Growth came even with highly concentrated manufacturing, as China dominates the battery and component trade.
Global Electric Vehicle Outlook 2023
The report highlights that EVs will avoid the need for at least 5 million barrels of oil per day by 2030, demonstrating the significant implications of electrification for the energy sector, particularly for oil. The IEA report also highlights the role of ambitious policy programs in major economies, such as the Fit for 55 packages in theand the Inflation Reduction Act in the United States, which are expected to further increase the market share of EVs. By 2030, the average share of EVs in total sales across China, the EU, and the United States is expected to reach around 60 percent.
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