Electric vehicles (EVs) only account for a sliver of the global auto market, but better batteries, lower price tags, government incentives, and improvements in charging infrastructure should boost sales over the next few years.
The global EV market could grow at a compound annual growth rate of 21.4% between 2018 and 2026, according to ReportBuyer. In United States, Tesla (NASDAQ:TSLA) sold three of the country's five best-selling EVs in the first four months of 2018.
Tesla's Model 3 is its cheapest EV, sporting a starting price of $35,000. It travels up to 310 miles on a single charge. Its Model S sedan travels up to 335 miles on a single charge and has a starting price of $74,500. The Model X, its luxury sport utility vehicle, has a max range of 295 miles and a starting price of $79,500.
Toyota's Prius Prime plug-in hybrid starts at just $27,100, while General Motors' Chevy Bolt EV starts at $37,500. These vehicles lack Tesla's brand appeal, but Tesla is still struggling with production bottlenecks. If Tesla can't deliver more vehicles on time, bigger automakers like Toyota and GM could gain ground.