According to a new report from the International Energy Agency (IEA), more than one in five cars sold globally this year are expected to be electric, with demand for electric cars continuing to accelerate over the next decade.

The IEA’s latest annual report, the Global EV Outlook, noted that global electric car sales are set to reach around 17 million by the year’s end. In the first quarter of 2024, sales rose by approximately 25% when compared to Q1 2023—with last year’s electric car sales growing by 35% to nearly 14 million.

Despite the continued rise that’s projected, different global markets are set to have varying levels of uptake in 2024. For instance, sales in China are forecasted to jump by 10 million, equating to around 45% of all the country’s car sales. Meanwhile, in Europe, electric cars are expected to represent about one in four cars sold. In the US, it’s estimated that one in nine cars sold will be electric.

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” said IEA executive director, Fatih Birol. “Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth.”

Speaking on the new phase of growth, Birol explained: “The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers’ ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly.”

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For sustained growth, the report outlined that public charging infrastructure keeping pace with electric vehicle sales is key. While the number of public charging points added across the world grew 40% in 2023 compared to 2022, the IEA stated that charging networks need to grow sixfold by 2035 to achieve a level of EV deployment in line with pledges made by governments.

The newly-published report also highlighted that the speed of the transition to electric vehicles hinges on affordability. Though, intensifying market competition and improvements to battery technologies are expected to reduce prices further.