Global electric vehicle sales are projected to be 21 percent higher this year than in 2023, but the sharp growth could add to strain on power grids, according to a new report.
The International Energy Agency estimated that EV sales worldwide would reach 17 million vehicles in 2024 , according to its annual EV outlook released Tuesday. U.S. and Chinese markets are driving the robust demand growth in spite of “near-term challenges, IEA said.
“Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth,” said IEA executive director Fatih Birol in a press release. “This shift will have major ramifications for both the auto industry and the energy sector.”
By 2030, almost 1 in 5 cars on U.S. roads is expected to be electric, IEA said. That compares with a projected 1 out of 3 cars in China by that year.
