Worldwide sales of electric car sales will reach a total of 14 million in 2023, according to a report by the International Energy Agency.
The overall market share of electric vehicles has already risen from approximately 4 percent in 2020 to 14 percent in 2022 and is expected to further increase to 18 percent this year.
Last year, electric cars sales exceeded 10 million last year, with China accounting for approximately 60 percent of the market.
The industry has been experiencing sustained growth, and the latest sales figures reported in the IEA’s Global EV Outlook for 2023 set a new record.
The report by IEA stated that the sales of electric cars, comprising both BEVs and PHEVs, surpassed 10 million in the previous year, marking a 55 percent increase compared to 2021.
According to the report, this figure is higher than the total number of cars sold in the European Union, which is around 9.5 million, and is almost half of the total number of cars sold in China in 2022.
Worldwide sales of electric cars are expected to surge by another 35% in 2023 to reach 14 million
“Electric vehicles are one of the driving forces in the new global energy economy that is rapidly emerging – and they are bringing about a historic transformation of the car manufacturing industry worldwide,” said IEA Executive Director Fatih Birol.
“The trends we are witnessing have significant implications for global oil demand. The internal combustion engine has gone unrivalled for over a century, but electric vehicles are changing the status quo. By 2030, they will avoid the need for at least 5 million barrels a day of oil. Cars are just the first wave: electric buses and trucks will follow soon.”
Electric cars in the Middle East
Saudi Arabia and the UAE are among the early adopters of EVs in the Middle East.
According to Mordor Intelligence, the Middle East and African electric vehicle market is expected to reach $93.10 million.
The increasing adoption of electric cars in GCC states is driven by national commitments to accelerate efforts in shifting from fossil fuels to renewable energy sources.
The Saudi Arabian Standards Organization (SASO) plans to introduce regulations for EV use, while the UAE’s Road Transport Authority (RTA) has been advising and developing charging stations. Notably, Saudi Arabia has its own electric vehicle brand, Ceer Motors, and holds a majority stake in Lucid Group through its sovereign wealth fund, PIF.
