The number of global electric vehicle (EV) sales is expected to hit a record 17 million by the end of this year, a 20 per cent increase compared to 2023.

According to a new report from the International Energy Agency (IEA), in the first quarter of 2024 EV sales grew by about 25 per cent compared with the same period of last year.

Around a fifth of all cars sold in the world are expected to be electric in 2024, with the IEA saying that demand is set to grow over the next decade.

The organisation says that demand has grown due to “substantial” investment in the electric vehicle supply chain, ongoing policy support, and a drop in the price of electric vehicles and their batteries.

Electric cars are expected to account for 45 per cent of all car sales in China this year. This compares with around one in nine cars in the US while a quarter of cars sold in Europe will be electric vehicles.

The report added that demand is also growing in emerging markets including Vietnam and Thailand, where electric cars accounted for 15 per cent and 10 per cent, respectively, of all cars sold during 2024.

The report warned that the number of public charging points needs to keep up with growing demand, adding that careful planning is necessary to make sure this demand does not put undue pressure on electricity grids.

“The continued momentum behind electric cars is clear in our data, although it is stronger in some markets than others,” said IEA executive director Fatih Birol. “Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth.

“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 United States and European Union. This shift will have major ramifications for both the auto industry and the energy sector.”

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