IEA Predicts Electric Vehicle Sales Will Rise 35% This Year
Every year, the International Energy Agency surveys the electric car market and the state of EV charging infrastructure and distills its findings into its Global Electric Vehicle Outlook, a publication that identifies and discusses recent developments in electric mobility across the globe. It is developed with the support of the members of the Electric Vehicles Initiative.
The data collected by the IEA shows more than 10 million electric vehicle sales worldwide in 2022 and that sales are expected to grow by another 35% this year to reach 14 million. This explosive growth means electric vehicle share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is likely to increase to 18% this year, based on the latest IEA projections.
The majority of electric car sales to date are mainly concentrated in three markets — China, Europe, and the United States. China is the frontrunner, with 60% of global electric car sales in 2022. Today, more than half of all electric cars on the road worldwide are in China. Europe and the United States, the second and third largest markets, both saw strong growth in 2022, with sales increasing 15% and 55% respectively.
Other economies have announced policies to foster domestic industries that will improve their competitiveness in the electric vehicle market in the near future. The EU’s Net Zero Industry Act aims for nearly 90% of annual battery demand to be met by domestic battery manufacturers. Similarly, the US Inflation Reduction Act emphasizes strengthening domestic supply chains for EVs, batteries, and minerals.
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