Electric cars will represent almost a fifth of the global market in 2023, according to the report of the International Energy Agency (IEA), dedicated to electric vehicles (EV), reports Reuters.

Electric vehicle sales are expected to climb 35% this year to 14 million units, accounting for 18% of the market – up from just 4% in 2020.

The shift from cars equipped with combustion engines to electric ones will reduce global oil demand by at least five million barrels per day (bpd), the IEA report said.

Globally, more than half of the electric cars on the road are in China, which also dominates battery production and was responsible for 60% of electric vehicle sales in 2022, according to Agerpres.

SUVs and large cars accounted for nearly two-thirds of battery electric vehicles in China and Europe, and even more in the United States.

“Outside of China, original equipment manufacturers (OEMs) are needed to offer competitive, affordable pricing options to drive EV sales,” the IEA says.