Electric vehicles sales (EVs) are anticipated to reach new highs this year, bringing their market share of the world’s automobiles to around one-fifth.
More than 10 million EVs were sold globally in 2022, according to the International Energy Association’s (IEA) annual Global Electric Vehicle Outlook, and sales are anticipated to increase this year by 35% to 14 million. According to these predictions, the market share of electric vehicles will increase from 14% in 2022 to 18% this year.
“Electric vehicles are one of the driving forces in the new global energy economy that is rapidly emerging – and they are bringing about a historic transformation of the car manufacturing industry worldwide,” said IEA Executive Director Fatih Birol.
“The trends we are witnessing have significant implications for global oil demand. The internal combustion engine has gone unrivalled for over a century, but electric vehicles are changing the status quo. By 2030, they will avoid the need for at least 5 million barrels a day of oil. Cars are just the first wave: electric buses and trucks will follow soon.”
Most EVs have been sold in China, Europe, and the US. Sales of electric cars worldwide in 2022 were 60% higher in China. China is home to more than half of all electric vehicles. In 2022, sales in Europe and the US, the second and third largest regions, respectively, increased by 15% and 55%.
Supply chains and battery manufacture are both benefited by positive trends. The announced battery production facilities could satisfy EV demand through 2030, according to the IEA’s Net Zero Emissions by 2050 Scenario. China exports more EVs than any other country and controls the market for batteries and componentry.