The future of electric vehicles

In light of stricter CO2 emission standards scheduled for 2023-2024, maintaining a 100% reduction in CO2 emissions electric vehicles emerge as an environmentally friendly option, as they run on rechargeable batteries instead of petrol. The adoption of electric vehicles is on the rise, especially in China, the world’s largest electric vehicle market. According to the?International Energy Agency,?electric cars accounted for an impressive 29% of total domestic car sales in China in 2022. Consequently, China has already exceeded its national target of achieving 20% electric vehicle sales by 2025 well in advance.

According to the?International Energy Agency, European manufacturers have adjusted their corporate strategies to comply with the CO2 emission standards in 2019 resulting in growth during the years 2020 and 2021. The consequences of elevated energy prices in 2022 have had an impact on the competitiveness of electric vehicles when compared to internal combustion engine vehicles. Gasoline and diesel prices have also jumped, mirroring the electricity prices. As a result, production costs for conventional motor vehicles and electric vehicles have risen accordingly. However, in 2022, Europe maintained its position as the second-largest market for electric cars globally, just behind China. According to International Energy Agency, Europe accounted for 25% of all-electric cars sold and constituted 30% of the global electric vehicle stock. The percentage of electric car sales has reached 21% in 2022, 18% in 2021, 10% in 2020, and less than 3% prior to 2019. By 2022, the number of electric cars on the world’s highways had surpassed 26 million, marking a promising trend of continuous growth.