According to Reuters, IEA analysis shows that EV sales could increase by 35% of the total market this year, reaching a total share of 18%, whereas in 2020, battery-powered vehicles were had just 4% of the market share. According to IEA experts, this means that the global demand for oil could drop by five million barrels per day.

China, Europe and the US are some of the leading markets when it comes to the adoption of EVs, as 60% of total battery-powered cars sales last year were registered in the Chinese market.

Developing nations, such as India, rely heavily on two and three-wheeled vehicles, rather than cars, which is why the electric alternatives for this class of vehicles is growing in popularity and demand in the region.