Global EV sales to increase by 35%

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The International Energy Agency (IEA) has reported that global EV sales are on the rise and are expected to constitute close to one-fifth of overall car sales this year.

The IEA report highlighted that this fast-paced adoption of EVs will significantly impact the energy industry by reducing the demand for five million barrels of oil per day by the end of this decade. Currently, global oil consumption stands at approximately 100 million barrels per day.

“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 said in a statement.

In a yearly report on electric vehicles (EVs), IEA predicts a 35% increase in EV sales this year to reach a total of 14 million units. The report also projected that this increase would bring the market share of EVs to 18%, up from 4% in 2020.

The report highlighted that the majority of EV sales are currently concentrated in three regions, namely China, Europe, and the United States. China is currently leading the pack with a 60% share of global electric vehicle sales in 2020. By 2030, the average market share of electric cars in total sales across China, the European Union, and the United States is expected to reach around 60%.