Global EV sales expected to climb 35% in 2023, IEA reports

In a report by the International Energy Agency (IEA), EV sales increased to 10 million last year, with China accounting for approximately 60% of the market. 

Record sale numbers continue the industry’s progressive growth pattern in the IEA’S Global EV Outlook for 2023: 

By the mid-2020s, the price of smaller EVs in the U.S. and Europe will be competitive with those of combustion engine vehicles. The agency increased its EV sales predictions in part of the U.S. Inflation Reduction Act (IRA), which promotes green industries and offers subsidies to customers purchasing EVs. 

Within the report’s context, the IEA defines “sales” as an estimate of the number of new vehicles hitting the world’s roads. In the information, there were more than 26 million EVs on the road globally in 2022, a 60% increase from 2021. 

PHEVs, or plug-in hybrid electric vehicles, combine an internal combustion engine with an electric motor driven by batteries. Some people view them as crucial instruments in the transition to low and zero-emission forms of transportation. Others, like groups in Greenpeace, UK, have a negative view of them. 

On the other hand, the Paris-based IEA anticipates that global sales will reach roughly 14 million this year. A statement accompanying the report exclaimed, “This explosive growth means that EVs share of the overall car market has increased from around 4% in 2020 to 14% in 2021, and is set to increase further to 18% this year. 

Several significant economies have laid out strategies over the last few years to ramp up the number of EVs on their roads. To illustrate, the United Kingdom plans to stop the sale of new diesel and gasoline vehicles by 2030. It will also require all new vehicles to have zero tailpipe emissions starting in 2035. 

The European Union is also looking to reduce emissions from road-based transportation. And, over in the U.S., California is banning the sale of new gasoline-powered vehicles by 2035. 

Although there is enthusiasm for the possibility of more low and zero-emissions vehicles, the transition from fossil fuel won’t always be smooth. For instance, there are concerns that EVs decreased noise levels could be challenging for those with vision issues. Also, concerns regarding a skills gap have sparked discussions about cost and safety while ensuring charging infrastructure is accessible for everyone. 

Further Reading

U.S. aims to cut EV mileage ratings to meet fuel economy standards

Affordability, EVs, and digital retailing: Q1 performance sheds new light on old topics

The state of automotive fuel cells as an alternative to EVs