IEA Projects That EV Sales Will Reach Record Levels in 2022

More than a decade after the first mass-market electric vehicle was unveiled, EVs are poised to play a critical role in reducing global greenhouse carbon emissions. Transportation is responsible for nearly 30% of carbon emissions worldwide, and world leaders are looking to cut these emissions by replacing conventional internal combustion (ICE) cars with zero-emission electric cars. Although EV sales make up a small percentage of total car sales, the International Energy Agency (IEA) believes that 2022 will be a record year for electric vehicle sales.

In its annual Tracking Clean Energy Progress report, the IEA stated that several sectors have shown “encouraging signs of progress.” The report also noted that the world would need to put forth “stronger efforts” if it wished to achieve net-zero carbon emissions by the year 2050. The yearly report analyzed 55 of the energy system, analyzing how each section progressed in terms of achieving their medium-term milestones as set out in the IEA’s pathway to Net Zero Emissions by 2050.

This included an analysis of the nascent electric vehicle sector. The IEA found that EV sales had increased to 9% of the car market last year and that 2022 would see even higher sales as more people ditched their fossil fuel cars for zero-emission electric cars. The IEA said in its 2022 report that 2022 would be the best ever year for electric vehicles and surging sales would push its market share of global light-duty vehicle sales to 13%.

Previous reporting from the agency shows that automakers sold 6.6 million electric cars in 2021. EV sales in the first quarter of 2022 reached 2 million units, a 75% increase from the EVs sold in the first quarter of 2021. The agency states that the electric vehicle and lighting industries were on track to meet their 2025 milestones. However, the IEA noted that electric vehicle sales haven’t been evenly distributed.

The agency acknowledged that developing and emerging countries had limited EV sales because of higher purchasing costs and limited EV charging infrastructure. Even in developed nations like the United States, electric vehicles are still out of reach for most consumers. With an average purchase price of $66,000, electric vehicles are just too expensive for the average American driver. Additionally, the country’s poor public charging infrastructure has contributed to range anxiety, preventing many drivers from making the switch to electric cars.

IEA executive director Fatih Birol said that several signs show that the “new global energy economy is advancing strongly.” Still, he notes that the world will need to step up its efforts across a range of industries and technologies if it wants to meet its climate and energy goals.

Meeting those goals will also mean that EV makers, such as Mullen Automotive Inc. (NASDAQ: MULN), sell a lot more cars to different segments of the motoring public so that a tipping point is reached and emissions from vehicles are pegged back.

NOTE TO INVESTORS: The latest news and updates relating to Mullen Automotive Inc. (NASDAQ: MULN) are available in the company’s newsroom at https://ibn.fm/MULN

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