The “Global EV Outlook 2023” report highlights significant growth in the electric vehicle (EV) market, with over 10 million EVs sold in 2022, marking a 14% share of all new car sales. Notably, China leads with 60% of global EV sales, exceeding its 2025 target. Sales in Europe and the U.S. also saw substantial increases. The report anticipates a 35% year-on-year increase in EV sales by the end of 2023, potentially reaching 14 million units. Additionally, emerging markets like India, Thailand, and Indonesia are experiencing rapid growth in EV adoption, supported by significant government incentives. The outlook for EVs remains positive, with projections suggesting a 35% global market share by 2030, driven by policy efforts and technological advancements in major markets. This growth in EV adoption is expected to significantly impact energy markets and contribute to climate goals, with oil demand from road transport projected to peak around 2025.

IEA (2023), Global EV Outlook 2023, IEA, Paris https://www.iea.org/reports/global-ev-outlook-2023, Licence: CC BY 4.0