Electrification of vehicles is picking up pace
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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