Part 2/10:
Historically, new technologies—whether smart TVs, smartwatches, or electric vehicles—tend to follow an S-shaped adoption curve. Initially slow, adoption accelerates exponentially after crossing the 5% mark, eventually saturating the market. The significance of crossing this threshold lies in its association with a wave of mainstream consumer acceptance, infrastructure development, and automaker investment shifts.
The recent data reveals that in 2022, only 19 countries had reached this 5% EV sales milestone. Now, within a year, that number has swelled to 31, covering countries across four continents. This acceleration underscores a rapid global surge in EV adoption—a trend that is both promising and indicative of an impending transition.