The International Energy Agency (IEA) reports record-breaking global electric vehicles sales in its Global Electric Vehicles Outlook 2022. According to the Agency, the Electric Vehicles sales have increased by 75% in 2022. Simultaneously, the organization foresee obstacles in the deployment of charging infrastructure as well as the mineral supply for battery production.
The People’s Republic pf China leads with the Electric Vehicles sales as it absorbed half of the global Electric Vehicles growth in 2021, with 6.6 million vehicles sold. Following China is Europe, where electric vehicle registrations increased by 65 percent to 2.3 million last year. In addition, the US market grew in popularity.
That global trend continues to grow. In the first quarter of 2022, 2 million electric cars were sold, representing a remarkable 75 percent increase year over year. Electric vehicles now account for one out of every ten automobiles purchased worldwide.
Factors of Global Electric Vehicles Sales success
According to the IEA, this indicates that the primary drivers in place are performing as expected. The increased portfolios of automobile manufacturers, which offered five times more models in 2021 than in 2015, are one explanation for the growth. On the global market, there are over 450 different electric vehicle models. More options inevitably lead to more customers.
The electric car’s unrivaled popularity in China, where the price difference between a regular ICE automobile and an electric car is less than 10%, exemplifies how these prices continue to stigmatize the electric car. According to the IEA, in other large markets, the disparity jumps to 40-45 percent. It’s worth noting that China’s average BEV is likewise lower than the rest of the globe.
However, the dominance of the world’s largest automobile market must not be overlooked. They have the fastest charging infrastructure roll-out, hold a monopoly on electric scooter sales (95 percent of global registrations), and have grown to be the largest market for electric heavy-duty trucks and buses. Despite this, global sales of electric trucks are barely 0.3 percent.