Global Electric Vehicle Sales Are Predicted To Grow By 35% This Year

Global Electric Vehicle Sales Are Predicted To Grow By 35% This Year

REPUBLIKA.CO.ID, JAKARTA — According to the International Energy Agency (IEA), sales electric car worldwide is expected to jump another 35 percent in 2023 to reach 14 million units. The overall electric vehicle market share has increased from around four percent in 2020 to 14 percent in 2022 and will further increase to 18 percent this year.

“Marketing electric car will set another record this year, expanding the share of the total car market by almost a fifth and leading a major reform of the car sector with implications for the energy sector, especially oil,” the IEA said in its annual Global Electric Vehicle .Attitude. ZawyaWednesday (26/4/2023).

IEA Executive Director Fatih Birol said, “Electric vehicles are one of the driving forces in the world’s rapidly emerging new energy economy and are bringing historic changes to the automotive industry worldwide. The trends that the public is witnessing have a significant impact on the demand for The internal combustion engine went unchallenged for more than a century, but electric cars are changing the landscape.

“By 2030, they will avoid needing oil by at least five million bpd. Cars are just the first wave, electric buses and trucks will follow soon,” Birol said.

Many sales of electric vehicles until now it is mainly concentrated in three markets namely China, Europe and the United States. According to the IEA report, China is the leader, as 60 percent of the world’s electric vehicle sales will take place by 2022. “Currently, more than half of the electric vehicles on the road around the world are in China. Europe and the United States. the second and third largest, both witnessed significant growth with sales increasing by 15 percent and 55 percent respectively in 2022,” the report noted.

By 2030, the average share of electric vehicles in total sales across China, the EU and the United States will increase to nearly 60 percent. China also dominates the battery and accessories business. Ambitious policy initiatives in major economies, such as the Fit for 55 package in the European Union and the Inflation Act in the United States, are expected to further increase the market share of electric vehicles this decade and beyond.

Electric vehicle sales more than tripled in India and Indonesia last year, and more than doubled in Thailand. The share of electric vehicles in total sales rose to 3 percent in Thailand, as well as to 1.5 percent in India and Indonesia, the report said.

Saudi Arabia and the United Arab Emirates (UAE) are the early adopters of EVs in the Middle East region. According to Mordor Intelligence, the Middle East and Africa electric vehicle market is expected to reach $93.10 million, recording a compound average growth (CAGR) of more than 15 percent during the forecast period.

The increasing target of EV adoption in GCC countries is driven by national commitments to accelerate the transition from fossil fuels to renewable energy sources, in order to achieve the target. net-zero in the coming years. The Saudi Arabian Standards Organization (SASO) plans to issue regulations for the use of electric vehicles. Saudi Arabia owns its domestic EV brand, Ceer Motors and is the majority owner of Lucid Group through its sovereign wealth fund, PIF. Meanwhile, the Road Transport Authority of the United Arab Emirates (RTA) has issued an advisory message and is working to set up payment centers in the Emirates.