According to data presented by Stocklytics.com, global EV sales are expected to hit almost 12 million units in 2024. A Statista survey showed global EV sales have tripled since 2020, rising from 3.1 million to 10.64 million sold vehicles. In 2021 alone, sales surged by 107% year-over-year, followed by a 55% growth in 2022. After a 3% increase last year, the annual EV sales growth rate is expected to triple and hit 10% in 2024, resulting in almost 12 million new EVs on the road.

Statista said it expects global EV sales to keep accelerating in the following years. By 2028, the market is expected to hit over 17 million sold units, or 40% more than this year.

Revenue in the electric vehicle market will also skyrocket in this period. According to Statista, the global EV industry will gross over $623 billion in 2024, or 11% more than last year. This figure is expected to grow by an average of 10% per year and climb to more than $900 billion by 2028.

China will make up 57% of total EV sales in 2024, with 6.8 million sold units. This figure will jump to 8.7 million by 2028, but China’s market share will slip to 51%, Stocklytics says.

Statists show that EV sales in the United States and Europe are far below these figures. Americans are expected to buy close to 1.3 million electric vehicles this year, or 10% of global sales. However, EV sales in the United States are expected to double and hit almost 2.5 million units by 2028, making 14% of the world`s total that year.

Although Europe experienced a slowdown in EV sales in the past two years compared to the exceptional growth seen in 2020 and 2021, it will remain the second-largest electric vehicle market with 3 million sold units and a 25% share in 2024. By 2028, total sales will jump to over 4.8 million, while the European market share will increase to 28%.

Although tax incentives have made electric vehicles like Tesla a bit more accessible, they still cost more than gas cars. Last year, a new EV cost about $52,800 on average and 2024 is expected to see similar prices.