Sales of new electric cars worldwide hit a record volume of more than one million units in 2017, according to IEA’s annual Global EV Outlook 2018. More than half were sold in China, with the Chinese market accounting for more than double the amount delivered in the U.S., the second-largest electric car market.
In 2017, China held 40 per cent of the global electric car stock. In addition to cars, the vast majority for sales of electric buses and two-wheelers in 2017 was in China.
The country’s strong policy push has been attributed as the main driver of EV deployment. This was exemplified in the report, which noted that China, the country with the longest running policies targeting cross-modal electrification, also has the largest volumes of deployed electric buses and two-wheelers.
Looking ahead, IEA projects that the number of electric light-duty vehicles (LDVs) on the road could reach as high as 220 million in 2030.
Rapid developments in scaling up battery production and reducing costs enabled by increasing electric car sales, primarily driven by policies targeting LDVs, would also positively impact other modes of transport. China is expected to continue leading the electrification of two-wheelers and buses.
To find out more about the global figures and policy needs around uptake, infrastructure and production, please view the full report here.
Credit: International Energy Agency