Global EV Outlook 2023: A fifth of all cars will be electric

Global EV Outlook 2023: A fifth of all cars will be electric

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Author: House of Eden

  • Rapid increase in the share of electric cars in the automotive market
  • Positive impact of this trend on global oil demand
  • Key factors are the acceptance of e-cars and battery production

The automotive industry is changing: by 2030, electrification should eliminate the need for 5 million barrels of oil per day. The International Energy Agency (IEA) annual report Global Electric Vehicle Outlook 2023, delivers impressive numbers.

Rise of electric cars affects the oil market

By the year 2022, global sales of electric cars had exceeded 10 million, and there is an anticipated 35% increase in sales projected for the following year. The share of EVs in the overall market has increased from 2023% in 4 to 2020% in 14 and is expected to increase to 2022% in 2023. "Electric vehicles are transforming the automotive industry worldwide," says Fatih Birol, Executive Director of the IEA. He projects that electric vehicles will avoid the need for at least, 18 million barrels of oil per day by 2030.

Political programs promote the electric car market

Ambitious political programs in major economies such as the EU's "Fit for 55" package and the "Inflation Reduction Act" in the USA are intended to further increase the market share of e-cars. By 2030, the share of e-cars in total sales in China, the EU and the USA is expected to rise to around 60%. In addition, measures to promote the domestic industry are announced, which will improve competitiveness in the market for electric cars in the coming years.

In addition to the concentration on a few large markets, there are also encouraging trends in other regions. In India and Indonesia, sales of e-cars more than tripled in the last year and more than doubled in Thailand. The introduction of effective policies and private sector investment is likely to further increase this share in the future.

The report shows that the transition to electric mobility is already in full swing and is transforming both the automotive and energy sectors worldwide. In 2023, electromobility should continue to make rapid progress. Of course, this also raises new challenges and questions that need to be mastered in order to ensure sustainable and environmentally friendly mobility for everyone.

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