Global sales of electric exceeded 10 million in 2022, with China accounting for 60 percent. One in seven new cars sold in 2022 was electric, up from one in ten in 2021.
Photo from CFP
By LIU Jiaxin
According to the "Global EVOutlook 2023" report released by the International Energy Agency (IEA) on Wednesday, global sales of electric vehicles (including pure electric and plug-in hybrids) exceeded 10 million in 2022, with China accounting for 60 percent.
China, the EU, and the United States are considered the three main markets for EVs globally, though the enormity of the Chinese market dwarfs all others. Over half of the planet’s EVs run on Chinese roads, powered by Chinese electricity and driven by Chinese drivers.
Last year, EV sales in the EU grew by more than 15 percent, and EVs now account for one in every five cars sold there. As the third-largest market, sales in the United States grew by 55 percent in 2022, but that’s still only for 8 percent of global sales.
The global EV market has grown steadily. One in seven new cars sold in 2022 was electric, up from one in ten in 2021. In 2019, of every 1,000 cars sold worldwide, 975 were ICE vehicles.
In emerging EV markets, growth is taking off. Sales in India, Thailand, and Indonesia have doubled since 2021.
EV sales are expected to increase to 14 million this year, though sales in the first quarter have already been a disappointing 2.3 million units, up only 35 percent compared to last year.
Sales in the second half have to accelerate substantially. If they do, EVs will account for 18 percent of the world’s car sales by the end of this year. The IEA predicts that by 2030, electric vehicles will account for 60 percent of new car sales in the United States, China, and the EU.
EVs are bringing changes to other industries, in particular, petrochemicals. By 2030, EVs are expected to reduce oil demand by around 5 percent. Conversely, demand for EVs drives the demand for batteries and critical minerals. The battery industry continues to expand, encouraged by the prospects of electric vehicles.
Passenger cars are just the beginning. More segmented markets for electric vehicles, such as buses and trucks, are expected to follow soon. Sales of electric light commercial vehicles grew by over 90 percent in 2022, with nearly 66,000 coaches and 60,000 trucks sold.
