China Takes the Lead in Global Electric Vehicle Market

According to the International Energy Agency’s (IEA) recent Global EV Outlook, electric vehicle sales reached unprecedented levels last year, with China securing its position as the global leader, according to a report from RT News.

In 2022, over 10 million battery electric cars and plug-in hybrids were sold worldwide, with China accounting for a staggering 60% of these sales.

The IEA report also highlighted that over half of the world’s electric cars are currently found on China’s roads.

Europe emerged as the second-largest market for electric vehicles, with sales experiencing a growth of more than 15% in 2022.

Meanwhile, the United States, the third-largest market, saw a remarkable 55% increase in sales last year, RT notes.

Electric vehicles now represent 8% of total car sales in the U.S.

The IEA noted that electric vehicles have been steadily capturing a larger share of the global car market over the past few years, climbing from under 5% in 2020 to 14% in 2022.

The agency predicts a continued upward trend in 2023, driven by supportive national policies, incentives, and the fear of a potential resurgence in oil prices, similar to those witnessed last year.