Results for: International Energy Agency

The automotive industry is poised for an electric transformation, with China leading the charge as one-third of its cars are projected to be electric by 2030. Globally, one in five cars sold this year is expected to be electric, significantly reshaping the auto industry and reducing oil consumption. The IEA forecasts electric car sales to reach 17 million by 2024, with China accounting for nearly half of those sales. Investments and supportive policies are driving the growth in electric vehicle adoption, which is anticipated to continue in the coming years.

Electric car sales are projected to surge by 21.4% this year, with over 17 million units sold globally. The International Energy Agency (IEA) predicts that by 2035, half of all cars sold worldwide will be electric. However, affordability and charging infrastructure availability remain key barriers to wider EV adoption.

The IEA expects electric vehicle demand to increase significantly, leading to a reduction in oil consumption for road transport. Ongoing policy support, investment in the EV supply chain, and declining battery prices are contributing to the growth trajectory. However, the pace of the EV transition will largely depend on affordability and public charging availability.

China remains a major player, accounting for over 50% of global EV sales in 2023. Growing EV exports from China are likely to influence purchase prices. Despite recent challenges and slowing demand, industry analysts believe the EV revolution is still on track. Nevertheless, hurdles such as high pricing compared to gas-powered vehicles and inadequate charging infrastructure need to be addressed for continued growth.