Global EV sales rise Sharply in 2022

High transportation fuel costs and supportive government policies helped push global sales of new electric vehicles (EVs) to more than 10 million units in 2022, a record 14% of all vehicles sold, according to a new report on EVs from the International Energy Agency (IEA) (Paris, France).

The 2022 percentage was a sharp uptick over 2021 and 2020 percentages, when only 9% and 5%, respectively, of new cars and trucks sold around the world were powered by electricity, the agency said April 26 in releasing its new report, Global EV Outlook 2023: Catching up with Climate Ambitions.

At year-end 2022, roughly 26 million EVs were on the road around the world, the IEA said. The agency projected that worldwide EV sales could grow 30% to 40% per year for the remainder of this decade.

Three markets dominated the global new EV market in 2022: China accounted for about 60% of global new EV units sold, followed by Europe (over 20%) and the U.S. (about 8%). U.S. EV sales remain relatively small in absolute numbers, but its 2022 sales shot up 55% compared to 2021 sales.

The IEA expects worldwide EV sales to accelerate in 2023. With more than 2.3 million units sold in the first quarter, the agency projected full-year 2023 sales could reach 14 million units. If that number is realized, the agency said, electric cars would account for 18% of global vehicle sales during 2023.