Around one in five cars sold this year will be electric globally. In a forecast published today, the International Energy Agency (IEA) estimates that sales of electric cars will increase by 35 percent to 14 million vehicles. This would mean that electric cars will have 18 percent of the market. This compares to a four per cent market share in 2020.
Reducing oil demand by 5 million barrels per day
The switch to electric cars will reduce global oil demand by at least five million barrels a day, according to the IEA.
More than half of the electric cars on the road around the world so far are in China, which also dominates global battery production. As well as technology, it is also building up a lead over its competitors in the supply chain. Last year, it accounted for 60 percent of global EV sales.
Nearly two-thirds of electric models in China and Europe, and significantly more in the United States, are sport utility vehicles (SUVs) and large cars.
Affordable and competitive options are needed
“Outside of China, mass adoption of EVs requires subcontractors to offer affordable and competitive options,” the IEA report said.
In developing countries and young market economies, two- or three-wheeled electric vehicles outnumber passenger cars. More than half of this year’s three-wheeler registrations in India will be electric, according to the IEA.
Source: czech news agency
