The future of the automotive industry looks upbeat, with almost one-third of cars on China's roads expected to be electric by 2030, along with nearly one-fifth in both the U.S. and the European Union, according to a report by the International Energy Agency (IEA).
More than one in five cars sold worldwide this year is anticipated to be electric, marking a significant shift that will reshape the global auto industry and reduce oil consumption for road transport.
The latest edition of the IEA's Global EV Outlook reveals that global electric car sales are projected to reach approximately 17 million by the end of 2024, with a 25% increase compared to the same period in 2023.
China is poised to lead the electric vehicle (EV) revolution, with an estimated 10 million electric cars sold in 2024, accounting for about 45% of all car sales in the country.
In the U.S., approximately one in nine cars sold is projected to be electric, while in Europe, despite challenges in some markets, electric cars are still anticipated to represent about one in four cars sold.
The surge in electric vehicle sales follows a record-breaking year in 2023, where global electric car sales soared by 35% to nearly 14 million.
Investments in the electric vehicle supply chain, coupled with policy support and declining EV prices, are expected to drive further growth in the years ahead.
Under current policy settings, the IEA predicts that every other car sold globally will be electric by 2035, with significant implications for the auto industry and energy sector.
Tesla Inc (NASDAQ: TSLA), Rivian Automotive Inc (NASDAQ: RIVN), Lucid Group Inc (NASDAQ: LCID), XPeng Inc (NYSE: XPEV) and NIO Inc (NASDAQ: NIO) are some of the know electric vehicle manufacturers.