Global demand for electric vehicles (EV) is growing as consumers look to reduce their impact on the environment. With increasing government policies and consumer demand, the need for new and innovative materials used in the production of EVs is also growing.
According to the Global EV Outlook 2023 by the IEA, EV sales exceeded 10 million in 2022, accounting for 14% of total vehicle sales for that year. The outlook predicted 2023 EV sales to reach 14 million. Citing national policies and incentives as drivers of growth, as well as an expected rise in global oil prices, the IEA report predicted EVs could account for as much as 18% of total car sales in 2023. It also predicted that China would account for approximately 60% of global sales of EVs, followed by Europe and the United States. Other factors that account for growth in EV sales include improvements in driving range, a wider variety of models, and higher performance standards.