The market for electrified vehicles continued to accelerate last year, according to the latest report from a global energy policy group.
The International Energy Agency’s Global EV Outlook said more than 10 million battery-electric vehicles and plug-in hybrids were sold in 2022.
That total, CNBC noted, represented a 55% increase over the previous year.
Electric and hybrid sales in the U.S. were also up by 55% last year, but China and Europe remained the industry’s leading markets.
About one in five cars sold in Europe were electrified, while China accounted for half of the 26 million EVs and hybrids on the world’s roads.
The report also noted dramatic growth in newer EV markets, including India, Indonesia and Thailand.
Electrified cars’ share of the overall global auto market rose from 4% in 2020 to 14% in 2022.
The IEA expects sales to jump again to nearly 14 million this year — amounting to 18% of the world’s car sales.