IEA: Electric car sales jumped to more than 10 million last year, with China accounting for roughly 60% of the market

[艹艹艹]

Electric car sales surged by 55% last year to surpass 10 million, and China led the way: IEA​

PUBLISHED WED, APR 26 20232:12 AM EDT

• The record sales figures, contained within the International Energy Agency’s Global EV Outlook for 2023, continue a trend of sustained growth for the industry.
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• “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,” the IEA’s report says.
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• The Paris-based organization says more than 26 million electric cars were on the world’s roads in 2022, which represents a 60% increase relative to 2021.

Electric car sales jumped to more than 10 million last year, with China accounting for roughly 60% of the market, according to a report from the International Energy Agency published Wednesday.

The record sales figures, contained within the IEA’s Global EV Outlook for 2023, continue a trend of sustained growth for the industry.

“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,” the IEA’s report said.

“This figure — 10 million EV sales worldwide — exceeds the total number of cars sold across the entire European Union (about 9.5 million vehicles) and is nearly half of the total number of cars sold in China in 2022,” it added.

The IEA defined “sales” within its report as being “an estimate of the number of new vehicles hitting the roads.”

In total, it said more than 26 million electric cars were on the world’s roads in 2022, which represents a 60% increase relative to 2021.

Looking ahead, the Paris-based IEA — seen by many as an authoritative voice on the energy transition — said it was estimating worldwide sales to reach almost 14 million in 2023.

“This explosive growth means electric cars’ share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year, based on the latest IEA projections,” a statement accompanying the report noted.

Chinese market dominant​

The IEA described China as being “the frontrunner” when it came to electric car sales. It added that over 50% of electric cars on the road could now be found in the world’s second-largest economy.

“In Europe, the second largest market, electric car sales increased by over 15% in 2022, meaning that more than one in every five cars sold was electric,” the IEA said, adding that U.S. electric car sales had risen by 55% in 2022.

While China, Europe and the U.S. are big players when it comes to electric cars, the IEA noted that other parts of the world were also showing “promising signs.”

“Electric car sales are generally low outside the major markets, but 2022 was a growth year in India, Thailand and Indonesia,” it said. “Collectively, sales of electric cars in these countries more than tripled compared to 2021, reaching 80,000.”

 

[dBSPL]

With the start of the EV era, the Chinese automotive industry has clearly taken the lead. They have adapted perfectly to the paradigm shift in the industry. There will be significant changes in consumer brand perception in the next 10 years.