Global demand for electric vehicles is rising quickly, according to the International Energy Agency (IEA). This will lead to significant improvements in the global auto sector, according to a research produced by the group. What more details are included in the report about the costs and sales of electric vehicles? Please inform us.
India is not an exception to the world’s fast rising electric vehicle sales. This year, one in five automobiles sold globally will be electric, according to the International Energy Agency data. What further information about the selling of electric automobiles has the organization provided? This is the news that we are providing to you.
Five percent of autos will be electric
As per the most recent report released by the International Energy Agency (IEA), over 50% of cars sold globally this year are anticipated to be electric. The next ten years will see a recovery in the global auto industry because of growing demand and a notable decline in the amount of oil used for road transportation.
In 2024, 17 million will be sold
On Tuesday, the yearly Global Electric Vehicle Outlook was released. According to the forecast, sales of electric vehicles are expected to continue rising globally in 2024, hitting close to 17 million units by the end of the year. Comparing the first quarter of 2023 to the same period in 2023, sales climbed by about 25%. During the first three months of this year, the total number of electric cars sold worldwide was almost the same as that of 2020.
China’s sales will be the highest
By 2024, it is anticipated that China will have sold close to 10 million electric vehicles, or almost 45% of all automobiles sold there. In the US, it is projected that one in nine cars sold are electric; in Europe, however, electric cars are still about ready to represent one despite a generally sales projections for passenger cars are low, and several countries will phase out their subsidies.
Global sales of electric vehicles increased by 35% to around 14 million last year. Even while China, Europe, and the US continued to have the highest demand, certain emerging markets, including Vietnam and Thailand, saw rapid development as well. In these countries, electric cars made up 15% and 10% of all automobiles sold, respectively.
Prices could decrease
In the upcoming years, it is anticipated that even more notable changes will be driven by the decrease in the cost of electric cars (EVs) and their batteries. According to the Outlook, the goal is to switch to electric vehicles worldwide by 2035. In the meantime, two out of every three automobiles sold by 2035 will be electric if nations announce that their energy and climate pledges are fulfilled in full and on schedule.
Under this scenario, electric vehicle adoption will rise quickly. remarked Fatih Birol, executive director of the IEA. “Rather of slowing down, the worldwide EV revolution appears to be entering a new era of expansion. The surge in investment in battery manufacturing indicates that the electric vehicle supply chain is ready to fulfill the aspirational growth objectives of manufacturers. Consequently, it is anticipated that the percentage of EVs on the road would rise quickly.
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