Electric vehicles are more common and popular than ever, but a new study shows that we’re just getting started. IEA, a global sustainable energy advocacy firm, recently released a study that shows incredible demand for EVs and a projection of even more growth in 2022.
The firm said that EVs are set to grow to 18 percent of the market this year, up from just 4 percent in 2020. China is driving the demand, as the Asian giant accounts for 60 percent of global EV sales. Europe and the United States are the other two heavy hitters, and both saw significant EV growth in 2022. Europeans drove a 15 percent increase in sales last year, while Americans bought 55 percent more EVs than the year before. This is despite some challenges that have made some buyers hesitant.
The study also showed promising signs for the EV supply chain and production challenges. It found that battery manufacturing projects and other efforts will be more than enough to support EV demand through 2030. That said, the concentration of EV manufacturing in China is considered a risk, as the nation exported more than 35 percent of the world’s EVs last year.
Though EVs are heavily concentrated in richer countries, IEA found strong growth in other areas. Another promising sign is that two- and three-wheeled vehicles have shifted to electric in significant numbers, adding up to half of India’s three-wheeler registrations last year.
[Image: Macklin Halloway via Shutterstock]
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from TheTruthAboutCars https://www.thetruthaboutcars.com/cars/news-blog/study-evs-poised-for-astonishing-growth-in-2023-and-beyond-44500630?utm_medium=auto&utm_source=rss&utm_campaign=all_full
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