Global sales of electric cars are set to soar by 35 per cent in 2023, expanding overall car market share to close to a fifth, the International Energy Agency (IEA) said on Wednesday.
In its annual Global Electric Vehicle Outlook, IEA said it sold more than 10 million electric cars worldwide in 2022.
It added that it expected sales to reach 14 million in 2023.
While it sold over 2.3 million electric cars in the first quarter of 2023, the IEA said this was about 25 per cent more than sales last year.
“This explosive growth means electric cars’ share of the overall car market has risen from around four per cent in 2020 to 14 per cent in 2022.
“It is set to increase further to 18 per cent this year,” the IEA said.
China was leading market for electric cars in 2022, accounting for 60 per cent of global electric car sales.
More than half of all the electric cars on the road worldwide are in China, according to the IEA.
China and Europe are also working closely in the electric car field.
Europe is China’s largest trade partner for electric cars and their batteries, the IEA said.
“In 2022, the share of electric cars manufactured in China and sold in the European market increased to 16 per cent.
“This is up from about 11 per cent in 2021,” the agency noted in its Outlook report.
“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, IEA Executive Director, Fatih Birol.
By 2030, electric cars will save at least 5 million barrels a day of oil, he added. (Xinhua)
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