Gas prices have recently risen around the world, partly due to the Russian war in Ukraine. Americans are now paying an average price of more than $4.50 per gallon for gas, but Europeans are paying at least a dollar more per gallon, and in some countries as much as two dollars more per gallon.

Higher gas prices among countries in the European Union help explain why Europeans are gravitating more quickly to electric vehicles than Americans are. As this infographic using Statista Mobility Market Outlook data illustrates, electric vehicles (EVs) have their biggest potential customer base in Europe, and the gap is expected to widen. By 2026, Statista analysts estimate that there will be 4.4 million EVs sold in E.U. countries, compared to just 1.9 million in the U.S. As Statista data journalist Martin Armstrong recently observed, that equates to 997 and 556 vehicles per 100,000 people (using 2022 population figures), respectively. From 2016 to 2019, the U.S. was actually ahead in terms of adoption, but Europe rapidly overtook the U.S. Statista estimates EV revenues in the European Union to amount to $120 billion in 2022, compared to just $35 billion in the U.S. By 2026, revenues in the E.U. are set to surpass the $300 billion mark. In contrast, in the same year the U.S. should break the $100 billion barrier for the first time, as Armstrong pointed out.

The Statista estimates cover battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), road electric vehicles and passenger cars. Not included in the analysis are electric vehicles that are not self-contained and cannot be classified as BEVs or PHEVs, rail electric vehicles, surface and underwater vessels, electric aircraft or spacecraft, motorcycles, scooters, mopeds, buses, vans, and trucks.