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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.

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