Part 3/10:
Speed of Adoption: Countries in the Lead
Detailed analysis shows a typical adoption timeline: on average, countries that cross the 5% threshold reach 30% EV market share within 3.5 to 4 years. For example, China (blue line on the charts) experienced a swift transition, with their EV market share leaping in just a few years after their initial surge.
European countries like Norway, Iceland, Denmark, Sweden, Finland, the Netherlands, Ireland, Belgium, Portugal, and Switzerland have led the charge, with Norway achieving an outstanding 80% of new car sales being fully electric—a clear indication that the market there is effectively "beyond the tipping point." Interestingly, Norway hit the 5% mark back in 2013, thanks to aggressive policies and incentives.