Today, more than half of all electric cars on the road worldwide are in China. China is the frontrunner, with 60% of global electric car sales taking place there in 2022. The overwhelming majority of electric car sales to date are mainly concentrated in three markets – China, Europe and the United States. Cars are just the first wave: electric buses and trucks will follow soon.” By 2030, they will avoid the need for at least 5 million barrels a day of oil. The internal combustion engine has gone unrivalled for over a century, but electric vehicles are changing the status quo. “The trends we are witnessing have significant implications for global oil demand. “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,” said IEA Executive Director Fatih Birol. This explosive growth means electric cars’ share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year, based on the latest IEA projections.
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The new edition of the IEA’s annual Global Electric Vehicle Outlook shows that more than 10 million electric cars were sold worldwide in 2022 and that sales are expected to grow by another 35% this year to reach 14 million.
Global sales of electric cars are set to surge to yet another record this year, expanding their share of the overall car market to close to one-fifth and leading a major transformation of the auto industry that has implications for the energy sector, especially oil.
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