5 Countries with the Most Electric Vehicles in 2023

In this article, we explore the top 5 countries with the most electric vehicles in 2023. If you wish to read the comprehensive examination of the EV industry, you can directly proceed to the section highlighting the 20 Countries with the Most Electric Vehicles in 2023.

5. Finland

EV market share: 38%

EVs are exempt from registration tax in Finland till 2025 and road tax and EV charging infrastructure were subsidized up to 35% til December 2022.

4. Denmark

EV market share: 39%

Denmark started to phase out EV incentives back in 2015 which included a 60% discount on registration tax and minimum annual tax. Denmark still provides tax reductions on electricity for commercial EV charging to encourage electric vehicle usage.

3. Sweden

EV market share: 54%

The first EV policies were formulated already in the early 1990s with a low annual road tax, a permanent tax reduction, and a climate bonus. Sweden expired incentives from 2022 onwards but still provides grants that cover 50% of purchasing and installation costs for charging stations for businesses and public entities.

2. Iceland

EV market share: 70%

In 5 years, Iceland excelled in EVs due to tax cuts, VAT removal, and a green grid. Full renewable electricity and cost-effectiveness boosted adoption. Iceland has a fully renewable resource for all the electricity, and it’s relatively cheap compared to most other locations which helped people adopt EV cars bringing Iceland second in the list of countries with the most electric vehicles in 2023.

1. Norway

EV market share: 88 %

Norway tops the list of countries with the most electric vehicles in 2023, as it promoted EVs since the 1990s, tax exemptions, and charging incentives paved the way until 2022 there was no EV purchase/import tax. The country still supports EV drivers by half road tolls and parking for EVs. The policies put Norway more than a decade ahead of all other countries.

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