Which countries are the highest consumers of EVs on the planet?
We recently reported that a substantial "expectation gap” between the number of electric vehicles automakers hope to produce and how many customers will actually purchase will develop as automakers rush to keep up with emissions regulations. While it's estimated that 21 million EVs will be produced in the next ten years, that supply of EVs is predicted to be too large to the tune of 14 million surplus vehicles.
This may seem like bad news for automakers and for the future of EV segment, but there still will be a sizable market for electric vehicles, especially as their base prices become more competitive compared to gasoline-powered cars. However, according to information from the European Alternative Fuels Observatory and the IEA, the United States is already one of the world’s biggest markets for EVs, with the second-largest population of electric vehicles in the world.
The US, with 762,000 EVs, is only surpassed by China, which has an electric car population of 1.28 million. However, China’s human population is over a billion while the US only has 325 million residents, meaning the US has twice as many EVs per capita as China-approximately 0.2 percent compared to less than 0.1 percent, respectively. Nonetheless, the US is easily outdone in the per capita rankings by European countries like Norway, with 176,310 EVs at 3.3 percent of the population, the Netherlands, at 0.7 percent, Sweden, with 0.4 percent, and Belgium, which has 0.3 percent per capita.
Norway is way ahead of the game when considering what percentage of the nation’s vehicles are electric, with 6.5 percent of their cars being EVs. China is tied for fourth, at 0.5 percent, but it is crucial to remember that the majority of China’s population doesn’t own cars. In the US, only 0.3 percent of all cars are electric, making the US tied for sixth place. As automakers begin to flood the market with new electric models over the next few years, we will see if the United States rises even farther in the rankings, or if, as Deloitte predicts, the supply of EVs will far outweigh the demand from American customers.