EV DEMAND IS BOOMING

By Anne Bourgoin

After a record year in 2022, sales of electric vehicles (EVs) are expected to increase by 35% this year, according to the IEA (International Energy Agency). In its new annual report, Global Electric Vehicle Outlook, the IEA states that over 10 million EVs were sold worldwide in 2022 and sales are expected to reach 14 million this year. Between 2020 and 2022, the EV market share increased by 10 percent and is expected to reach 18 percent by 2023 according to IEA projections. “The trends we are seeing have significant implications for overall oil demand. The internal combustion engine has remained unmatched for more than a century, but electric vehicles are changing the status quo. By 2030, they will help reduce the consumption of at least 5 million barrels of oil per day,” said Faith Birol, executive director of the IEA. To date, China, Europe and the United States are the main markets.