23 september 2022 | Macroeconomics

Sales of electric cars will rise to new record high this year

According to the report of an International Energy Agency (IEA), global sales of electric vehicles doubled in 2021, adding up to nearly 10% of the automobile market. In 2022, they are expected to break another record and represent 13% of total volume of light duty vehicle sales globally.

Earlier, the agency announced that 6.6 million EVs were sold in 2021. In the first quarter of this year, the sales hit 2 million, marking a 75% increase compared to sales estimated between January and March 2021. 

Despite the outlook for the electric vehicle market, the IEA stated that they were "not yet a global phenomenon". Sales in developing and emerging countries are growing slowly as the purchase costs for EVs are higher and they lack charging infrastructure. According to the IEA forecast, sales of electric vehicles should be at record levels this year. However, more actions need to be taken in other sectors to achieve net zero emissions by 2050. 

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