Part 4/10:
In contrast, China, which is the world's largest auto market, hit the 5% threshold at the end of 2020, and today, EVs comprise 23% of all vehicle sales**, with hybrid EVs combined pushing the total to about 40-50%. Such rapid growth in China illustrates how market size and government policies can influence adoption timelines significantly.
Why is the U.S. Falling Behind?
The United States presents a more complex picture. Although it reached the 5% EV sales threshold in early 2022, its growth has been notably slower than other countries. Currently, EV sales in the U.S. stand at about 8%, well below the 18% average observed in 20 other nations at equivalent points in their adoption curves.
This slower pace stems from several factors: