In a recent report, it has been predicted that electric cars will make up one in five new car sales by the year 2023. The report, which was published by the International Energy Agency, suggests that the growth of the electric vehicle (EV) market is set to accelerate significantly in the coming years.
The report states that in 2020, EVs made up just over 4% of new car sales globally, but this is set to rise to around 20% by 2023. This growth is attributed to a combination of factors, including declining battery costs, policy support, and improvements in charging infrastructure.
According to the report, China is expected to lead the way in terms of EV sales, with around 40% of global EV sales predicted to take place in the country. Europe is also expected to see significant growth in the EV market, with EVs predicted to make up around a third of new car sales by 2023.
The report suggests that the rapid growth of the EV market will have significant implications for the automotive industry, as well as for energy markets and the environment. It notes that the shift towards EVs will require significant investment in charging infrastructure, as well as changes to the way that electricity is generated and distributed.
Overall, the report paints a positive picture of the future of the EV market, suggesting that the growth of electric cars will help to reduce emissions and improve air quality, while also driving innovation and economic growth in the automotive sector.