This year is predicted to be another record-breaker for EV sales, bringing their percentage of the global auto market to around 20%.
More than 10 million electric vehicles (EVs) were sold globally in 2022, and sales are projected to increase 35% this year, reaching 14 million, according to the International Energy Association‘s (IEA) annual Global Electric Vehicle Outlook. These estimates suggest that the percentage of the auto market occupied by electric vehicles will increase to 18% this year, from 14 percent in 2022.
The advent of electric vehicles is a major factor in the evolving global energy economy and is causing a sea change in the automotive sector around the world. The current trends could have far-reaching effects on oil consumption around the world. Electric vehicles are challenging the dominance of the internal combustion engine, which has been the standard for over a century. By 2030, they expect to reduce their oil consumption by at least 5 million barrels per day. Electric vehicles aren’t stopping with cars; electric buses and trucks are on the horizon.
EVs are becoming he latest automobile trend
The largest markets for EVs are China, Europe, and the United States. In 2022, China had 60% of the world’s electric vehicle market. More than half of the world’s electric vehicles are in China. The second and third largest markets, Europe and the United States, saw sales increases of 15% and 55%, respectively, in 2022.
The manufacturing and distribution of batteries are also benefiting from these positive developments. According to the International Energy Agency’s Net Zero Emissions by 2050 Scenario, the demand for EVs may be met by stated battery production projects until 2030. China exports more than 35% of all electric vehicles and is the world leader in battery and component trade.
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