PARIS – Sales of electric vehicles are booming and are expected to account for nearly one in five cars sold this year, according to a report released today.
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as it will eliminate the need for five million barrels of oil per day by the end of the decade.
World oil consumption averages just over 100 million barrels per day.
“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,” IEA executive director Fatih Birol said in a statement.
In its annual report on electric vehicles, the IEA said it expects annual sales to rise 35% this year to reach 14 million.
It projected that to be a market share of 18%, up from 4% in 2020.
The IEA said the overwhelming majority of electric car sales are concentrated in three markets: China, Europe, and the United States.
China is in pole position, accounting for 60% of global electric vehicle sales last year, the IEA said.
It said measures such as the Inflation Reduction Act in the US, which offers generous subsidies to consumers to switch to electric vehicles, would further boost sales in the coming years.
The IEA forecasts that the average share of electric cars in total sales across China, the EU, and the United States is set to rise to around 60% by 2030. – AFP, April 26, 2023
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