The global sales of electric vehicles are expected to hit $384 billion in 2022, according to data from Statista’s Mobility Market Outlook.

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As Statista’s Anna Fleck details below, battery EVs and plug-in hybrid EVs have both seen growing popularity in recent years, with projections estimating that they will reach a shared market volume of $869 billion by 2027.

According to analysts from the Mobility Market Outlook:

“It is safe to say that battery-powered vehicles are taking over the automobile market. The growth of the Electric Vehicles (EV) market has been significant despite the COVID-19 pandemic and the resulting supply chain bottlenecks. Despite these recent challenges and rising production costs as a result of increasing raw material prices, EV sales are still going up at a fast rate. If this continues, they are set to surpass the sales of conventionally propelled vehicles (i.e., vehicles with internal combustion engines).”