Study: EVs Poised for Astonishing Growth in 2023 and Beyond

Chris Teague
by Chris Teague

Electric vehicles are more common and popular than ever, but a new study shows that we’re just getting started. IEA, a global sustainable energy advocacy firm, recently released a study that shows incredible demand for EVs and a projection of even more growth in 2022.

The firm said that EVs are set to grow to 18 percent of the market this year, up from just 4 percent in 2020. China is driving the demand, as the Asian giant accounts for 60 percent of global EV sales. Europe and the United States are the other two heavy hitters, and both saw significant EV growth in 2022. Europeans drove a 15 percent increase in sales last year, while Americans bought 55 percent more EVs than the year before. This is despite some challenges that have made some buyers hesitant.

The study also showed promising signs for the EV supply chain and production challenges. It found that battery manufacturing projects and other efforts will be more than enough to support EV demand through 2030. That said, the concentration of EV manufacturing in China is considered a risk, as the nation exported more than 35 percent of the world’s EVs last year.

Though EVs are heavily concentrated in richer countries, IEA found strong growth in other areas. Another promising sign is that two- and three-wheeled vehicles have shifted to electric in significant numbers, adding up to half of India’s three-wheeler registrations last year.

[Image: Macklin Halloway via Shutterstock]

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Chris Teague
Chris Teague

Chris grew up in, under, and around cars, but took the long way around to becoming an automotive writer. After a career in technology consulting and a trip through business school, Chris began writing about the automotive industry as a way to reconnect with his passion and get behind the wheel of a new car every week. He focuses on taking complex industry stories and making them digestible by any reader. Just don’t expect him to stay away from high-mileage Porsches.

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