Electric car sales expected to rule this year with a jump of 35%

According to the International Energy Association’s (IEA) annual Global Electric Vehicle Outlook, electric vehicle (EV) sales are expected to break yet another record this year, increasing their share of the global car market to almost 20%. The report indicates that over 10 million EVs were sold worldwide in 2022, with sales anticipated to rise by 35% to 14 million this year. These figures suggest that EVs’ share of the car market will increase from 14% in 2022 to 18% this year.

IEA Executive Director Fatih Birol commented on this development, stating that EVs are a driving force in the new global energy economy, causing a significant transformation in the global car manufacturing industry. Furthermore, electric vehicles are expected to have a considerable impact on global oil demand, with at least 5 million barrels a day avoided by 2030. Birol highlighted that EVs are just the first wave, with electric buses and trucks following closely.

China, Europe, and the US lead the world in EV sales, with China accounting for 60% of global electric car sales in 2022, and Europe and the US coming in second and third place, respectively, with sales increasing by 15% and 55% in 2022. The battery production and supply chains have also seen a positive trend. The IEA’s Net Zero Emissions by 2050 Scenario suggests that the announced battery manufacturing projects could meet EV demand until 2030. China dominates the battery and component trade and exported over 35% of EVs last year.