Electric vehicles (EVs) have been gaining traction across the globe, with various countries experiencing significant shifts in market share. This article delves into the intriguing changes within fifteen European nations, alongside China and the United States. We unveil some intriguing statistics and market share insights gained from the latest data—though it’s important to note the 2023 annual figures are still pending.
Annual and Quarterly EV Market Shares
In an expansive overview of the EV landscape, we evaluate a series of charts which illustrate both an annual and a quarterly perspective. Despite not having access to the latest data for all countries and missing Q4 2023 numbers, the charts sourced from EU-EVs provide a comprehensive look at the changes. Curiously, Belgium is omitted from the 2022 statistics while China is absent from the quarterly analysis—improvements we aim to correct in future updates.
Dominant Players and Emerging Markets
From the 2022 market share, Norway stands as an unrivaled leader with a staggering 81.5% share, demonstrating its long-standing commitment to EV adoption. Following behind are countries like Sweden with a notable 33.7%, and closely behind are the Netherlands, China, and Denmark with over 20% each. In stark contrast, the US lags with a modest 5.5% share—a figure that increased to 7.2% in 2023, but not quite enough to compete with the European frontrunners.
Year-Over-Year Market Share Growth
An additional chart sheds light on the transition from 2021 to 2022, highlighting each country’s progress. A general uptrend is visible across the board, except for Italy, which has seen better days in EV adoption. Norway and Sweden made remarkable strides, each improving their EV market shares by approximately 14 percentage points. China follows with an impressive 10 percentage point increase, while the US presents a much less significant rise of 2.5 percentage points.
A Glimpse into 2023’s EV Market Shares
Without the full 2023 picture, a look at the first three quarters still reveals some interesting patterns. Norway, despite a slight downward trend in 2023, maintained a quarterly EV market share higher than its own 2022 figures. Other nations generally exhibited an upward trajectory. The bottom of the list, home to the US, Spain, and Italy, showed little to no movement, indicating that the EV revolution has yet to take full hold in these markets.
These trends encapsulate the challenges and progress different countries face regarding EV adoption. Do the findings stand out to you? What other aspects of EV sales analysis would you be interested in exploring? As the market evolves and more data becomes available, we will continue to keep a watchful eye and provide up-to-date insights on these transforming market shares.
