In a resounding testament to the world’s accelerating shift towards sustainable mobility, electric vehicle (EV) sales surged past a significant milestone in the final quarter of 2023. During the final quarter (Q4) of last year, EVs achieved or exceeded 5 per cent of total new car sales in a total of 31 countries across the world, prompting analysts to label this as a "tipping point," signaling the potential for exponential growth. As per some analysts’ projections, EV sales could soar as high as 25 per cent in next few years.

Leading the charge, Norway emerged as a trailblazer in terms of EV adoption since the third quarter (Q3) of 2013. In the last quarter (Q4) of 2023, an astonishing 79.6 per cent of all new car purchases in the country were EVs. Following closely is the Netherlands, which crossed the threshold of 5 per cent in the final quarter of 2018. However, Norway's remarkable lead highlights its steadfast commitment to sustainable mobility.

Major automotive markets such as China, the U.S., and the EU have also surpassed this critical threshold, demonstrating a clear upward trajectory in EV sales. In the U.S., EVs constituted 8.1 per cent of new car sales in Q4 2023, representing a substantial surge from Q4 2021, where the figure stood at 5 per cent. The cumulative sales volume for plug-in hybrid electric vehicles (PHEVs) and EVs in the U.S. for the entirety of 2023 surged to 9.1 per cent, a remarkable 50 per cent year-over-year growth amounting to 1.4 million vehicles.

China, with its fast-growing EV adoption rate, has shown remarkable progress since surpassing the mark of 5 per cent in Q4 2020. In the final quarter of last year, EVs accounted for a staggering 23.8 per cent of total new car sales, with nearly 1.9 million EVs sold, surpassing the combined tally of all other countries that surpassed the mark of 5 per cent.

A number of emerging markets are also making noteworthy strides in EV adoption. Romania, for instance, boasted an EV share of 10.8 per cent in the final quarter of last year, following its initial passage of the 5 per cent threshold in Q4 2021. Turkey, with an EV adoption rate of 12 per cent, aligned with the global average for the quarter.

As EV adoption continues to gain momentum worldwide, the aforementioned surge in EV sales serve as a testament to the world’s collective efforts towards a greener, more sustainable automotive landscape.