PARIS (AFP) – Sales of electric vehicles are booming and are expected to account for nearly one in five cars sold this year, according to a report released yesterday.
The International Energy Agency (IEA) said the rapid electrification of road transportation will have big implications for the energy industry as it will eliminate the need for five million barrels of oil per day by the end of the decade. World oil consumption averages just over 100 million barrels per day.
In its annual report on electric vehicles, the IEA said it expects annual sales to rise 35 per cent this year to reach 14 million.
It projected that to be a market share of 18 per cent, up from four per cent in 2020.
The IEA said the overwhelming majority of electric car sales are concentrated in three markets – China, Europe and the United States – with China accounting for 60 per cent of global electric vehicle sales last year, the IEA said.
