Electric car markets are seeing exponential growth as sales exceeded 10 million in 2022, according to the IEA’s latest Global EV Outlook 2023.
A total of 14% of all new cars sold were electric in 2022, up from around 9% in 2021 and less than 5% in 2020.
And sales are expected to continue strongly through 2023. Over 2.3 million electric cars were sold in the first quarter of 2023, about 25% more than in the same period last year.
“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”— IEA Executive Director Fatih Birol
The IEA currently expects 14 million in sales by the end of 2023, representing a 35% year-on-year increase with new purchases accelerating in the second half of this year. As a result, electric cars could account for 18% of total car sales across the full calendar year.
Our analysis on how soaring electric car sales are impacting global metals markets: