Which Countries Are Leading EV Market Adoption?

Electric vehicles are gaining widespread acceptance among drivers worldwide, as demonstrated by their increasing market share across the world. Currently, Electric Vehicles represent over 20% of new car sales in 15 countries, surpassing 10% in 22 countries, and exceeding 5% in 31 countries globally.

Countries Ranked By EV's Penetration of New Car Sales

Source: Blomberg

While, here is the ranking of the largest auto markets in the world.

Source: Motor1

Countries Leading The EV Transition

All five countries leading in EV market-share of new car sales are in Northern Europe:

1. Norway: 80%

2. Iceland: 58%

3. Denmark: 45%

4. Sweden: 40%

5. Finland: 35%
   

China, now the largest car market globally, ranks 11th in electric vehicle penetration, with EVs accounting for 24% of new car sales. While, Germany, the fifth-largest car market, ranks 16th, with EVs representing 20% of new car sales. The United States, ranked 25th, with EVs having 8% penetration of new car sales.

Interestingly, Japan, the world's fourth-largest auto market and a powerhouse in auto manufacturing, has not seen electric vehicles gain the same level of traction as in other regions

The US EV Market

While EV Sales continue to increase in the United States, there is a degree of two-steps forward and one step backward. This is to be somewhat expected, since while EVs have attracted innovators (first 2.5% of market) and is attracting early adopters (next 11.5% of market), most people don't chase technology innovations, and it takes time, smart marketing and advertising to win over mainstream buyers.

Source: Edison Electric Institue

Long Term Adoption Trends: Global BEV and PHEV Sales

Global EV growth rates have slowed, with annual sales growth decreasing from 109% in 2021 to 35% in 2023. Nevertheless, the widespread adoption of EVs is anticipated to accelerate due to tangible benefits, particularly the declining costs of EV ownership over time. As EV battery costs decrease, driving range improves, and charging infrastructure expands, early adopters are likely to embrace electric vehicles more rapidly.

Source: EV-Volumes

Daytona, Le Mans, Porsche & EVs

One of the best views into the advancement of EVs comes from looking at what engineers are building for the racetrack, especially for 24 hour endurance races such as The Daytona 24, which showcase the achievements of some of the brightest auto engineers in the world. 

Le Mans races started to include Hybrid Drivetrain Technology in 2021

Daytona 24 has multiple car classes including The Le Mans Daytona Hypercar Class (LMDH), which includes hybrid cars that have a total combined output (engine + hybrid system) of 500 kW (equal to 670 Horsepower) and can reach speeds of up to 202 MPH.

To get a sense of how this compares to two of the fastest production EVs on the road. The Porche Taycan Turbo S has a maximum power output of 560 kW (750 HP), while The Tesla Model S Plaid has a maximum Power of 760 kW (1019 HP). For the record, The Taycan Turbo S recently beat the "Electric Vehicle" lap time record that the the Model S Plaid held at the legendary Nurburing grand-prix track.

Read here if you want to know more about the specs of The Hypercar Class:

"The new-for-2021 Hypercar class is the top-tier category in the FIA World Endurance Championship which is open to both specialized prototypes and cars based around road-going vehicles. This new class will feature two types of car: LMD (Le Mans Hypercar, from 2021)  LMDh (Le Mans Daytona hypercar, from 2022)"

The Daytona 24's Influence on Production Cars

The race features advancements in parts /hardware components, software & aerodynamics that start out in racing cars and ultimately make their way into production cars, as engineers do everything machinely (technically) possible to make cars perform better. As captured in this article, "Porsche wins Daytona 24 as hybrid-powered racing takes off," about Porche's victory at The Daytona 24.

“The good old technology transfer that many automakers say originates in racing and comes to production cars is still in play. The manufacturers are well past using innovations like windshield wipers and rearview mirrors that originated in the heyday of racing; now everything from new batteries and drivetrains to software that blends electric power with gas is all being tweaked on the track"

After winning the Daytona 24, The Porsche Penske team along with all the other have their eye on Le Mans, the most celebrated endurance race. And, with it being 2024, the already celebrated 24 Hours of Le Mans will be even more celebrated in the Summer of 24.

Source: What Is the Porche 963 Race Car?

Porsche 963: The engine is based on the high-performance 918 Spyder hybrid sports car, which can go from zero to 60 in 2.2 seconds. The powerful engine is designed to run on renewable fuels. (fun fact: LeBron has a 918 that he can fit into with the sun-roof off)

Infrastructure: Building The World's Largest Renewable Energy Project (Offshore Wind Farm) in China

China is constructing the world's largest renewable energy project—an offshore wind farm with a capacity of 43.3 Gigawatts. The wind farm will be located approximately 40 miles off the coast of Chaozhou in The Taiwan Strait.

Will Generate 163 Terawatt Hours Of Electricity Annually

The first phase of the project, known as Guandong East Site 6, will begin construction this year and will be followed by the second phase, Guangdong East Site 7. Upon its completion towards the end of this decade, the project will generate an impressive 163 Terawatt Hours of electricity annually.

A Renewable Energy Project That Will Generate More Electricity Annually Than Most Countries & US States Consume

To put the enormity of this project into perspective, the output of this offshore wind farm will surpass the annual electricity consumption of all but 24 countries globally. For reference, Egypt, ranked 24th in electricity consumption, utilized 168 Terawatt Hours in 2021, while Poland, ranked 25th in electricity consumption, utilized 158 Terawatt Hours in 2021, highlighting the substantial scale of the Chinese project.

While in the United States, 163 Terawatt Hours is greater than the electricity consumed in all but three states, Texas (475 TWh), California (251 TWh) and Florida (248 TWh). Focusing on residential usage, it's equivalent to the annual electricity consumption of around 15.5 million U.S. households.

Despite the higher construction costs associated with building offshore wind farms compared to their onshore counterparts, they offer distinct advantages.

1. Their strategic placement closer to coastal urban centers, where according to the United Nations, a significant portion (40%) of the global population resides.

2. With 71% of the Earth's surface covered by ocean waters, situating wind farms at sea offers extensive deployment possibilities.

3. Ocean-based wind farms exhibit higher capacity factors compared to land-based wind farms, thanks to the powerful winds over the ocean.

4. Diminishes the need for constructing costly transmission lines from rural, land-abundant areas to densely populated regions.

This project showcases the incredible climate innovations engineers are bringing into the world.

Ranking of Total Energy Consumption By Country:

Source: EIA / Wikipedia