Electric vehicle sales have been growing exponentially due to falling costs, improving technology, and government support. Globally, 10% EVs
. This target is within reach given recent exponential growth in EV sales. The average annual growth rate was 65% over the past five years; over the next eight years the world needs an average annual growth rate of only 31%.While EV sales have started accelerating at different years for different countries, they are all following a similar S-curve pattern of growth. This is a typical trajectory for the adoption of innovative technologies.
In every country, once EV sales reached 1%, they accelerated. This acceleration happened faster in some places than others, but all are following an S-curve pattern. Falling costs and advancing technology have made it possible for EV sales to accelerate faster today than in the past. Our analysis of the International Energy Agency’s EV Data Explorer shows that countries where EV sales reached 1% in the past five years have grown at a faster rate than countries that did so earlier.
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