The EV market is growing exponentially!
Cumulative global EV sales have hit 4 million this week, according to Bloomberg New Energy Finance. Including electric buses, the 4 million mark was reached at the beginning of July.
The 1 million mark was reached in 2015, after about 60 months of sales. The 2 million mark was reached 17 months later. The 3 million mark was reached 10 months later. The 4 million mark was reached 6 months later, and the 5 million mark is expected to take approximately 6 months as well.
They expect around 42% of those upcoming EV sales to be in China, with Europe contributing 26% and North America 25%. However, if Tesla Model 3 sales continue to accelerate, North America could catch up with Europe quite quickly, with both regions having roughly 1.3 million EVs sold by then. There has been an interesting shift in the market towards China. For the first million sales, North America was responsible for 39%, Europe 33%, and China 15%. Now most of the sales are in China.
Regardless of the location, the big take away from this report is that the time it takes to reach each consecutive million EVs sold is shrinking, which is great news for the EV market!