The Rise of Electric Vehicles According to IEA

An International Energy Agency report forecasts a 35% increase in electric vehicle sales for 2023.

Last year, more than 10 million electric vehicles (EVs) were sold worldwide according to a report by the International Energy Agency (IEA). This year, this international organization projects a 35% increase in sales, reaching 14 million vehicles sold.

The IEA highlights three main growth markets in its report: China with 60% of global EV sales, Europe (15%), and the United States (55%) in 2022. According to this report, China sells more than half of the EVs worldwide.

This is not surprising, given its rapid development over the past decade and its omnipresence at the last Shanghai International Auto Show. Chinese brands of electric vehicles are increasingly present in the market, with technologies and autonomies sometimes more advanced than European or South Korean vehicles.

The Chinese brand BYD has partnered with Toyota to sell its electric vehicles in the Chinese market. Aiways, NIO, Leapmotor, MG… all brands with a foothold in an industry with over 1.4 billion potential customers. A bright future for electric vehicles, which are increasingly spreading on our roads!

Electric vehicles, a real gold mine for manufacturers

Looking around on the street, it is clear to see the growing presence of electric vehicles. All segments of the automotive market are affected by innovations in battery technology and range.

Whether for daily commutes or longer trips, these electric vehicles have adapted to our everyday needs of moving from point A to point B without relying on gas refueling.

Out of ecological concern or the legal necessity to comply with regulations, manufacturers have gradually adapted to the electric model. Compact cars, SUVs, crossovers… you can find almost any type of vehicle in electric or hybrid versions. For example, with the banned sale of thermal vehicles starting in 2035, European automakers have had to invest in alternative energies like hydrogen or electric power.

Additionally, the International Energy Agency (IEA) estimates that India, Indonesia, and Thailand are upcoming markets for electric vehicles to watch for manufacturers. Given the financial, material, and economic potential of these developing countries, established automakers will face a busy future!

Read also: Electric cars dominate the Shanghai Auto Show