SUMMARY

• China claims 60% of the electric car market, driving global sales to over 10 million in 2022
• The IEA projects worldwide sales to reach nearly 14 million in 2023, an explosive growth trend
• Emerging markets like India, Thailand, and Indonesia show promising signs, tripling electric car sales in 2022

Last year, electric car sales skyrocketed to over 10 million, with China dominating the market at 60%, as reported by the International Energy Agency. This staggering growth continues to fuel the industry's upward trajectory.

Zooming past 2021's numbers, electric car sales, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs), hit a jaw-dropping 10 million mark in 2022. That's more than the entire European Union's car sales combined and almost half of China's total car sales that same year. The term "sales" refers to the estimated new vehicles cruising on the roads.

Over 26 million electric cars zipped around the world in 2022, showing a 60% increase compared to 2021. While PHEVs are seen by some as a stepping stone toward eco-friendly transport, others, like Greenpeace UK, aren't exactly fans. The IEA projects an electrifying growth with nearly 14 million electric car sales worldwide in 2023.

China takes the lead in the electric car race, followed by Europe with a 15% increase in sales, making one in five cars sold electric. Meanwhile, the US witnessed a 55% surge in sales. IEA's executive director, Fatih Birol, emphasizes the game-changing impact of electric vehicles on the global energy economy and the car manufacturing industry.

While major markets like China, Europe, and the US are going full throttle, other countries are catching up. India, Thailand, and Indonesia saw electric car sales triple in 2022, reaching 80,000. India's EV and component manufacturing is on the rise, boosted by a $3.2 billion government incentive program. However, the transition from fossil fuel-powered cars to eco-friendly alternatives won't be without its bumps and challenges.

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