The Strategist

IEA expects sharp increase in electric cars sales in 2023

04/27/2023 - 07:13

According to a survey from the International Energy Agency (IEA), there is a growing demand for electric cars all over the world. Sales of these vehicles are expected to grow by 35% this year to 14 million cars, increasing their market share from 14% in 2022 to 18% in 2023.

"Global sales of electric vehicles will hit another record this year, increasing their share of the overall automotive market to nearly one-fifth and leading a major transformation in the auto industry that will impact the energy sector, especially the oil sector," the report reads.

"More than 10 million electric vehicles were sold worldwide in 2022, and sales are projected to increase by another 35% this year to 14 million." According to the IEA's most recent forecasts, due to this significant growth, the share of electric vehicles in the global automotive market increased from 4% in 2020 to 14% in 2022 and is expected to increase even more this year to 18%.

By 2030, the organization expects that using electric vehicles will result in a daily oil consumption reduction of at least 5 million barrels.