The IEA has predicted that a fifth of the world’s car sales will be for electric vehicles (EVs). As part of its latest annual Global EV Outlook report, it has been noted that the trend to adopt EVs is continuing to gather pace.
Just a few years ago in 2020, EV sales only accounted for around 5% of new sales. This increased to 9% in 2021 and 14% in 2022. China is leading the way on EV adoption, with more than half of the world’s EVs driving on Chinese roads. Some 60% of the world’s new EVs are also purchased in China. Europe is the second-largest market for EVs, with more than one in five new cars sales being electric.
In a statement, the Executive Director of the IEA, Fatih Birol, said:
“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 5 million barrels a day of oil.”
He added that this was also just the initial wave, with electric trucks and buses to follow the increasing electrification of cars.
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