According to research published by the International Energy Agency, EV sales are expected to reach all-time highs this year.
The International Energy Agency (IEA) recently published an analysis of 55 different “energy areas” where the world must improve to achieve net zero carbon emissions. One of these areas is electric vehicles, and according to the agency’s analysis, EV sales are expected to reach annual all-time highs by the end of this year.
Reporting from CNBC condenses the report well. In terms of electric vehicles, sales in the first quarter of the year were the first indication that this may be a record-setting year. Global EV sales in Q1 were 75% higher than in Q1 2021, and despite supply chain issues that have limited production for many manufacturers this year, 2022 has remained significantly higher than 2021.
The IEA did highlight some specific challenges EV sales are facing. First and foremost, infrastructure limitations are hindering EV sales in much of the world. Perhaps most limited by these problems has been the developing world, where infrastructure is already a problem outside of electric vehicles. Second, prohibitively high initial purchase prices for electric vehicles also hinder further sales growth, again impacting the developing world the hardest.
The report’s 54 other energy areas indicated that, while some areas (such as EVs) are progressing faster than anticipated, many others lag behind previous estimates, pushing net zero further away than hoped.
The factors not on track were energy-efficient architecture, heating and cooling, and phasing out coal-fired power generation. In total, the agency stated that 23 areas were not on track to achieve net zero by 2050, while 30 were on track but required more effort.
Perhaps the best news is that electric vehicles can be an example of sustainable technology catching on and becoming mainstream far quicker than we anticipate if implemented correctly. But for those in the developing world, much will likely need to be done to catch up.
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Keyword: EV Sales expected to reach all time highs in 2022