IEA: The future cost of electric vehicles will decline, which will further promote its rapid popularity

According to the International Energy Agency's (IEA) report "Global Energy Overview 2017," the global electric vehicle (EV) population reached 2 million by 2016, marking a significant milestone in the transition toward sustainable transportation. China emerged as the world’s largest EV market, capturing over 40% of global sales. The country has been rapidly expanding its EV fleet, with more than 200 million electric vehicles in two major rounds and over 300,000 on the road, making it a global leader in electrification. China, the United States, and Europe together accounted for more than 90% of global EV sales, highlighting the concentration of growth in these regions. Several countries are accelerating their EV adoption. Norway leads the world with an impressive 29% market share, followed closely by the Netherlands at 6.4% and Sweden at 3.4%. These figures reflect strong policy support and consumer interest in greener alternatives. Looking ahead, the EV market is expected to shift from early adopters to mass-market appeal within the next decade. Automakers predict that by 2020, the global EV stock could reach between 9 million and 20 million, with projections rising to 40–70 million by 2025. However, in 2016, electric vehicles made up only 0.2% of all light passenger cars, indicating there is still a long way to go before they significantly contribute to reducing greenhouse gas emissions. The IEA estimates that to keep global temperature rise below 2°C by 2100, the number of EVs worldwide must reach 600 million by 2024. Cities are playing a crucial role in promoting EV adoption, often due to concerns over air quality and urban pollution. In cities like Paris, where the Autolib car-sharing project allows users to recharge at public stations, and Amsterdam, which permits charging station installations in public parking lots, EV penetration rates are higher than the national average. London also supports EV use by offering reduced congestion charges. Fleet procurement is another key driver in encouraging early EV adoption. Both public and private sectors are investing in electric vehicles. For example, Los Angeles, Seattle, San Francisco, and Portland have added over 110,000 electric vehicles to their public fleets, including police cars, sweepers, and garbage trucks. In 2016, the U.S. sold 160,000 EVs, showing the scale of this effort. China is also pushing forward with its EV strategy, aiming for a 30% share in sedan, light commercial vehicle, bus, and truck markets by 2030. Alongside this, the country is accelerating the development of charging infrastructure to support widespread adoption. As battery technology improves and production scales up, the cost of electric vehicles is expected to drop further, making them more accessible to a broader audience. This trend, combined with supportive policies and growing consumer awareness, is likely to drive even faster EV adoption in the coming years.

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