The ever-growing, if not exponential, popularity of electric vehicles has reached new heights in 2022.
According to preliminary data from LMC Automotive and EV-Volumes.com, reported by The Wall Street Journal, around 7.8 million units were sold worldwide last year, up 68% from 2021.
This represents approximately 10% of the world new vehicle market, a first in history and a surprise to many. In its forecasts two years ago, the International Energy Agency expected that electric vehicles would not gain such a market share until 2030.
It is of course Europe (with Norway at the top) and China that dominate sales of electric models. They currently monopolize 11% and 19% of the market, respectively.
More recent forecasts cited by The Wall Street Journal, such as those by CBInsight’s Auto and Mobility Trends and BloombergNEF, project they will account for between 22% and nearly 40% of the global market by the end of the decade. To achieve this, however, the industry must increase production, reduce delivery times and, of course, control rising prices.
In Canada, 7.2% of new light commercial vehicles sold in the country in the first six months of 2022 were “Zero Emission” vehicles (ZEVs), i.e. all-electric or plug-in hybrids. The Canadian government introduced draft regulations in December that would require at least 20% of new vehicles sold in the country to be 2026 model year ZEVs. This percentage will increase each year and will reach at least 60% by 2030, representing total supply in 2035.
Automakers that fail to meet sales targets face penalties under Canada’s Environmental Protection Act.