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Electrification On And Above - EVs To Constitute 13% Of Light-Duty Vehicle Sales In 2022, Says IEA

Electrification On And Above - EVs To Constitute 13% Of Light-Duty Vehicle Sales In 2022, Says IEA



Electric Vehicle sales are expected to hit an all-time high in 2022, said the International Energy Agency (IEA).




IEA, in its annual Tracking Clean Energy Progress (TCEP) update, cited electric vehicles (EV) and lighting are fully on track for their 2030 milestones in its net-zero by 2050 scenario.




The Paris-based organization said 2022 is expected to see another all-time high for electric vehicle sales, lifting them to 13% of total light-duty vehicle sales globally.




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EV sales doubled worldwide in 2021 to account for almost 9% of the car market.




TCEP update assesses 55 components of the energy system, like sectors, technologies, infrastructures, and cross-cutting CO2 mitigation strategies, and evaluates their progress in 2021 towards reaching key medium-term milestones.




"There are more signs than ever that the new global energy economy is advancing strongly," said IEA executive director Fatih Birol.




IEA believes global governments' spending on clean energy research and development could reach $35 billion in 2022.




The note comes as a boost to electric vehicle companies, including Tesla Inc (NASDAQ:TSLA).




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