A recent report by the International Energy Agency (IEA), revealed global sales of Electric Vehicles surged by around 60% in 2022, surpassing more than 10 million for the first time.
The record sales figures for EV vehicles in 2022 exceeded the total number of cars sold across the entire European Union of about 9.5 million vehicles.
The IEA report reads,
“Electric car sales including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) exceeded 10 million last year, up 55% relative to 2021. This figure of 10 million EV sales worldwide exceeds the total number of cars sold across the entire European Union of about 9.5 million vehicles and is nearly half of the total number of cars sold in China in 2022”
Electric vehicle sales recorded massive increases in every region of the world as production increased, oil prices surged, and targeted policies aimed to support them in the market.
According to the report, it suggested that one in every seven passenger cars bought globally in 2022 was an EV. European Union with one in five, and the United States, where nearly one in ten cars purchased last year was an EV.
Meanwhile, the EV market in China reportedly stood out, where one in every four cars bought in 2022 was an EV.
The IEA described China as being the frontrunner when it came to electric vehicle sales. It further added that over 50% of electric vehicles on the road could be found in the country.
The IEA executive director Fatih Birol further disclosed that Electric Vehicles are one of the driving forces in the new global energy economy that is rapidly emerging and they are bringing about a historic transformation of the car manufacturing industry worldwide.
Investors King understands that the increased rate of adoption of EV vehicles across the globe will have a significant implication on global oil demand. Analysts already predict that electric vehicles will displace 2.7 MMbbl of oil per day by 2030.