Otis Singleton
Electric vehicles (EVs) are an essential solution to decarbonizing transport. They have a lower carbon footprint than petrol or diesel cars over their lifetimes, and their carbon savings are higher in countries with a cleaner electricity mix. As of 2025, there are over 40 million electric vehicles in use globally, with China generating the highest revenue in the EV market. China, Europe, and the United States are the three biggest car markets, collectively responsible for 60% of global car sales, and all have seen significant growth in EV sales. Norway, Iceland, Sweden, the Netherlands, and China are the top five countries with the highest share of EV sales, with Norway leading the way in terms of market share.
| Characteristics | Values |
|---|---|
| Countries with the highest share of EV sales | Norway, Iceland, Sweden, the Netherlands, and China |
| Number of electric vehicles in Norway in 2018 | 1 in every 10 passenger cars |
| Number of electric vehicles in New Zealand in 2021 | 35,300 light-duty plug-in electric vehicles |
| Number of electric vehicles in Canada in 2019 | 141,100 plug-in electric passenger cars |
| Number of electric vehicles in China in 2023 | 20.41 million highway legal plug-in passenger cars |
| Number of electric vehicles in the world in 2022 | 26 million |
| Number of electric vehicles in the world in 2023 | 40 million |
| Number of electric vehicles in the world in 2024 | Over 50 million (estimated) |
| Number of electric vehicles in Thailand in 2023 | 90,000 |
| Number of electric vehicles in India in 2024 | 50% more than in 2023 (estimated) |
| Number of electric vehicles in Europe in 2023 | 3.2 million |
| Number of electric vehicles in the EU in 2023 | 2.4 million |
| Number of electric vehicles in China in 2023 | 8.1 million new registrations |
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What You'll Learn
Norway: 1 in 10 cars a plug-in by 2018
Electric vehicles are an essential solution to decarbonizing transport. In 2022, globally, 10% of passenger vehicles sold were all-electric, a tenfold increase in just five years. Electric vehicles produce fewer greenhouse gas emissions than internal combustion engine vehicles, and their importance in reducing transportation emissions is critical.
Norway is a leader in electric vehicle adoption. In March 2014, Norway became the first country where over 1% of passenger cars on the road were plug-in electric vehicles. By October 2018, 1 in 10 passenger cars registered in Norway was a plug-in. This was the result of a series of incentives set by the Norwegian government to promote the adoption of zero-emission vehicles (ZEVs). Electric vehicles are exempt from all non-recurring vehicle fees, making their prices competitive with conventional cars. They also benefit from lower public parking fees and toll payments, as well as access to bus lanes. These incentives have proven effective, with Norway achieving the highest share of EV sales globally in 2022, with all-electric vehicles making up 80% of passenger vehicle sales.
Norway's success in EV adoption is an example of how strong government policy and financial incentives can pave the way for a dynamic EV industry and help reduce costs. As a result of Norway's policies, plug-in hybrids have a smaller market share than ZEVs because they are not eligible for the same incentives. The government's initial target of 50,000 ZEVs was reached in 2015, and the incentives were continued through 2017, with some phased out by Parliament.
Norway's progress in EV adoption is significant, especially considering that electric vehicles are not yet a global phenomenon. While sales have grown in some countries, they have been slower in others, particularly developing and emerging nations, due to higher purchase costs and a lack of charging infrastructure. However, as the economics of EVs become more favourable, other countries may be able to follow Norway's lead and accelerate their transition to electric vehicles.
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China: largest stock of electric vehicles
China has the world's largest stock of electric vehicles. As of December 2023, China had 20.41 million highway-legal plug-in passenger cars, constituting almost half of the global plug-in car fleet in use. In 2023, the number of new electric car registrations in China reached 8.1 million, a 35% increase from 2022. This growth in electric car sales was the primary driver of the overall expansion of the car market in China, which saw a contraction of 8% for conventional cars.
