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Even while overall vehicle sales dipped in 2022, global sales of electric cars grew by nearly 60% in 2022, topping 10 million – a feat that has never been achieved before.

Thus, as per an International Energy Agency assessment conducted recently, one passenger car out of every seven sold worldwide last year was an electric vehicle. In 2017, this was one in every 70.

Concurrent with this pattern, the number of conventional automobiles purchased that use internal combustion engines has decreased by almost 25% over the course of the past five years. More individuals may be persuaded to buy an EV as the atmospheric and environmental implications of gas-powered vehicles are compared to those of electric vehicles. Global sales of electric cars shot up as manufacturing rose, oil prices increased, and specific market-supporting regulations were implemented.

China, where 25% of all vehicles purchased in 2022 were EVs; the European Union with 20%; and the United States, with roughly 10% of all vehicles sold last year were EVs, stood out as the biggest markets for electric vehicles.

Nevertheless, total vehicle sales are likely to go down by 0.5% to roughly 75 million last year, after going up in 2021. Automobile markets in the EU and USA were affected the most, by 4% and 8%, respectively. One reason for this effect was the component shortages, along with increased interest rates and inflation. Yet, in certain countries, including China, passenger automobile sales went up by over 10%.

Even though the rise may point to a drive towards electric automobiles, it may not be strong enough to reduce global CO2 emissions. The IEA reports that CO2 produced by SUVs – which is the most common type of vehicle purchased – hit about a billion tons in 2022.

Read More: Sales of EVs Overtake Diesel Vehicles in the UK

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