RECORD GROWTH FOR U.S. EV MARKET

EV Sales Increase by 11.3% Year-Over-Year, Forecast to Reach 11% by End of 2024

In Q2 2024, EVs accounted for 8% of all new car sales in the U.S., with 330,463 units sold in that quarter alone, marking an 11.3% increase year-over-year. The overall sales growth in the first half of 2024 is up by 7.3% compared to the same period in 2023. The EV market is projected to grow at a compound annual growth rate (CAGR) of around 10%, potentially reaching $906.7 billion globally by 2028.

 EVs are expected to account for over 11% of new vehicle sales in the U.S. by the end of 2024, driven by a wider range of available models and advancements in battery technology. Global trends indicate that EV sales will continue to grow, with a projected CAGR of approximately 10% through 2028.

Sources: https://techreport.com,https://caredge.com, https://www.iea.org