are beginning to increase; in Q42023, they accounted for or exceeded 5% of all sales in 31 nations. Analysts see this as a “tipping point” where sales of EVs might surge to 25% very rapidly. The three biggest auto markets in the world—China, the US, and Europe—have all surpassed this milestone and are seeing an increase in EV sales.

The world leader in EV adoption, Norway, was the first nation to cross the 5% threshold; it was accomplished in Q3 2013, and the Netherlands followed suit in Q4 2018. Norway remains at the top of the pack even now, as just over 25,000 new cars were purchased there in the last quarter of last year, accounting for 79.6% of total sales.

The majority of the 31 nations that make up Bloomberg’s list have only just, within the last two or three years, surpassed the so-called tipping point.

The US is not an exception, with the percentage of new automobiles that are fully electric (excluding other plug-in vehicle types) rising to 8.1% in the final quarter of 2023 from 5% in Q4 2021. Throughout 2023, cumulative sales of EVs and PHEVs in the US reached 9.1% of total sales volume, adding 1.4 million vehicles and representing a year-over-year rise of more than 50%.

After surpassing 5% in Q4 2020, China’s adoption of EVs continues to rise at a rapid pace. Finally, in Q4 2023, it increased to 23.8%. With a total of a little over 1 million EVs sold, that is more than the combined sales of the remaining 5+% of countries.

Southeast Asian and Eastern European nations have accelerated after the study’s original completion in 2022. After surpassing 5% in Q4 2021, Romania’s EV sales share in Q4 2023 was 10.8%, trailing Turkey’s 12% (which was also the quarter’s global average). In the latter, EV adoption rates rose following the launch of the Togg, an EV sale that was designed and manufactured locally. With ambitions to build one million vehicles (five distinct types) by 2030, 20,000 units were delivered in 2023.

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