Global attraction towards electric vehicles is claimed to be increasing

MUMBAI: Sales of electric vehicles are witnessing a boom and one out of every five cars sold in the current year is expected to be electric, said a statement issued by the International Energy Agency (IEA).

In its annual report on electric vehicles, the agency said sales are expected to rise 35 percent to 1.40 crore in the current year. In 2020, the market share of electric vehicles, which was four percent, is also likely to increase to 18 percent.

The role of electric vehicles will be important in the new global math of energy. IEA Executive Director Faith Birol said in a statement that electric vehicles will bring about a big change in the global car industry.

The rapid spread of electric cars in road transport will eliminate the need for 50 million barrels per day by the end of the current decade. Globally, the daily requirement of oil is around 10 million barrels.

America, China and Europe have been big markets for electric vehicles. China accounted for 60 percent of the global sales of electric vehicles last year. Incentives for consumers to switch to electric vehicles in the US will support sales growth in the coming years.