The International Energy Agency forecasts that one in five cars sold globally will be electric, with China maintaining its dominance in the global market.

The International Energy Agency (IEA) stated on Tuesday that 2024 is projected to be a record-setting year for electric vehicle sales, with China leading the market. The Paris-based energy watchdog forecasted that electric car sales will reach 17 million this year, up from 14 million in 2023. According to the IEA, more than one in five cars sold globally will be electric.

"Rather than tapering off, the global EV revolution seems to be gearing up for a new phase of growth," said IEA Director Fatih Birol. "The wave of investment in battery manufacturing indicates that the EV supply chain is progressing to meet automakers' ambitious expansion plans. Consequently, the share of EVs on the roads is expected to continue climbing rapidly."

Growth in Europe is hindered by "a generally weak outlook for passenger car sales and the phase-out of subsidies in some countries," according to the IEA.

Electric cars are projected to constitute 45% of all car sales in China, experiencing robust growth in Europe at 25% and in the US at 11%. Regarding charging networks, they must expand six-fold by 2035, as per the IEA.

Lower profit margins, volatility in raw material prices for batteries, high inflation, and the termination of subsidy programs have sparked concerns about the sector's growth.

The increase in the second-hand market also contributes to the accessibility of electric technology.

The IEA forecasts that by 2030, approximately one in three cars in China should be electric, and one in five in both Europe and the United States.