The Top 10 Countries Using Electric Cars in 2024

The list of the top 10 countries using electric cars in 2024 demonstrates the fruits of the efforts made by world governments to electrify the transportation sector. Which ultimately contributes to energy transition efforts, reaching carbon neutrality goals.

The increasing demand for electric vehicles (including small and large trucks and buses) led to the displacement of 1.5 million barrels of oil per day only during the past year (2022), which is a small part of the total global consumption, but this amount will witness a noticeable increase after 2030, according to Reports reviewed by the specialized energy platform.

Accordingly, the number of electric cars on the roads has increased in recent years, and while the world’s governments adhere to their environmental pledges; Electric cars, which were once described as rare cars, are expected to become more widespread on the roads of all parts of the world.

Promising investment opportunities

While the positive environmental impacts of electric vehicles are somewhat attractive, these “green” vehicles offer various other benefits to different industries.

This growth could lead to investment opportunities as the electric vehicle market expands.

For investors who want to put their money into sectors with huge potential, electric vehicle stocks may be the “chicken that lays the golden egg.”

All major automakers offer; Among them are Ford Motors and General Motors Corp. of the Americas, an electric alternative in the automobile industry.

Ford aims to achieve 50% sales of electric cars in 2024 by the end of the current decade (2030). It intends to pump investments worth $50 million until 2026 into factories and related software.

Electric Cars in 2024

The American auto giant currently offers models for sale, such as the F-150 Lightning, the Mustang Mach-E four-wheel drive, and the E-Transit commercial van.

Likewise, General Motors Corp. aims to achieve 100% global sales of electric vehicles by the middle of the next decade (2035).

General Motors will launch 30 new electric cars in 2024, with investments amounting to $35 billion, by 2025.

The models that the company is launching during the current year (2023) include the Cadillac Lyric, GMC Hummer, Hummer SUV, and Chevy Silverado.

A revolution in the transportation sector

Over the past decade, app-based transportation services have emerged, such as Uber Technologies, which offers ride-sharing and other related applications.

Uber Technologies shares rose by 89% during the current year (2023), with analysts expecting a further increase of 9% based on the average target price.

Moreover, companies such as FedEx, Amazon.com, and PepsiCo are converting large numbers of their trucks and vans to electric vehicles.

These bold steps reinforce the demand for commercial electric vehicles, knowing that Amazon alone will invest a total of $970 million in electric vehicles in its European fleet.

These companies represent only a handful of companies currently in the process of transitioning to electric vehicle fleets, and a growing number of these companies are moving forward with this transition every day.

In response to this trend, automakers are also intensifying their efforts in the process of developing commercial electric vehicles.

Here are the top 10 countries using electric cars in 2023:

1- Norway (market share: 88%)

Norway tops the list of the top 10 countries using electric cars in 2023; It owns the largest number of these cars this year.

The Scandinavian country has been promoting electric cars since the 1990s. Tax exemptions and freight incentives contributed to the spread of these environmentally friendly vehicles in the country.

Last year (2022), Oslo abolished the purchase/import tax imposed on electric cars.

Norway still supports electric vehicle drivers by requiring them to pay only half of the fees allocated for driving on the roads and using electric car parks.

These policies put Norway ahead of all other countries, by more than two decades, in terms of the use of electric cars in 2024.

2- Iceland (market share: 70%)

Iceland ranks second on the list of the top 10 countries using electric cars in 2023.

Iceland succeeded in occupying this advanced position in just 5 years, thanks to tax cuts, ending the value-added tax, creating a green grid, in addition to adopting renewable energy sources, and cost effectiveness.

3- Sweden (market share: 54%)

Sweden appears in third place on the list of the top 10 countries using electric cars in 2024.

Sweden introduced its first electric car policies in the early 1990s. It reduced annual road taxes, implemented a permanent tax cut, and a climate bonus.

The incentive system in Sweden ended in 2022, but Stockholm still provides grants covering 50% of the purchase and installation costs of charging stations for companies and public entities.

4- Denmark (market share: 39%)

In fourth place, Denmark comes on the list of the top 10 countries using electric cars in 2024.

Denmark began offering incentives for the use of electric cars in 2024, which included a 60% discount on the registration tax and the application of a minimum annual tax.

Copenhagen still offers tax breaks on electricity in the process of charging commercial electric cars, with the aim of encouraging the use of these clean cars.

5- Finland (market share: 38%)

Finland ranks fifth in the list of top 10 countries using electric cars in 2023.

The Finnish government exempts electric cars from registration tax until the next year (2025), and has also provided a subsidy of up to 35% on road traffic tax and use of electric vehicle charging infrastructure, until December (2022).

6- Netherlands (market share: 35%)

The list of the top 10 countries using electric cars in 2023 includes the Netherlands, which ranks sixth.

The Netherlands has a unique tax relief and subsidy scheme for people who buy or lease electric cars.

Amsterdam is currently focusing on developing electric car charging stations , and is also offering incentives to companies operating in this emerging sector.

7- Germany (market share: 31%)

Germany ranks seventh on the list of countries that use electric cars in 2023.

The federal government in the central European country has allocated a total of 600 million euros (about 647 million US dollars) to help purchase more than 300,000 electric cars until 2019.

Furthermore, the government offered a bonus of 4,000 euros for the purchase of new electric cars.

(1 EUR = 1.08 USD).

8- China (market share: 29%)

In eighth place on the list of the top 10 countries using electric cars in 2023, China comes.

Since 2009, China, the second most populous country in the world, has been providing financial incentives to electric vehicle manufacturers who produce vehicles for various purposes. Among them are buses, taxis and individual consumer cars.

In addition, China offers great incentives to buyers of electric cars, and Beijing supports the largest fleet of electric cars in the world.

9- Belgium (market share: 26%)

In penultimate place on the list of the top 10 countries using electric cars in 2023 is Belgium, which provides incentives for the acquisition of these environmentally friendly vehicles.

Although the plan to support electric cars in the European country has ended, tax exemptions encourage the purchase of these vehicles.

Brussels will allow charging electric cars in parking lots by 2025, and will ban fossil fuel cars by 2026.

10- Switzerland (market share: 25%)

Switzerland tops the list of the top 10 countries using electric cars in 2023.

Switzerland prefers to own Tesla electric cars.

The government is focusing on using balanced charging by providing various incentives, adapting to the national energy strategy while avoiding government interference.