Electric vehicles (EVs) are now on the rise in the U.S. and in Europe, according to a new study.
The survey by research firm NPD Group and automotive analytics firm Edmunds found that the electric vehicle market was worth $1.3 trillion in 2015.
According to the report, the U and European market is expected to top $1 trillion by 2020.
The market is growing at a rate of 8% a year, the report said.
NPD said that the new market growth was due to the proliferation of EVs, with more than 50 million electric cars sold in the first half of this year alone.
“We expect EVs to be the number one category of automotive sales in the United States for years to come,” NPD president of automotive research and analytics David Hirsch said in a statement.
“The EV market has exploded in recent years with the advent of the mass-market electric vehicle, and this surge is largely fueled by consumers and businesses.”
The report found that electric vehicle sales jumped more than 20% in 2015 compared to 2014.
In 2015, more than 2.5 million EVs were sold, up from 1.6 million in 2014.
The report said that sales of electric cars were up by 40% in Europe compared to 2015.
That increase was largely driven by the rise of plug-in hybrid cars.
The NPD report said the growth of the plug- in hybrid car market in Europe has driven up the value of the car market and boosted the overall growth of EVs.
Electric vehicles are still a niche segment in the global car market, but it’s clear that the segment is growing fast.
The American car market saw an estimated $834 billion in sales in 2016, according the NPD.
Electric cars are also growing fast in Asia, with the region accounting for over $1 billion in total electric vehicle deliveries in 2016.
The Japanese market saw a rise of nearly 100% from $1 million in 2015 to $2.4 billion in 2016 according to NPD data.
In 2018, there were more than 16,000 electric cars on the road in Japan, according a survey by the National Institute of Statistics and Research.
The study also said that EVs are the fastest growing segment in Japan.
Nissan and Honda are also seeing an increase in sales, with sales in Japan up over 150% from the previous year.
The National Institute for Sustainable Transport (NIS) said that Nissan and Toyota, the top two electric car makers in the country, have surpassed 500,000 vehicles sold.
The new numbers also show that sales are growing in Europe.
Sales in the continent are up nearly 400% from 2016 to 2020.
“Electric vehicles represent an attractive and growing opportunity for automakers in Europe and around the world,” NIS president of mobility research, David Bouchard, said in the statement.
The researchers found that consumers and business leaders are more interested in EVs now than ever before, as they are looking for a more eco-friendly vehicle option.
“EVs are on the verge of reaching a tipping point,” the report says.
“As electric vehicles become a viable alternative to gas-powered vehicles, demand is on the upswing.”