Electric car market registers strong growth – 04/26/2023 – Market

The sale of electric vehicles maintained the “explosive growth” this year and should reach the mark of almost one in every five cars sold in the world, informed the IEA (International Energy Agency).

The agency highlighted that the rapid electrification of land transport will have major consequences for the energy industry because it will eliminate the need for five million barrels of oil per day by the end of the decade.

World oil consumption is currently just over one hundred million barrels per day.

“Electric vehicles are one of the engines of the emerging global energy economy and are triggering a historic transformation in the global auto industry,” Fatih Birol, executive director of the IEA, said in a statement.

The agency highlighted in its annual report on electric cars that sales of these vehicles should rise 35% this year, with the mark of 14 million units. The number will represent a market share of 18%, against 4% in 2020.

According to the AIE, sales of electric cars are concentrated mainly in three markets: China, Europe and the United States.

China is in the lead, with 60% of global electric car sales in 2022, the IEA said.

The agency also points out that measures such as the Inflation Reduction Act in the United States, which offers subsidies for consumers to switch their cars to electric vehicles, will increase sales in the coming years.

The IEA projects that the average share of electric cars in the markets of China, the European Union and the United States should rise to 60% by 2030.