In 2017, Electric vehicles sold more than 10 million units in the United States, with China making up around 60% part of this market.
The global sales of electric vehicle sales will be at a high of 14 million by 2023 according to a study from the International Energy Agency.
The market share of electric vehicles has increased from 4 per cent in the year 2020 to around 14 per cent by 2022. The market is projected to grow to 18 per cent by the end of this year.
In the last year, electric cars sold more than 10 million in the last year, with China accounting for around 60% of the total market.
The sector has experienced steady growth and the latest figures for sales reported by the International Energy Agency’s Global EV Outlook for 2023 set the record for 2023.
The report of IEA revealed that the number of sales of electric vehicles which include both BEVs and PHEVs, reached 10 million in the prior year, which was an increase of 55 per cent in comparison to 2021.
Based on the study the figure is greater than the number of vehicles that are sold within the European Union, which is approximately 9.5 million. It nearly half of the number of vehicles sold across China by 2022.
Electric cars sales around the world are predicted to increase by a further 35% by 2023 and reach 14 million
“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,” said IEA Executive Director Fatih Birol.
“The developments we are seeing are significant on the global demand for oil. Internal combustion engines have been unmatched for more than 100 years, but the advent of electric vehicles is transforming the norm. In 2030, they will eliminate the requirement for at least 5 million barrels of oil. Cars aren’t the only wave. Electric trucks and buses will be coming shortly.”
Electric automobiles are being used in the Middle East
Saudi Arabia and the UAE are among the first adopters of EVs in the Middle East.
Based on Mordor Intelligence, the Middle East and African electric vehicle market is predicted to grow to $93.10 million.
The growing use of electric vehicles within GCC states is fueled by the national commitment to accelerate efforts to shift away towards renewable sources of energy.
It is believed that the Saudi Arabian Standards Organization (SASO) plans to implement rules for the use of electric vehicles, as Dubai’s Road Transport Authority (RTA) has been providing advice and assisting in the development of charging stations. In addition, Saudi Arabia has its own electric vehicle brand, Ceer Motors, and holds a majority share of Lucid Group through its sovereign wealth fund, PIF.
