The electric vehicle (EV) market has experienced significant growth, with sales surpassing 10M in 2022, according to IEA’s recent 142-page report, “Global EV Outlook, 2023”, accessible here. This growth represents a substantial increase from previous years, as EVs accounted for 14% of all new car sales in 2022, up from 9% in 2021 and less than 5% in 2020.
The growth of EV sales is expected to continue in 2023, with over 2.3M EVs sold in the first quarter, representing a 25% increase compared to the same period last year. IAE says that by the end of 2023, sales will reach 14M, indicating a 35% year-on-year increase. Furthermore, electric cars could account for 18% of total car sales for the entire year. Factors contributing to this growth include national policies, incentives, and the potential impact of high oil prices, which may motivate prospective buyers.
While electric car sales are still relatively low in emerging markets, countries such as India, Thailand, and Indonesia are ramping up EV and component manufacturing, supported by government incentive programs and policy support schemes. Their experiences could provide valuable lessons for other emerging market economies seeking to foster electric vehicle adoption.
Here are eight highlights of IEA's Global EV Outlook 2023 report.
Disclaimer: This is a work derived by Battery Technology from IEA material and Battery Technology is solely liable and responsible for this derived work. The derived work is not endorsed by the IEA in any manner.