Huge global demand for electric cars

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Accordingly, more than ten million electric cars were sold worldwide in 2022. This year, sales are expected to increase 35 percent to 14 million electric cars. According to the latest IEA forecasts, the electric share of the entire car market will continue to rise from 4 percent in 2020 to 14 percent in 2022, to 18 percent this year.

“Electric vehicles are one of the driving forces in the rapidly emerging new global energy economy and are creating historic change in the automotive industry worldwide,” said Fatih Birol, Director of the IEA. “The trends we observe have a significant impact on global oil demand.”

By 2030, e-mobility will eliminate the need for at least five million barrels of oil per day. Cars are just the first wave, followed by electric buses and trucks.

Electric car sales have so far been concentrated in China, Europe and the United States, according to the IEA. Leading the way is China, where more than half of all electric cars worldwide are currently in use. Europe and the United States, the second and third largest markets, recorded strong growth in 2022 with sales increasing 15 percent and 55 percent, respectively.

There are also increasing sales in countries such as India, Indonesia and Thailand, albeit from a low base. Sales of electric two-wheeled and three-wheeled vehicles are also increasing in developing and developing countries.

The IEA report stated that encouraging trends will also have a positive impact on battery production. That’s pretty much intensified, however, as China dominates the battery and component trade, increasing its share of global electric car exports to over 35 percent last year.

(SDA)

Source :Blick