IEA Predicts Electric Car Sales Increase of 35% in 2023
Last year was a good year for the electric vehicle market. Of new cars sold in 2022, electric cars made up 14%, or around 10 million units, globally. Now, the International Energy Agency (IEA) is predicting that growth to continue, with electric car sales expected to increase by 35% in 2023 compared to last year.
In 2022, new electric car sales reached 14% of all new cars sold, compared to just 9% in 2021. Already this year, 2.3 million electric cars were sold in the first three months — 25% higher than electric car sales in 2022.
IEA estimates that 2023 will reach 14 million new electric cars sold, a 35% increase compared to the number of units sold in 2022. Purchases are expected to increase in the second half of 2023, and electric cars could make up around 18% of new cars sold for the year.
In total, the growing market could greatly reduce oil demand and emissions. The report predicts that global demand for oil needed for road transport will peak by 2025.
