Every fifth car sold worldwide this year will be electric

According to an article from Quartz, one fifth of all cars sold globally will be electric by 2023.

Every fifth car sold worldwide this year will be electric

Electric cars are going to have a great year.

A report from the Paris-based International Energy Agency (IEA), an autonomous intergovernmental organization, said that they will represent nearly a fifth in global automobile sales by 2023. In 2020, it was only 4%. The report noted that e-car sales will grow by 35 percent to 14 million units in 2023.

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Electric vehicles are changing this status quo. The internal combustion engine was unmatched for more than a century. They will save at least 5 million barrels of oil a day by 2030. "Cars are only the first wave. Electric buses and trucks will soon follow," said Fatih Birol.

The IEA report stated that China, Europe and the US accounted for the overwhelming majority of ecar sales.

It said that 60% of the global sales of electric cars will take place in China by 2022. The US and Europe had 55% and 15 % respectively, but the figures are set to increase by 60% on both markets by 2030 due to more friendly local policies.

The IEA stated that "the encouraging trends also have positive knock-on benefits for battery production and the supply chains."

According to the report, China's dominance in the battery and component trade will continue, allowing it to increase its share of global exports of electric cars to over 35%.

India will continue to be a developing nation dominated by two- and three wheelers. Over half of India's registrations for three-wheelers in 2022 will be electric, showing their increasing popularity, it said.

In many developing countries, two- and three-wheelers are an affordable means of mobility. Their electrification, therefore, is important to support sustainable growth.