Global electric vehicle (EV) sales are increasing, according to the International Energy Agency (IEA).
The IEA predicts that over one in five cars sold worldwide in 2024 will be electric, reaching around 17 million by the end of the year.
China, the US and Europe are driving this demand, with China projected to have 45% of all car sales as electric by 2024.
Investment in the EV supply chain, policy support and declining prices of EVs and batteries are contributing to this growth.
IEA Executive Director Fatih Birol said: “The share of EVs on the roads is expected to continue to climb rapidly. Based on today’s policy settings alone, almost one in three cars on the roads in China by 2030 is set to be electric and almost one in five in both the US and EU.
“This shift will have major ramifications for both the auto industry and the energy sector.”
