IEA further added that by the end of 2030, the average share of EV’s total sales in EU, US, and China would witness an increase by 60 percent
The International Energy Agency (IEA) has now published a new survey report, which mentioned that the swift electrification of road transportation will prove to be a huge inference for the energy sector as it will wipe out the requirement for five million barrels of oil each day by the end of the coming few years. The report also stated that electric vehicle’s sales are escalating and it seems that it will account for one in five cars sold in 2023.
The growth of this industry has spearheaded the market share from about 4 percent in 2020 to 14 percent in 2022 and is speculated to augment to 18 percent by the end of 2023. The agency’s Global Electric Vehicle Outlook highlighted that sales of electric vehicles are mostly dominated by three major markets; US, China, and Europe. Experts claim that China is still the international leader in this sector as it has 60 percent of the sales in 2022.
Speaking of internationally, the majority of on-road EVs are in China. Europe and the US on the other hand grabbed the second and third spot with sales escalating by 15 percent and 55 percent in 2022. The countries with strong financial backgrounds are deploying useful policies and investment schemes like the Inflation Reduction Act in the US and the Fit for 55 package in the EU. IEA further added that by the end of 2030, the average share of EV’s total sales in EU, US, and China would witness an increase by 60 percent.
The positive scenarios in the domain of Ev sales will also have a positive effect on the supply chains and on battery productions as well. While speaking of IEA’s Net Zero Emissions scenarios by 2050, the upcoming battery manufacturing ventures will be sufficient enough to meet the requirements of EVs until 2030. However, the components and the battery trades are highly concentrated, which is because the sector is dominated by China and in 2022, it carried out 35 percent of the exports globally.
Sales have also augmented three times in Indonesia and in India, and doubled in Thailand in 2022. The share of electric cars in total sales also increased to 3 percent in Thailand and to 1.5 percent in India and Indonesia.
