Which are the countries where the electric car is at the turning point

Full electric cars exceed 5 per cent of the market in 31 countries around the world. History says it is now accelerating

By: Riccardo Ciriaco

Apr 6, 2024 at 9:24am ET

Comment

Like colour TVs in the 1950s-60s, smartphones from 2010 onwards and so many other technologies that have appeared in the past, the electric car also has its turning point. It is at a 5% market share, a threshold that represents the beginning of mass adoption, when industrial/logistical problems and consumer scepticism begin to step aside to make way for the new.

Experts liken this change of course to an S-curve: product sales proceed slowly after launch and then accelerate until the initial costs fall and the product becomes mainstream. For battery-powered cars, this is already happening in 31 countries, including the UK (with a 'but').

Fivefold in four years

Analysing the sales percentages are the experts at Bloomberg, who base their forecasts on figures for the end of 2023. Thus, compared to the headline's previous mapping, 12 more countries have appeared on the list in the last year. What happens now?

La lista dei Paesi dove l'auto elettrica è al punto di svolta

Having reached the tipping point, registrations are growing rapidly, taking the market share from 5% to 25% in less than four years barring, of course, any stoppages caused by economic recessions, political supply chain disruptions and company bankruptcies. Current estimates say that full electric cars will take 22% of the global market in 2024.