The State of the Electric Vehicle Revolution 2023

Global

Global Domination&nbsp;&mdash;&nbsp;China continues to dominate the global EV market, nearly&nbsp;doubling the number of EVs on Chinese roads since the end of&nbsp;2021 &ndash; from 7.9 million EVs to 14.1 million at the end of 2022.

This is largely due to the&nbsp;government&rsquo;s long-held ambitions to become an EV-leading&nbsp;nation, a key component to China&rsquo;s &ldquo;Made in China 2025&rdquo;&nbsp;vision and strategy.

The EU follows China, with the 2nd largest global EV stock&nbsp;claiming 30% global EV market share.

Global EV Stock 2021 Shows China Continues to Dominate the Global EV Market

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<h3>Which is the Most Electrified Nation?</h3>

Perhaps the metric that is most important to track, is the electrification rate of the total car population.

Norway leads, with 27%&nbsp;of all cars on Norwegian roads being electric at the end of 2022. Iceland follows at 16%, and the rest follow with single digit&nbsp;progress.

Here, we can see clearly that the USA lags far behind, having only electrified 2.1% of their national fleet of vehicles,&nbsp;below the 2.4% world average.

China has electrified nearly 5% of the vehicles on its roads, ahead of smaller countries like&nbsp;Belgium and Switzerland.

Top 10 Countries by Electrification Rate, Showcasing Norway as the Leader with 27% Adaptation

Top 10 Countries by Electrification Rate

When we look at EVs as a proportion of new cars sold in 2022, small European nations lead the charge, with 88% of Norway&rsquo;s&nbsp;total car sales being 100% electric.

Other Scandinavian countries like Iceland and Sweden post similarly high percentages, at&nbsp;70% and 54% respectively.

Hong Kong comes in 4th place, with 53% of new car sales being electric.

In China, due to its sheer&nbsp;size and girth, ranks 9th place, with nearly 1 in every 3 new cars sold being electric (29%).

Global Electric Vehicle Stock 2021

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