Electric Vehicles

IEA Ups EV Growth Forecast
A car transporter laden with Renault Zoes leaves the Flins plant. © REUTERS / Benoit Tessier

IEA Ups EV Growth Forecast

By Simon Johns - May 16, 2021

The global passenger fleet could reach 145 million units by the end of the decade, predicts the International Energy Agency in its 2021 Global Electric Vehicle Outlook.

The IEA revised its estimate up from 130 million units in last year’s report and thinks that if governments apply more pressure to reduce fleet average emissions on automakers and incentivize consumers to buy EVs, the fleet could hit 230 million units.  

While in 2020 global registrations of all passenger cars shrank by 16% from the previous year, EVs increased by 41% to 3 million units. Europe became the EV hotspot with registrations doubling to 1.4 million, putting it ahead of China’s 1.2 million, which was a respectable 9% increase. 

About 1 million medium- and heavy-duty trucks and buses also made their way onto the world’s roads in 2020.

So far in 2021, registrations are two and a half times that of the same period in 2020, a time when the global economy froze due to the COVID-19 pandemic.

“While they can’t do the job alone, electric vehicles have an indispensable role to play in reaching net-zero emissions worldwide,” said Fatih Birol, executive director of the IEA, in a press statement.