With more than 14 million EVs expected to be sold globally in 2023, according to the International Energy Agency (IEA), the electric vehicle (EV) sector is on track to reach a significant milestone. According to the agency’s Global Electric Vehicle Outlook study, which was published on Wednesday, this represents about one in every five new automobiles on the road.
According to the estimate, global EV sales will increase by 35% in 2023, breaking the previous record of 10 million units sold in 2022. The IEA forecasts that by 2030, sales of electric vehicles will make up 60% of all vehicle sales in China, Europe, and the US, indicating that the trend will continue.
In 2022, 60% of global EV sales will come from China, which will also account for more than half of all current zero-emissions vehicles on the road. The US came in second and Europe in third, respectively.
Electric vehicles, according to IEA Executive Director Fatih Birol, are a major driver in the development of the new global energy economy and are revolutionising the global auto sector. He also mentioned that electric vehicles and buses would soon follow.
The organisation cited falling pricing for smaller model EVs as well as government initiatives like tax incentives and the infrastructure for charging stations as reasons for the industry’s expansion. The report was upbeat about the growth of electric vehicles in Southeast Asia, where two- and three-wheel vehicles are more common.
The IEA estimates that by 2030, the world will require at least 5 million less barrels of oil per day than it does today. In the future, these shares are likely to rise thanks to a mix of efficient policies and private sector investment, the survey predicted.
