Electric Current

 

Electric vehicles (EVs) can rightfully claim to be a leading technology to reduce emissions. The uptake of EVs accelerated exponentially in recent years on the back of increases in driving range, improving infrastructure, subsidies, greater vehicle availability and rising demand. According to the latest IEA update, EV sales reached record levels in 2021, accounting for 9% of global new vehicles sales. The most impressive growth was seen in China, where electric car registrations (both battery and plug-in hybrid) jumped to 3.3 million last year, accounting for 16% of all sales. EV sales in Europe also grew strongly, with 2.3 million being sold and EV’s market share climbing to 17%. In the US, EV uptake is lower in comparison, although growth rates are accelerating as well. Last year, 630,000 EVs were sold in the world’s biggest oil consumer, seeing their market share double to 4.5%. Elsewhere, EV sales are showing the same trend, with uptake increasing. Globally, strong sales data during the 1st half of this year indicate that EVs could account for 13% of all sales in 2022.

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