Electric vehicle sales soar globally, dominating market in 2023
A recent study by the International Energy Agency (IEA) has revealed a significant global increase in electric vehicle (EV) sales, reaching nearly 140 million units in 2023. The majority of these sales, a staggering 95%, were concentrated in China, Europe, and the US. This surge has propelled the total number of electric cars worldwide to an impressive figure of 400 million.
EV sales maintain robust momentum into 2024
The IEA study further highlighted that the momentum of EV sales remained strong in the first quarter of 2024, even surpassing total global EV sales from four years prior. The year 2023 marked a significant leap in global electric car sales, with an increase of 35 million units from the previous year. This represents a year-on-year growth rate of 35%, six times higher than that recorded in 2018.
Electric cars claim 18% of global market in 2023
According to the IEA study, there were over 250,000 new electric car registrations across the world every week in 2023, surpassing the total number of EVs sold annually in 2013. Electric cars accounted for approximately 18% of all cars sold worldwide in 2023. This is a significant increase from the previous year's figure of 14%, and substantially higher than the mere 2% recorded in 2018.
EV sales growth is not evenly distributed
Despite economic challenges such as rising prices and inflation, the global electric car market continues to thrive. However, this growth is not evenly distributed across all markets. Notably, South America, Asia, and Oceania combined only accounted for 5% of total global electric car sales in 2023.
