Electric car sales boom, 2.3 million sold worldwide in Q1, says report

Electric car sales are expected to continue strongly through 2023 as over 2.3 million electric cars were sold in the first quarter of this year globally, about 25 percent more than in the same period last year.

This is according to the Global Electric Vehicle (EV) Outlook 2023 report by the International Energy Agency released on Friday.

Zambia is among the countries in the world which have introduced electric cars on the market while pursuing the market’s potential.

The report projected 14 million in sales by the end of 2023, representing a 35 percent year-on-year increase with new purchases accelerating in the second half of this year.

Read more: Electric cars in focus, as European Union, China tackle each other over subsidized sales

“As a result, electric cars could account for 18 percent of total car sales across the full calendar year.

“National policies and incentives will help bolster sales, while a return to the exceptionally high oil prices seen last year could further motivate prospective buyers,” it indicated.

According to the report, electric car markets were seeing exponential growth as sales exceeded 10 million in 2022.

It indicated that a total of 14 percent of all new cars sold were electric in 2022, up from around nine percent in 2021 and less than five percent in 2020.

“Three markets dominated global sales. China was the frontrunner once again, accounting for around 60 percent of global electric car sales. More than half of the electric cars on roads worldwide are now in China and the country has already exceeded its 2025 target for new energy vehicle sales.

“In Europe, the second largest market, electric car sales increased by over 15 percent in 2022, meaning that more than one in every five cars sold was electric.

Electric car sales in the United States – the third largest market –increased 55 percent in 2022, reaching a sales share of eight percent,” the report stated.

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