International Energy Agency: Every fifth car sold this year will be electric

International Energy Agency: Every fifth car sold this year will be electric

Electric car connected to the charger – illustrative photo.

Paris – Around one in five cars sold this year will be an electric vehicle on a global scale. The International Energy Agency (IEA) estimates this in the future. According to her, sales of electric cars will increase by 35 percent to 14 million cars. This would mean that electric cars will have 18 percent of the market. For comparison – in 2020 they had a four percent market share.

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Global sales of electric cars were a record last year, rising by 55 percent year-on-year and exceeding ten million vehicles. Sixty percent of the market went to China. According to the IEA, the transition to electric vehicles will reduce global oil demand by at least five million barrels per day.

More than half of the electric cars on the roads around the world are currently driven in China, which also dominates global battery production. In addition to technology, it is also gaining an edge over its competitors in the supply chain. Last year, it accounted for 60 percent of global sales of electric cars.

Almost two-thirds of electric models in China and Europe, and significantly more in the United States, are sport utility vehicles (SUVs) and large cars. “Outside of China, the mass adoption of electric vehicles requires subcontractors to offer affordable and competitive options,” the IEA report states.

In developing countries and emerging market economies, two- or three-wheeled electric vehicles predominate over passenger cars. More than half of this year's three-wheeler registrations in India will be electric, according to the IEA.

“Ten million (last year) electric cars sold worldwide exceed the total number of cars sold in the entire European Union (around 9.5 million vehicles ) and will account for nearly half of the total number of cars sold in China in 2022,” the report said.

There were 26 million electric cars on the world's roads last year, a year-on-year increase of 60 percent. The share of electric cars in the total car market was then 14 percent.

“In Europe, which is the second largest market, sales of electric cars will increase by more than 15 percent in 2022. This means that more than every fifth car sold had an electric drive,” the IEA said. In the USA, sales of electric cars increased by 55 percent last year.