According to a Bloomberg Green analysis, electric vehicles have reached a pivotal tipping point globally, with 31 countries surpassing the threshold of 5% of new car sales being purely electric, marking the beginning of mass adoption and rapid shifts in technological preferences.
In 2022, Bloomberg’s initial analysis found that only 19 countries had exceeded the 5% tipping point for electric vehicle adoption. However, this number significantly increased last year as electric vehicles became more widespread across four continents.
Some of the swiftest growth occurred in Eastern Europe and Southeast Asia. The trajectory set by preceding countries illustrates how electric vehicle sales can surge from 5% to 25% of new cars within less than four years.
“Once enough sales occur, you kind of have a virtuous cycle,” said Corey Cantor, an EV analyst at BloombergNEF. “More EVs popping up means more people seeing them as mainstream, automakers more willing to invest in the market, and the charging infrastructure expanding on a good trajectory.”
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Although this market-share perspective on EV tipping points demonstrates the rapid adoption of electric cars, it does not rule out potential year-to-year slowdowns or setbacks caused by factors like supply chain disruptions, economic downturns, bankruptcies, and political influences.
Analysts at BloombergNEF anticipate a global increase of approximately 22% in sales of fully electric and plug-in hybrid vehicles this year, indicating a slowdown compared to recent years.
However, this change is not expected to alter the long-term outlook for EV adoption significantly.
