The electric car market is doing well. The year 2023 promises to be even better than 2022, according to the latest Global Electric Vehicle Outlook report from the International Energy Agency (IEA), reports Phonandroid.
By 2022, the sales volume had reached a record 10 million. In 2023, this is a new record that should be broken with more than 14 million new electric vehicles registered, according to forecasts, an increase of 35%.
A market driven by China
The electric car will continue to nibble away at market share and reach 20% of sales volumes. According to the report, these vehicles are "one of the driving forces behind the rapidly emerging new global energy economy," transforming the automotive manufacturing industry globally.
The growth of the market is driven by China. The country accounted for 60% of global sales in 2022 and more than 50% of the world's electric cars are currently on the road. Europe comes in second, followed by the United States. By 2030, electric cars are expected to account for 60% of sales in these three geographical areas.
The increase in sales is largely due to government programs, tax incentives and the installation of electric charging infrastructure. Lower prices on smaller models are also influencing the market. With such a trend, the IEA report predicts that by 2030, oil production could have declined by around 5 million barrels.
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