More than one-third of the world’s electric cars were sold in 2014, according to the United Nations’ World Economic Forum.
That was the highest sales for any year since 2008, and the fastest since 2009.
It’s also the highest annual sales of any car model since 2005, according the IHS Markit report.
“With so many cars on the road and so many new entrants to the market, we are experiencing a lot of innovation in electric cars,” said IHS chief economist Michael K. Taylor.
“In some cases, it’s making EVs more affordable and in others, making them more powerful.”
Some experts say that, in some ways, it might even be a good thing.
It means we’ll have more cars on our roads, more choices for electric vehicles and more options for drivers.
“The market has been slow to catch up with technology,” said Michael Kugler, a senior research associate at the Center for Automotive Research.
“I don’t think we’re going to see a major change in the range of electric vehicles until the electric vehicle market catches up.”
But Tesla Motors, a company that makes battery-powered electric vehicles, says the rapid rise of electric cars could put a damper on future demand for gasoline-powered cars.
Tesla, which has been investing heavily in its Model S sedan, recently announced that it will be producing a larger-capacity version of the Model 3, which will be available in 2022.
Tesla’s CEO Elon Musk says the bigger battery will give the car an extra 50 miles of range on a single charge.
Tesla expects the Model S to become more competitive than its gasoline-fueled rivals within five years, with the new vehicle costing about the same as an average gasoline car.
“This will allow us to get to where we want to be in the market,” Musk said in October.
“There are a lot more options out there.
And, I think, we can go even higher in terms of range.”