The 5% tipping point for electric vehicles (EVs) has been reached in 23 countries, including recent additions like Canada, Australia, Spain, Thailand, and Hungary. This milestone is considered the beginning of mass adoption for new technologies.
Countries that have crossed this 5% threshold are experiencing rapid growth in EV sales, with a median sales growth of 55% in the last quarter compared to the previous year.
Reaching the 5% adoption rate indicates a tipping point where the challenges related to costs, charging infrastructure, and consumer skepticism have been largely overcome, paving the way for swift mass adoption.
