The International Energy Agency (IEA) released an update to their “Tracking Clean Energy Progress” report on September 23, indicating that electric vehicles (EVs) are poised for high growth in the coming years.
The report contained data points that could be interesting to EV investors and focused on 55 energy system components to reach key medium-term milestones by the end of the decade. In short, it is one part of the broad “net zero emissions by 2050” task that aims to limit the rise of global temperatures to 1.5 degrees through innovation.
Equally important, EV sales worldwide doubled in 2021, accounting for roughly 9% of the car market. In the US in 2022, EV sales rose by 60%, while IEA saw another all-time high for EV sales globally in 2022, making up 13% of total light-duty vehicle sales.
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“Electric vehicles are the key technology to decarbonize road transport, a sector that accounts for 16% of global emissions. The Net Zero Emissions by 2050 Scenario sees an electric car fleet of over 300M in 2030 and electric cars accounting for 60% of new car sales.”
Power thirsty cars
Globally, the EV fleets in 2021 displaced 0.3 million barrels of oil per day by consuming roughly 50 TWh of electricity, accounting for 0.5% of the current total final electricity consumption.
The increase in EV fleets is partly thanks to around 500,000 public charging stations installed, a 40% increase in 2021, roughly more than the total stock of chargers available in 2017.
It is estimated that in the US in 2022, the EV share of the overall car market has reached 4.6%, translating into 1% of the 250 million vehicles on US roads being electric. With the advancement in battery technology and the speed and quantity of charging stations, EVs seem to be poised for a bright future.
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