China's large electric bus stock is also notable, with the country accounting for over 90% of electric bus sales in 2020. However, Chinese demand for electric buses dropped in 2023, possibly due to the already high number of electric buses in the country and the end of purchase subsidies. Despite this, China remains a major exporter of electric buses to Latin America, North America, and Europe.
The Chinese electric vehicle market is highly competitive, with Tesla's entry into the market sparking a price war that has driven down costs for consumers. In 2023, more than 60% of electric cars sold in China were cheaper than their average combustion engine equivalents. Additionally, China has installed a vast network of public charging stations, with 760,000 fast-charging points and 1 million slow-charging points, outnumbering the rest of the world combined.
China's rapid transition to electric vehicles has been facilitated by strong government policies and financial incentives. Non-monetary benefits for electric vehicle drivers, such as waiving the typically lengthy process of obtaining a car license plate in Beijing, have also encouraged uptake. As a result, China is one of the global leaders in electric vehicle adoption, with electric vehicles comprising 22% of passenger vehicle sales in 2022.
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New Zealand: more EVs than Australia
Electric vehicles (EVs) are an essential solution to decarbonising transport. They tend to have a lower carbon footprint than petrol or diesel cars over their lifetimes. The carbon savings are higher in countries with a cleaner electricity mix, and these savings will also increase as countries continue to decarbonise their electricity grids.
As of December 2021, about 35,300 light-duty plug-in electric vehicles were registered in New Zealand. By the end of 2024, there were 119,036 registered plug-in electric vehicles in New Zealand, consisting of 83,806 battery-electric vehicles (BEV) and 35,230 plug-in hybrid vehicles (PHEV), making up 2.4% of the national fleet of 4.9 million vehicles. In 2024, 11.2% of all new car registrations were plug-in electric vehicles. In June 2023, there were over 315 electric vehicle DC chargers across New Zealand at over 275 locations.
New Zealand's government has implemented several policies to encourage the adoption of electric vehicles, including monetary incentives such as electric vehicle discounts, exemptions from road user charges, and electric vehicle sales targets. In July 2019, the government proposed a Clean Car Discount of up to NZD $8,000 on purchases of new zero-emissions vehicles, and a charge of up to $3,000 for new vehicles that emit more than 250g of carbon dioxide per kilometre. The Clean Car Discount was in effect from July 2021 to December 2023, with a used EV being subsidised up to $3,450 and a used PHEV up to $2,300. In April 2017, Waka Kotahi NZ Transport Agency set a vision of at least one rapid DC charger every 75 km (47 mi) across the state highway network.
In 2021, the government set a target for 50% of all light vehicle registrations by 2029 to be electric vehicles, and 100% by 2035. The New Zealand Government will ban the sale and importation of petrol and diesel vehicles between 2035 and 2040. This is despite the Climate Change Commission recommending banning petrol and diesel cars by 2032.
New Zealand's strong government policies, including the Clean Car Discount since 2021, have led to a far more significant number of electric car options than in Australia. By 2020, there were more EVs in New Zealand than in Australia, despite Australia having five times the population. New Zealand's higher EV uptake makes sense, and with many more EV models to come, the country is expected to benefit significantly from its sound policy framework.
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Thailand: sales quadrupled year-on-year
Electric vehicles are an essential solution to decarbonizing transport. In 2022, there were 26 million electric vehicles in use globally, and this number rose to over 40 million in 2023. In 2020, the global electric car industry market share rose to a record 4.6%, and in 2021, global electric vehicle sales doubled from 2020 to 6.75 million.
In 2023, Thailand's electric vehicle sales quadrupled year-on-year. Thai drivers are increasingly adopting new automotive technology, and the country is evolving into the electric vehicle manufacturing hub of Southeast Asia. Thailand has long been known as "the Detroit of Southeast Asia" due to its expansive automobile manufacturing sector.
