Mahindra Susten to Develop 150 MW Open Access Renewable Power Project

BJP, Congress Bet Big on Renewables in 2024 Election Manifestos

Daily News Wrap-Up: REIL Invites Bids for 200,000 Mono PERC Solar Cells

Solar, Storage, Wind Drive 95% of US Interconnection Queues as Backlog Rises

Ahasolar Wins Consultancy Contract for 52 MW Solar Project from BPCL

REIL Invites Bids for 200,000 Mono PERC Solar Cells

Daily News Wrap-Up: MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

MNRE Adds 4.1 GW of New Solar Module Capacity to ALMM

AutoNxt Secures Pre-Series A Funding to Finance Electric Tractor Launch

Daily News Wrap-Up: REC Records Highest-Ever Loan Approvals in FY24


					<table id="amazon-polly-audio-table">
						<tr>
						<td id="amazon-polly-audio-tab">
							<div id="amazon-ai-player-label">Listen to this article</div>
							<div id="amazon-ai-player-container">
			<audio class="amazon-ai-player" id="amazon-ai-player" preload="none" controls   controlsList="nodownload" >
				<source type="audio/mpeg" src="https://cms.mercomindia.com/wp-content/uploads/2023/04/amazon_polly_53144.mp3?version=1682590272">
			</audio>
		</div>
							<div id="amazon-polly-subscribe-tab"></div>
							<div id="amazon-polly-by-tab"></div>
						</td>
						</tr>
					</table><p>Over 10 million electric cars were sold globally in 2022, and the sales are anticipated to increase by 35% this year, reaching a total of 14 million, finds a report by the International Energy Agency (<a href="https://www.iea.org/" target="_blank" rel="noopener">IEA</a>).</p>
<p>The report finds that this year, there will be another record-breaking surge in global sales of electric cars, resulting in a larger share of the overall car market.</p>
<p>This growth has led to an increase in the electric cars&#8217; market share from about 4% in 2020 to 14% in 2022, and it is expected to rise to 18% this year, according to the IEA projections.</p>
<p>IEA Executive Director Fatih Birol said electric vehicles (EV) are revolutionizing the automobile manufacturing industry worldwide.</p>
<p>The growth of EVs have significant implications for global oil demand.</p>
<p>According to the latest edition of the IEA&#8217;s annual <em>Global Electric Vehicle Outlook</em>, the shift towards electric cars is leading to far-reaching implications for the energy sector, particularly oil, and by 2030 it is expected to eliminate the requirement for 5 million barrels of oil per day.</p>
<p><strong>Three Key EV Markets </strong></p>
<p>Most electric car sales to date are concentrated in three key markets: China, Europe, and the United States.</p>
<p>China is the global leader, accounting for 60% of electric car sales in 2022, with more than half of all-electric cars on the road worldwide being in China. Europe and the United States, the second and third largest markets, saw significant sales increasing by 15% and 55% in 2022.</p>
<p>Major economies are implementing ambitious policy programs, such as the Fit for 55 package in the European Union and the <a href="https://www.mercomindia.com/inflation-reduction-act-faster-transition-clean-energy-u-s" target="_blank" rel="noopener">Inflation Reduction Act</a> in the United States, to increase the market share of EVs this decade and beyond.</p>
<p>By 2030, the average share of electric cars in total sales across China, the EU, and the U.S.  is projected to increase to 60%.</p>
<p>The positive trends in electric car sales are having a beneficial impact on battery production and supply chains as well.</p>
<p>The IEA report indicates that the battery manufacturing projects that have been announced would be more than sufficient to meet the demand for EVs until 2030 in the IEA&#8217;s Net Zero Emissions by 2050 Scenario.</p>
<p>Nevertheless, the battery and component trade remain highly concentrated, with China dominating the industry and accounting for over 35% of global electric car exports last year.</p>
<p>Several other economies have also announced policies to foster their domestic industries to improve their competitiveness in the electric vehicle market in the years to come.</p>
<p><strong>Growing Economies </strong></p>
<p>While electric car sales and manufacturing are mainly concentrated in a few big markets, there are promising signs in other regions.</p>
<p>In 2022, electric car sales more than tripled in India and Indonesia, albeit from a low base, and more than doubled in Thailand. The share of electric cars in total sales also increased to 3% in Thailand and to 1.5% in India and Indonesia.</p>
<p>A combination of effective policies and private sector investment is expected to increase these shares in the future. For instance, in India, the government&#8217;s $3.2 billion incentive <a href="https://www.mercomindia.com/electric-vehicles-opportunity-india" target="_blank" rel="noopener">program</a>, which has attracted investments worth $8.3 billion, is likely to boost battery manufacturing and electric vehicle rollout substantially in the coming years.</p>
<p>In emerging and developing economies, the growth of electric mobility is mainly focused on two- or three-wheel vehicles, which are more common than cars.</p>
<p>In 2022, more than half of India&#8217;s three-wheeler registrations were electric, indicating their increasing popularity.</p>
<p>In many developing economies, two- or three-wheelers offer an inexpensive means of transportation, which makes their electrification important to promote sustainable development.</p>
<div class="saboxplugin-wrap" itemtype="http://schema.org/Person" itemscope itemprop="author"><div class="saboxplugin-tab"><div class="saboxplugin-gravatar"></div><div class="saboxplugin-authorname"><a href="https://cms.mercomindia.com/author/gautamee-hazarika/" class="vcard author" rel="author"><span class="fn">Gautamee Hazarika</span></a></div><div class="saboxplugin-desc"><div itemprop="description"><div class="designboxt">
<p><img class="alignleft" style="border-radius: 50%;height: 50px;margin-top: -4px;border: 1px solid #00b451" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="50" /></p>
<p><strong style="text-decoration: underline">Gautamee,</strong> Staff reporter at Mercom India<br />
<a href="https://mercomindia.com/author/gautamee-hazarika/" target="_blank" rel="noopener">More articles from Gautamee.</a><br />
<br />
<a href="gautamee@mercomindia.com" target="_blank" rel="noopener">gautamee@mercomindia.com</a></p>
</div>
<div class="authorboxn"><img class="alignleft" src="https://mercomindia.s3.ap-south-1.amazonaws.com/wp-content/uploads/2022/10/Picture1.jpg" width="102" height="102" /><a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">Gautamee</a> is a reporter at Mercom India. Prior to Mercom, Gautamee was working as a multimedia news journalist at ThePrint in New Delhi. She has received her Bachelors in English Honors and Masters in English Literature from St.Stephen&#8217;s College, University of Delhi.<a href="https://mercomindia.com/author/gautamee-hazarika/" rel="noopener">More articles from Gautamee</a></div>
</div></div><div class="clearfix"></div></div></div>

Rising Demand for Electric Vehicles Fuels 35% Sales Growth Forecast in 2023

car-sales

Get the most relevant India solar and clean energy news.

RECENT POSTS