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Global electric car sales are set to surge by 35 per cent this year, helped by government subsidies and the tightening of carbon dioxide emissions standards, the International Energy Agency has said.
Electric car sales are projected to reach 14 million in 2023 from 10 million last year, the Paris-based agency said in its Global Electric Vehicle Outlook on Wednesday.
This means the share of electric cars in the overall market will rise to 18 per cent this year, from 14 per cent in 2022, the agency said.
“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 the agency’s executive director Fatih Birol.
“The trends we are witnessing have significant implications for global oil demand. The internal combustion engine has gone unrivalled for over a century, but electric vehicles are changing the status quo.
“By 2030, they will avoid the need for at least five million barrels a day of oil. Cars are just the first wave: electric buses and trucks will follow soon.”
China, the world’s manufacturing hub, accounted for 60 per cent of global electric car sales in 2022, agency figures showed.
Sales in Europe and the US grew 15 per cent and 55 per cent, respectively, last year.
The demand for electric cars in particular has intensified because of a shortage in the supply of new cars, coupled with escalating fuel prices. AP
“Ambitious policy programmes in major economies, such as the Fit for 55 package in the EU and the Inflation Reduction Act in the US, are expected to further increase market share for electric vehicles this d
