Countdown to 2023: China and Norway Lead the World. But in Different Ways.
Top 10 markets by electrified vehicle sales volume and electrified vehicle penetration.
As we countdown to 2023, we are sharing (week-) daily information pieces, using data from Global Auto Demand Tracker. Today, we wanted to highlight two different perspectives on the electrified vehicle space: By sales volume, Mainland China is by far the leading market. In fact, Mainland China is selling more electrified vehicles than the next nine countries together.
In contrast, Norway with a population of about 5.4 million - comparable to metropolitan Atlanta - is the leader in electric vehicle penetration. About 80% of new vehicles registered in Norway are electrified. Interestingly, China is taking 10th place in terms of electrified vehicle penetration which demonstrates the enormous runway China has ahead of it.
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This article was published by S&P Global Mobility and not by S&P Global Ratings, which is a separately managed division of S&P Global.