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IEA Forecasts 35% “Leap” in 2023 EV Sales

Following a record-breaking ten million electric vehicles (EVs) being sold worldwide in 2022, the International Energy Agency (IEA) expects that sales will grow by another 35% to reach 14 million by the end of 2023. The IEA’s annual ‘Global Electric Vehicle Outlook’ noted that this projected growth would mean that EVs make up 18% of the overall car market globally, up from 4% in 2020. Sixty percent of global EV sales in 2022 took place in China, the report said, adding that European and US markets also saw a 15% and 55% growth in sales respectively. Initiatives to upscale EVs within policy programmes, such as the EU’s Fit for 55 (Ff55) package and the US Inflation Reduction Act (IRA) are expected to further increase market share for EVs this decade. The IEA estimates that the average share of EVs in total sales across China, the EU and the US will increase by around 60% by 2030. This is having “positive knock-on effects” for battery production and supply chains, the IEA added. “EVs 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. “The trends we are witnessing have significant implications for global oil demand. The internal combustion engine has gone unrivalled for over a century, but EVs are changing the status quo. By 2030, they will avoid the need for at least five million barrels of oil.”  

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