Study: Global EV sales predicted to soar by 35% to 14 million units this year

RahulNagaraj · 2nd May 2023, 16:05

According to a new study by the International Energy Agency (IEA), global EV sales are expected to grow by 35% to over 14 million in 2023, compared to the 10 million units sold worldwide in 2022.

Reports state that the rising rate of adoption is not only because of the increasing acceptance from consumers but due to governmental policies like the 'Inflation Reduction Act' in the USA and the 'Fit for 55 package' in the EU.

Study: Global EV sales predicted to soar by 35% to 14 million units this year-merceqb.jpg

Also, with the increase in sales, prices of entry-level EVs are expected to fall, bringing them in line with combustion engine cars. Timar Guell, IEA's energy technology policy head, stated that they predict price parity in small & medium-sized EVs in North America & Europe to happen sometime in the mid-2020s. However, price parity for larger SUVs and pick-ups will happen only in the 2030s.

IEA also mentioned how EV adoption is making its way into fleets, commercial vehicles, HCV, buses and more. It even reported that in India more than half of the 3-wheelers registered in 2022 were electric.

These changes are also said to have a massive impact on the oil industry. IEA predicts by 2030, EVs will save around 5 million barrels of oil per day.

Source: IEA

Link to Team-BHP news

sajaijayan · 2nd May 2023, 17:17

Frankly considering the way China is going, and, China being the worlds largest auto market, a 35% growth in 2023 seems to be very conservative. And with VW, GM, Stellatis and others (not mentioning Tesla) all pumping in huge amounts of money in electrification, the growth of EV`s looks like it will exponential.

PreludeSH · 2nd May 2023, 18:15

BYD beating VW sales in China and Chinese makers are taking leading position in EVs world over. There might come a day western countries may ban them like they did with Huawei etc

After all they are online and can share information with China

supermax · 3rd May 2023, 18:20

Sweden has been a very early adopter for new trends, and EVs are not a different story either. Taxis switched over en-masse to DSG-based automatic Passats, as early as 2008. In fact, it was the Swedish taxi industry that helped to uncover the issue that plagued the initial generation DSG gearboxes. Mass failures of DSG gear-boxes prompted VW to actually stop selling them to taxi companies in 2013, stating that their gearboxes couldn't take the high stop-and-start demands imposed by taxis. Today, both the taxi industry and driving schools are switching heavily over to EVs, with ICE engines only being offered to students if they want to learn to drive manual.

That said, it'll be interesting to see how the infrastructure needs are scaled up, as the demand increases. Sweden has already faced chaos around Christmas and Easter festivals, with families traveling in EVs getting stuck in long queues, waiting for top-ups for their EVs, prompting the transport department to issue special alerts to EV owners on the public radio channels to avoid travel on the motorways, given the extremely high load/queue times at EV charging stations. EVs only work today because most people are still driving ICE cars. I think it'll get better, but there is a real risk that EVs on the road are going to increase at a faster rate than infrastructure availability rises to cater to them.

2nd May 2023, 16:05	#1
RahulNagaraj Senior - BHPian Join Date: Mar 2021 Location: Bangalore Posts: 2,675 Thanked: 25,323 Times View My Garage	Study: Global EV sales predicted to soar by 35% to 14 million units this year According to a new study by the International Energy Agency (IEA), global EV sales are expected to grow by 35% to over 14 million in 2023, compared to the 10 million units sold worldwide in 2022. Reports state that the rising rate of adoption is not only because of the increasing acceptance from consumers but due to governmental policies like the 'Inflation Reduction Act' in the USA and the 'Fit for 55 package' in the EU. Also, with the increase in sales, prices of entry-level EVs are expected to fall, bringing them in line with combustion engine cars. Timar Guell, IEA's energy technology policy head, stated that they predict price parity in small & medium-sized EVs in North America & Europe to happen sometime in the mid-2020s. However, price parity for larger SUVs and pick-ups will happen only in the 2030s. IEA also mentioned how EV adoption is making its way into fleets, commercial vehicles, HCV, buses and more. It even reported that in India more than half of the 3-wheelers registered in 2022 were electric. These changes are also said to have a massive impact on the oil industry. IEA predicts by 2030, EVs will save around 5 million barrels of oil per day. Source: IEA Link to Team-BHP news
	(4) Thanks

2nd May 2023, 17:17	#2
sajaijayan BHPian Join Date: Apr 2019 Location: Dubai Posts: 39 Thanked: 101 Times	Re: Study: Global EV sales predicted to soar by 35% to 14 million units this year Frankly considering the way China is going, and, China being the worlds largest auto market, a 35% growth in 2023 seems to be very conservative. And with VW, GM, Stellatis and others (not mentioning Tesla) all pumping in huge amounts of money in electrification, the growth of EV`s looks like it will exponential.
	(1) Thanks

2nd May 2023, 18:15	#3
PreludeSH BHPian Join Date: Oct 2021 Location: Bengaluru Posts: 987 Thanked: 2,236 Times	Re: Study: Global EV sales predicted to soar by 35% to 14 million units this year BYD beating VW sales in China and Chinese makers are taking leading position in EVs world over. There might come a day western countries may ban them like they did with Huawei etc After all they are online and can share information with China
	(2) Thanks

3rd May 2023, 18:20	#4
supermax BHPian Join Date: May 2022 Location: Linkoping Posts: 394 Thanked: 1,916 Times View My Garage	Re: Study: Global EV sales predicted to soar by 35% to 14 million units this year Sweden has been a very early adopter for new trends, and EVs are not a different story either. Taxis switched over en-masse to DSG-based automatic Passats, as early as 2008. In fact, it was the Swedish taxi industry that helped to uncover the issue that plagued the initial generation DSG gearboxes. Mass failures of DSG gear-boxes prompted VW to actually stop selling them to taxi companies in 2013, stating that their gearboxes couldn't take the high stop-and-start demands imposed by taxis. Today, both the taxi industry and driving schools are switching heavily over to EVs, with ICE engines only being offered to students if they want to learn to drive manual. That said, it'll be interesting to see how the infrastructure needs are scaled up, as the demand increases. Sweden has already faced chaos around Christmas and Easter festivals, with families traveling in EVs getting stuck in long queues, waiting for top-ups for their EVs, prompting the transport department to issue special alerts to EV owners on the public radio channels to avoid travel on the motorways, given the extremely high load/queue times at EV charging stations. EVs only work today because most people are still driving ICE cars. I think it'll get better, but there is a real risk that EVs on the road are going to increase at a faster rate than infrastructure availability rises to cater to them. Last edited by supermax : 3rd May 2023 at 18:22.
	(4) Thanks