Global Tipping Point for Mass Adoption

Mar 29, 2024 11:15 AM ET

• Electric cars hit tipping point in 31 countries, with 5% of new car sales fully electric. Global EV market set for rapid growth as US and South Korea play catch up.

Electric cars have reached a tipping point for mass adoption in 31 countries, with 5% of new car sales being fully electric. This milestone signals the start of widespread acceptance and rapid growth in the electric vehicle market. Countries such as Thailand and Turkey have seen significant increases in EV sales, driven by factors such as the opening of domestic EV factories and the release of competitive electric models.

While the US has crossed the tipping point, it lags behind other countries in terms of EV market share. Analysts expect global EV sales to increase by about 22% this year, with the US and South Korea needing to accelerate sales to catch up to other countries. The shift to electric cars is also impacting the hybrid market, with some countries adopting plug-in hybrids as a stepping stone towards full electrification.

Overall, the 5% EV tipping point was reached globally in 2021, with fully electric cars accounting for approximately 12% of new car sales by the end of 2023. This trend is driven by falling battery prices, increased charging infrastructure, and improved performance of electric vehicles, making them more competitive in the global market.

Is the US falling behind in EV market share compared to other countries?

• The US is falling behind in EV market share compared to other countries, with only a small percentage of new car sales being fully electric.
• Analysts predict a 22% increase in global EV sales this year, highlighting the need for the US and South Korea to accelerate their sales to catch up.
• Countries like Thailand and Turkey have seen significant increases in EV sales due to factors such as the opening of domestic EV factories and the release of competitive electric models.
• The shift to electric cars is also impacting the hybrid market, with some countries using plug-in hybrids as a transition towards full electrification.
• Globally, the 5% EV tipping point was reached in 2021, with fully electric cars expected to account for approximately 12% of new car sales by the end of 2023.
• Falling battery prices, increased charging infrastructure, and improved performance of electric vehicles are driving the growth of the EV market worldwide.