IEA Reports, Electric Car Sales Increased by 55% in 2022 to surpass 10 million

Electric car sales increased to more than 10 million in 2022, with China accounting for around 60% of the market, according to a report released by the International Energy Agency.

The record sales figures for electric cars continue a trend of continuous growth for the industry.

The IEA’s report said, “Electric car sales — including battery electric vehicles and plug-in hybrid electric vehicles — exceeded 10 million last year, up 55% relative to 2021. This figure — 10 million EV sales worldwide — exceeds the total number of cars sold across the entire European Union and is nearly half of the total number of cars sold in China in 2022.”

The IEA defines sales in its report as being “an estimate of the number of new vehicles hitting the roads.”

In total, IEA said over 26 million electric cars were on the world’s roads in 2022, which is a 60% increase in comparison to 2021.

Plug-in hybrid electric vehicles have an internal combustion engine and a battery-powered electric motor.

Some consider them as an essential tool in the transition towards sustainability and low- and zero-emissions.

Paris-based IEA said it is anticipating worldwide sales to climb up to 14 million in 2023.

IEA Report mentions, “This explosive growth means electric cars’ share of the overall car market has risen from around 4% in 2020 to 14% in 2022 and is set to increase further to 18% this year.”

Fatih Birol, the IEA’s executive director, said, “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. The trends we are witnessing have significant implications for global oil demand. The internal combustion engine has gone unrivaled for over a century, but electric vehicles are changing the status quo. By 2030, they will avoid the need for at least 5 million barrels a day of oil. Cars are just the first wave: electric buses and trucks will follow soon.”