The International Energy Agency announced today, Wednesday, that electric car sales will continue to grow significantly this year, reaching approximately one-fifth of the global market. The agency said in a report on this matter that the current trend towards using electric cars will have significant implications for the energy sector, as demand for oil will decrease by 5 million barrels per day by 2030.
The expected demand for oil in 2023 is 101.9 million barrels per day. According to this study, more than 10 million electric cars were sold in the world in 2022, and sales are expected to increase even more by 35% this year to reach 14 million cars.
The rapid rise of electric vehicles is causing a historic shift in the global car industry.
According to the latest projections of the Paris-based International Agency, this significant growth means that the market share of electric cars has increased from 4% in 2020 to 14% in 2022 and is expected to rise even more to 18% this year.
Electric cars are spreading faster in the first global markets in terms of the volume of new car sales, which are China, the United States, and Europe, according to the International Energy Agency. China dominates this market, where two out of 3 electric cars in the world are sold, and its factories dominate the battery and component sectors necessary for their manufacture.
While environmental rules have become more stringent, and the European Union intends to ban the sale of thermal cars by 2035, the International Energy Agency believes that the market share of electric cars will reach 60% in these three geographical regions by 2030.
China’s electric vehicle market is growing at an unprecedented rate.
Outside these major markets, electric car sales tripled in India and Indonesia last year, and more than doubled in Thailand.
The Director of the International Energy Agency, Fatih Birol, said that the rapid emergence of electric cars is causing a historic shift in the global auto industry. He pointed out that this trend will have important implications for global oil demand, as electric cars “will wipe out the need for at least 5 million barrels of oil per day by 2030.”
