The future is electric! According to the latest International Energy Agency (IEA) report, electric vehicle (EV) sales are set to surge in 2024, signaling a major shift in the global automotive landscape.
EV sales are projected to climb from 14 million in 2023 to approximately 17 million in 2024, meaning more than one in five cars sold worldwide will be electric. This significant growth highlights a robust and continuous rise in demand for sustainable transportation.
China Leads the Charge
In 2024, EV sales in the Chinese mainland are expected to reach about 10 million, accounting for nearly 45% of the country's domestic car sales. Meanwhile, the United States and Europe are anticipated to see EV market shares grow to over 11% and 25%, respectively.
The momentum isn't limited to established markets. Emerging economies like Vietnam and Thailand are also experiencing accelerating demand for EVs, showcasing the global appeal of electric mobility.
\"Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth,\" stated IEA executive director Fatih Birol. He added, \"Every other car sold globally in 2035 is set to be electric based on today's energy, climate and industrial policy settings.\"
This surge in EV adoption is poised to transform the global auto industry and significantly reduce oil consumption for road transport. The report predicts that oil demand for road transport will peak around 2025. If current energy and climate policies are maintained, oil demand could decrease by six million barrels per day (bpd) by 2030 and 11 million bpd by 2035, representing over a tenth of current global oil demand.
The IEA's findings underscore a pivotal shift towards sustainable transportation, promising a greener and more efficient future for the automotive world.
Reference(s):
IEA report: Half of all cars sold globally set to be electric by 2035
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