Global sales of electric cars are set to surge to yet another new record this year, expanding their share of the overall car market to close to one-fifth.

The new edition of the IEA’s annual Global Electric Vehicle Outlook shows that more than 10 million electric cars were sold worldwide in 2022 and that sales are expected to grow by another 35 per cent this year to reach 14 million.

This growth means electric cars’ share of the overall car market has risen from around 4 per cent in 2020 to 14 per cent in 2022 and is set to increase further to 18 per cent this year, based on the latest IEA projections.

The overwhelming majority of electric car sales to date are mainly concentrated in three markets – China, Europe and the US. China is the frontrunner, with 60 per cent of global electric car sales taking place there in 2022. Today, more than half of all electric cars on the road worldwide are in China. Europe and the US, the second and third largest markets, both saw strong growth with sales increasing 15 per cent and 55 per cent respectively in 2022.

The encouraging trends are also having positive knock-on effects for battery production and supply chains. The new report highlights that announced battery manufacturing projects would be more than enough to meet demand for electric vehicles to 2030 in the IEA’s Net Zero Emissions by 2050 Scenario. However, manufacturing remains highly concentrated, with China dominating the battery and component trade.

In emerging and developing economies, the most dynamic area of electric mobility is two- or three-wheel vehicles, which outnumber cars. For example, over half of India’s three-wheeler registrations in 2022 were electric, demonstrating their growing popularity. In many developing economies, two- or three-wheelers offer an affordable way to get access to mobility, meaning their electrification is important to support sustainable development.

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