You might not know if it you live in the United States where anti-EV fervor is rampant, but the EV revolution is alive and well in many parts of the world. In those places, it has zoomed past the 5% of sales mark that is commonly understood to be an important milestone on the so-called S curve. If you are not familiar with the term S curve, here’s a primer., each stage offers its own opportunities, so identifying the current growth stage can help businesses prepare for the next.
The US tipping point didn’t arrive until the end of 2021, which is relatively late for a country with the economic clout of America, butdemand EVs with longer range than the earliest models offered, and the US preference for pickup trucks and large SUVs required bigger batteries than the nascent supply chain could handle.
Applying this framework to the entire planet, the 5% EV tipping point was crossed in 2021. In the fourth quarter of 2023, fully electric models accounted for roughly 12% of new vehicles sold worldwide. The same forces that drove so many car buyers to try their first electric model — falling battery prices, more chargers, better performance — continue to make EVs competitive in new markets.The competition to reduce the cost of electric vehicles is fierce.