Electric car sales worldwide are set to grow by 35% this year to reach 14 million and expand their share of the overall car market to 18%, driven by strong support programs in major economies, a new report from the International Energy Agency (IEA) said Wednesday.
The IEA’s annual Global Electric Vehicle Outlook report showed that more than 10 million electric cars were sold worldwide in 2022, a record increase of 55% compared to the previous year.
The explosive growth brought electric cars’ share of the overall car market to 14% last year from 9% in 2021 and 4% in 2020.
The total number of electric cars on the roads reached 26 million after last year’s record surge.
“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,” IEA Executive Director Fatih Birol said on the report.
“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.”
Data shows the majority of electric car sales to date are concentrated in China, Europe and the US.—AA
