China and Europe are driving the adoption

According to BNEF, the globe will shortly cross another important electric car milestone in June, with 20 million plug-in vehicles on the road worldwide, up from 1 million in 2016.

North America is the source of sales of electric vehicles

The worldwide fleet of electric vehicles will be renewed by over a million every month in the second half of 2022, or roughly one every three seconds, and there will be more than 26 million plug-in cars on the roads by the end of the year.

China now accounts for 46% of worldwide EV sales, followed by Europe (34%), North America (15%), and the rest of the world (5%).

The majority of plug-in cars on the market are all-electric, although hybrids are also available, with the majority of hybrids being sold in Europe.

As governments eliminate subsidies for plug-in hybrids and manufacturers put out their newest all-electric models, BNEF anticipates the market to shift away from plug-in hybrids in the coming years.