Sales of electric cars are surging and expected to break another record in 2024, the International Energy Agency said on Tuesday, with China a big market for that growing demand.
In its annual report on the sector, the Paris-based IEA said the world's electric car fleet continued to "grow strongly" although momentum was greater in some markets than others.
"Rather than tapering off, the global EV revolution appears to be gearing up for a new phase of growth," said IEA director Fatih Birol.
"The wave of investment in battery manufacturing suggests the EV supply chain is advancing to meet automakers' ambitious plans for expansion. As a result, the share of EVs on the roads is expected to continue to climb rapidly."
Lower profit margins, volatile prices for battery raw materials, high inflation, and the end of subsidy programmes for EV purchases in some countries had fuelled concern about the sector's growth.
This weaker outlook was mainly in Europe, the IEA said, although noting that electric cars were still forecast to represent about one in four vehicles sold there in 2024.
