According to the Global Electric Vehicle Outlook report published annually by the International Energy Agency (IEA), electric vehicle sales in the first quarter of this year increased by 25% compared to the same period last year. The number of electric vehicles sold during this period equaled the total number sold in 2020.
It is expected that electric vehicle sales worldwide will reach 17 million by the end of this year. Thus, it is estimated that one out of every five vehicles sold worldwide this year will be electric, and the rapid growth in electric vehicle sales is expected to reshape the global automotive industry and significantly reduce demand for oil used in transportation.
It is estimated that 10 million of these sales will occur in China, with one out of every nine vehicles sold in the United States and one out of every four vehicles sold in Europe being electric.
The increase in sales is built upon the record growth in 2023 According to the report, the expected strong increase in electric vehicle sales this year is built upon the record growth last year.
Last year, electric vehicle sales worldwide reached 14 million, an increase of 35% compared to the previous year. While demand was mainly seen in China, Europe, and the United States, electric vehicle sales also grew in developing countries such as Vietnam and Thailand.
It was observed that more than 60% of electric vehicles sold in China last year were cheaper than equivalent conventional cars. However, in Europe and the United States, prices of internal combustion engine vehicles remained lower compared to electric vehicle prices.
Prices are expected to decrease in the coming years due to increasing market competition and evolving battery technologies.
“This change will have significant implications for the automotive and energy sectors” IEA Executive Director Fatih Birol stated in his assessment of the report that the momentum in electric vehicle sales continues, as seen in IEA data, and used the expression, “The global electric vehicle revolution seems to be preparing for a new phase of growth rather than slowing down.” He emphasized that the wave of investment in battery production indicates that the electric vehicle supply chain is progressing to meet ambitious expansion plans of car manufacturers, stating:
“As a result, the share of electric vehicles on the roads is expected to continue to increase rapidly. Based on current policies alone, by 2030, nearly one out of every three cars on the roads in China will be electric, and nearly one out of every five cars in both the United States and the European Union will be electric. This change will have significant implications for both the automotive industry and the energy sector.”
source: aa.com.tr/ prepared by Melisa Beğiç