Is it expensive to buy an electric car? 66% are sold in the richest countries
Sales of electric vehicles in the countries with the “most stable economies” and with the highest incomes in Europe, such as Germany, Austria, Switzerland, France, Belgium, Luxembourg, the Netherlands, the United Kingdom, Ireland and Iceland, together represent more than 66% of the total of those carried out on the continent, according to a report by Jato Dynamics. In this sense, in the markets of northern Europe, generally with higher incomes, the penetration of electric vehicles represents 15%, while in the southern countries, with lower incomethe percentage remains at 3.8%.
In his analysis of the penetration of the electric vehicle in different markets, the consultant points out that in Norway, for example, this type of car has become “the most popular”, among other things, due to “strong government incentives”, and also indicates that in the Nordic country it is cheaper to buy an electric car than an internal combustion engine elsewhere in Europe. “Demand is also strong in neighboring Scandinavian markets, again due to continued government support and the highest purchasing power of consumers in relation to other European countries”, adds the author of the report, Felipe Muñoz.
Likewise, the penetration of electric cars is also accelerating in the “most stable economies in Europe”, referring to Germany, Austria, Switzerland, France, Belgium, Luxembourg, the Netherlands, the United Kingdom, Ireland and Iceland. “Combined, (these countries) represent more than two-thirds of the total sales volume (of electric vehicles) in Europe: in the third quarter of 2022 the market share of electric vehicles in these markets reached 15%”, underlines the consultant analysis.
On the contrary, in central and southern European countries and in the Baltic states, “where ‘per capita’ income is generally lower,” adoption of electric cars is progressing at a pace “much slower” and in these countries “Electric vehicle market share was 3.8% in the third quarter of 2022.”
Developing countries lag behind
The report notes that poor and developing countries currently account for “more than a fifth” of global vehicle sales and to ensure that these markets are not excluded from the transition to electric vehicles, it is urged that both manufacturers and governments take steps to eliminate access barriers to this type of car. In this sense, the analysis indicates that while the market share of 100% electric vehicles exceeded 10% in China, Europe and South Korea in the third quarter of 2022, “did not even reach 1% in regions like Latin America and Russia”. “This disparity is a consequence of the income gap, which is reflected in the infrastructure, the competitiveness of the industry and the lower levels of consumer awareness”, values the Jato Dynamics report.
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