The Thai government has set ambitious targets for electric vehicle adoption and is investing in infrastructure development to support market growth. The country's strong economic growth and rising middle class are creating a larger consumer base with the purchasing power to afford electric vehicles. Customer preferences in Thailand are also shifting towards electric vehicles due to their environmental benefits and cost savings. With growing concerns about air pollution and climate change, consumers are becoming more conscious of their carbon footprint and seeking greener and more cost-effective transportation options.
The Thai government's 20-year national strategy prioritizes electric vehicles and other advanced automobile technologies to usher in a new, higher, and greener level of development. This aligns with Thailand's commitments under the Paris Climate Accords to reduce carbon and greenhouse gas emissions, with the goal of achieving carbon neutrality by 2050 and net-zero emissions by 2065.
In 2023, the number of electric vehicles sold in Thailand surged to 78,314, a 684% increase compared to the previous year. This surge signalled Thai consumers' growing acceptance of electric vehicles, with the vehicles comprising 12% of the total vehicles registered in the country in 2023. China's BYD topped the list of electric vehicle sales in Thailand in 2023, with 30,650 units sold, followed by Neta with 12,777, and MG with 12,764. Tesla, with 8,206 cars sold, was the fourth top-selling make, and the company has shown interest in investing in the country and potentially establishing an electric vehicle manufacturing plant.
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Europe: 25% of global sales in 2023
Electric vehicles are becoming increasingly popular in Europe, with the region experiencing significant growth in recent years. In 2023, Europe accounted for 25% of global electric car sales, with almost 3.2 million cars sold, and around 2.4 million of those within the EU. This growth is projected to continue in 2024, with Europe remaining the second-largest market for electric vehicles after China. The electric vehicle market in Europe is influenced by various factors, including customer preferences, market trends, local circumstances, and macroeconomic factors.
One key reason for the growth of the electric vehicle market in Europe is the increasing customer preference for environmentally friendly transportation options. With growing concerns about climate change and air pollution, consumers are actively seeking alternatives to traditional gasoline-powered vehicles. Electric vehicles offer a cleaner and more sustainable mode of transportation, making them a popular choice among environmentally conscious consumers. This shift in consumer behaviour is reflected in the sales data, with electric car sales in Europe more than 20% higher in 2023 compared to 2022.
Several European countries have made notable contributions to the region's electric vehicle market growth. Germany, France, and Norway, for example, together accounted for about 54% of all new battery-electric vehicle (BEV) registrations among the 32 EEA member countries in 2023. Norway, in particular, stood out with the highest number of new BEV registrations, accounting for 83% of new car sales in the country. Other countries, such as Belgium, Norway, and Switzerland, achieved over 50% of the sales share in 2023.
In addition to consumer preferences, technological advancements have also played a crucial role in the market's growth. Improvements in battery technology have allowed electric vehicles to travel longer distances on a single charge. The availability of a wider range of electric vehicle models, including sedans, SUVs, and even electric sports cars, has provided customers with more options to choose from. This increased variety has contributed to the rising demand for electric vehicles in Europe.
Furthermore, the implementation of policies and incentives by European governments has been a significant driver of the electric vehicle market's growth. Governments across the region have introduced subsidies, tax incentives, and vehicle purchase incentives to promote the adoption of electric vehicles and make them more affordable for consumers. The expansion of charging infrastructure in Europe has also been a critical factor, as the availability of charging stations in public places and residential areas has alleviated range anxiety and increased the convenience of owning an electric vehicle. These factors collectively contribute to Europe's position as a major market for electric vehicles globally.
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Frequently asked questions
China has the highest number of electric vehicles, with over 5 million on its roads as of 2025.
Norway has the highest share of electric vehicles as a percentage of total vehicles, with 22% of all passenger cars on its roads being plug-in electric vehicles as of 2021.
Norway also has the highest share of electric vehicles as a percentage of new car sales, with 80% of passenger vehicle sales in 2022 being all-electric.
The Netherlands had the highest density of EV charging stations in the world as of 2019.
