Global sales of electric vehicles to exceed 10 million units in 2022 - China has 60% share

The International Energy Agency reports that sales of electric cars will increase by more than a third in 2023. At the end of 2022, the global market will have crossed the 10 million-unit mark for the first time.

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The main markets are China, Europe and the US. Moreover, China is the undisputed leader with a share of 60%. Sales of electric vehicles in the USA have increased by 55% and in Europe by 15%. The agency also claims that the average share of electric cars in Europe, the US and China will reach 60% by the end of the decade.

At the end of 2022, global sales of electric vehicles exceeded 10 million units for the first time, an increase of 55% year-on-year. By the end of 2023, the market will grow by another 35% to 14 million vehicles, with electric vehicles accounting for 18% of total vehicle sales. Three years ago, they accounted for about 4%.

China is the leader not only in sales of electric cars, but also in production of batteries (and components) for them. China's share of exports exceeds 35%. Europe, on the other hand, has a Net Zero Industry Act, under which local companies meet 90% of battery demand.

Source: IEA