The automotive industry is embracing an electric future, with the International Energy Agency (IEA) predicting that nearly one-third of cars on China’s roads will be electric by 2030. This significant shift is also anticipated in other major markets, with almost one-fifth of cars in both the U.S. and the European Union projected to be electric by the same year.
The rise of electric vehicles is transforming the automotive industry and reducing oil consumption for road transport. This transition is evident in the record-breaking sales of electric cars in 2023, which saw a 35% increase to nearly 14 million globally. The IEA estimates that global electric car sales will reach approximately 17 million by the end of 2024, marking a significant increase compared to the previous year.
China is poised to dominate the electric vehicle (EV) revolution, with an estimated 10 million electric cars sold in 2024. This accounts for about 45% of all car sales in the country. The U.S. is also embracing electric vehicles, with predictions indicating that one in nine cars sold will be electric. In Europe, despite challenges in certain markets, electric cars are still anticipated to represent about one in four cars sold.
The surge in electric vehicle adoption is attributed to investments in the EV supply chain, supportive policy measures, and declining EV prices. These factors are expected to continue driving growth in the years ahead. According to the IEA, every other car sold globally could be electric by 2035 under current policy settings. This has significant implications for the auto industry and the energy sector, highlighting the increasing demand for sustainable transportation solutions.
