Electrification of vehicles is picking up pace

Wednesday 17 May 2023
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Electric vehicles are set to account for around one in five car sales globally by the end of the year according to the International Energy Agency (IEA), a sea change in the automotive landscape.

The pace of the electric transformation is remarkable – in 2020, electric vehicles (EVs) held just 4% of the global car market. In 2022, that figure rose by ten percentage points, with the 2023 share expected to hit 18%.

By 2030, the IEA predicts that 60% of all cars sold will be electric, marking a precipitous fall in the dominance of the internal combustion engine.

At least 5 million barrels of oil per day will be saved thanks to the global shift away from combustion engine vehicles, the IEA forecasts.

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